Real Estate

Total 96 Posts

Isle of Trusts

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Spring is (kind of) here and summer is (hopefully) around the corner.  Like every year, Torontonians will no doubt soon make their way to the Toronto Islands during the summer weekends.  A group of 15 islands interconnected by pathways and bridges in Lake Ontario, the Islands are approximately 15 minutes away by ferry from downtown Toronto.  With its beaches, activities, and nature paths, it’s a popular spot for Torontonians to….

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Estate Planning, Property, Real Estate

When is a Gift not a Gift?

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Styres v. Martin 2018 ONCA 956 is a case of a gift that unfolded a saga (not over yet and far from it) of diminished capacity, alleged breach of trust, breach of fiduciary duty, unjust enrichment, undue influence to name a few. Mr. Styres lived in a house he built on land given by his father, for about 20 years, when in 1998, he suffered a very serious brain injury….

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Capacity Law, Caregiving, Disability, Estate Litigation, Power of Attorney, Property, Real Estate, Resulting Trust, Trusts, Uncategorized, Undue influence

Another Resolution for the New Year – Take Advantage of the Low Prescribed Rate

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We have talked about income splitting arrangements available to individuals who wish to loan funds to his/her lower income spouse or adult child, or in the case of minor children, a discretionary family trust. Such loans would be used to invest in income producing properties such marketable securities, mutual funds, real estate income trusts (to name a few). The income from these properties less the interest paid on the loans….

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Canada Revenue Agency, Estate Planning, Interest, Loans, Property, Real Estate, Tax Issues, Trusts

Source of Income and the TOSI Rules: Clarification?

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Since the Tax on Split Income (“TOSI”) legislation was released, there has been considerable consternation amongst professionals as to how the rules apply. Even the most sophisticated readers of the legislation agree that it contains provisions that are both ambiguous and somewhat complicated. Somewhat out of exasperation, many deal with the TOSI rules on the assumption that all income amounts received by shareholders, beneficiaries, and partners are subject to TOSI,….

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Canada Revenue Agency, Estate Planning, In the News, Investments, Property, Real Estate, Small Business, Tax Issues, Trusts

PLANNING AND ESTATE PLANNING FOR THE DISPOSITION OF REAL ESTATE

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I am in the middle of a very difficult Canada Revenue Agency audit of a taxpayer’s claim for the principal residence exemption. It now appears the property in question,  built by my client some 25 years ago may not qualify for the full exemption due to the fact that the taxpayer may have held other properties, which he also built, in the intervening periods which may or not have been….

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Canada Revenue Agency, Costs, Cottage, Estate Administration, Estate Planning, Investments, Property, Real Estate, Tax Issues, Uncategorized

Where’s There is a Will (and a Clear One), There is a Way!

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In Campbell v Evert 2018 ONSC 593, the deceased had, in the decade prior to her passing, transferred to Mr. Evert (one of the “kids”) the family cottage valued at $145,000. In her will later that year,  she made a specific bequest of $145,000 to Ms. Campbell, the other “kid’, which was consistent with the value of the cottage at that time. Several years later and prior to her passing,….

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Contested wills, Estate Administration, Estate Administration and Probate Applications, Executors, Property, Real Estate, Testamentary Capacity, Trusts, Uncategorized, Wills
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