Property

Total 145 Posts

TRUST INSTALLMENT REQUIREMENTS, INTEREST AND PENALTIES

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One of the many tasks associated with the administration of trusts is making sure all tax payments are made on a timely basis to protect the trust and its beneficiaries from avoid interest and penalties. In this regard, most trusts are required to make installment payments. Prior to 2016 only inter vivos trusts (other than grandfathered inter vivos trusts) were legislatively required to make instalment payments under the relevant sections….

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Estate Administration, Estate Planning, Executors, Interest, Property, Tax Issues, Trustee, Trusts

Principal Residence Exemption and some of the “What if’s”

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In my last blog, I wrote about the role of “beneficial” ownership in the determination of whether a property qualifies for the principal residence exemption. With an acknowledgment to Keith Masterman of “Advisor.ca”, I thought I would take the opportunity to write about some other “what if’s” and how the exemption may or may not apply. As an executor or trustee, you may encounter these scenarios and it might be….

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Canada Revenue Agency, Cottage, Estate Administration, Estate Planning, Executors, Investments, Joint Tenancy, Property, Real Estate, Tax Issues, Trustee, Trusts

PRINCIPAL RESIDENCE EXEMPTION AND BENEFICIAL OWNERSHIP – AN UPDATE

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We know that if a property qualifies as a principal residence, an exemption can be claimed to reduce or eliminate any capital gain otherwise realized on the disposition of the property. Under the Income Tax Act, one of the requirements for a property to qualify as a taxpayer’s principal residence for a taxation year is that it must be “owned” by the taxpayer. In common law jurisdictions, two forms of….

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Canada Revenue Agency, Capacity Law, Estate Administration, Estate Planning, Investments, Joint Tenancy, Liability, Property, Real Estate, Tax Issues, Trustee

Principal Residence – Duplex or Intergenerational House

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The Canada Revenue Agency (CRA) was asked if a duplex occupied by a taxpayer and her aging parent could be treated as the daughter’s taxpayer “principal residence” for the purpose of claiming the principal residence exemption from the capital realized on the sale of the duplex at a later date.
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Canada Revenue Agency, Dependant Support, Disability, Elder Care, Estate Planning, Joint Tenancy, Property, Real Estate, Tax Issues

RESP’s – A couple more wrinkles on EAP’s and AIP’s

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In a recent blog, I wrote that the Canada Revenue Agency (“CRA”) was asked whether the six month extension for making educational assistance payments (“EAPs”) out of a registered education savings plan (“RESP”) under the appropriate subsection of the Income Tax Act (the “Act”) can apply when the beneficiary under the plan is deceased and the answer was no because according to the CRA “any payment “to or for an….

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Canada Revenue Agency, Estate Administration, Estate Planning, In the News, Investments, Property, RESP, Tax Issues, Trusts

Costly Cottage Dispute – $403,174.85 in Legal Costs Sought in Dispute Over $300,000 Cottage

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At long last, cottage season is upon us. As I gaze longingly out my window at the construction of what looks like an awesome rooftop patio in the making, I thought it would be fitting to write about a cottage dispute.[1] A really, really expensive cottage dispute. The background was as follows. The mother, Grace, made a will in 2010 leaving her condo to her daughter Barbara and her cottage….

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Capacity Law, Costs, Cottage, Estate Litigation, Family Conflict, Property, Real Estate, Testamentary Capacity, Wills
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