Real Estate

Total 98 Posts

The dilemma between first dealing and converting to joint tenancy

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Douglas Buchmayer, Partner, Gowling WLG (Canada) LLP. Although situations where the first dealing exemption applies are becoming increasingly uncommon, it is still important to assess the potential implications of a first dealing when undertaking probate planning involving real estate for couples. The first dealing exemption in Ontario applies when land originally registered under the Land Registry system has been administratively converted by the government to Land Titles, and no change….

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Real Estate

That Foreign Property Question

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Today’s Blog was written by Rahul Sharma, Partner, Fasken LLP, Toronto Many Canadians today have or are thinking of acquiring some form of foreign real estate.  For some, the property was inherited from parents or left behind in the “old country” following a relocation to Canada.  For others, the property is a vacation home or pied-à-terre in another place. A villa in France or a place on the beach in the….

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Estate Planning, Property, Real Estate, Tax Issues, Wills

Co-ownership Agreements: Another Tool in the Planner’s Toolkit

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I wrote last summer about the use of cottage trusts as a planning tool. As cottage season is upon us again, I thought I’d write about another useful tool in the planner’s toolkit, particularly where several members of a generation are likely to share ownership of a cottage property: the co-ownership agreement. While it’s important to consider the mechanics of transferring a family property to the next generation, it’s equally….

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Cottage, Estate Planning, Property, Real Estate, Succession Planning, Trusts

The Principal Residence Exemption and U.S. Citizens

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A U.S. citizen living in Canada is in a uniquely complex position when it comes to the taxation of their principal residence. While both countries provide tax relief for gains on a “principal residence,” the interaction between the two systems often creates unexpected cross-border tax consequences. Canadian Principal Residence Exemption The principal residence exemption (PRE) is one of the most well-known and generous provisions in the Canadian tax system. If….

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Canadian and US Tax Treaty, IRS, Real Estate, U.S. Citizen, United States, US Taxes

Gifting Farmland, an Estate Strategy?

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Gifting property to the next generation is an estate strategy at its simplest form. For farming families, farm succession planning can often be complex considering the difficulties associated with “equalizing” a farmer’s estate between their children in circumstances where a child is actively involved in the farming business while the other is not. An equalization option that is sometimes considered by the farmer is to sever the farmland with the….

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Farm, Property, Real Estate, Succession Planning, Tax Issues

Transferring the Family Home to the Next Generation

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Scotiatrust

This blog post was written by: Rebecca Tong, Senior Manager, Scotiatrust Tax Services, Vancouver Ever thought about gifting a property to your children? As most parents would think – yes why not and what is the big deal?  I recently had this very discussion with my own aging parents,  and this resulted in some important discussions about our family home, their goals and consideration for the tax outcomes of any….

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Estate Planning, Real Estate, Tax Issues
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