Real Estate

Total 95 Posts

A Gift is a Gift

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We often write about the benefits (and some pitfalls) of gifting, before and after death. Personally, when I recommend gifting, I assume that unless there are specific outcomes required to realize on the gift, a gift is exactly that, a gift – something transferred voluntarily without expectation of getting it back because you changed your mind.  A recent court case appears to support this assumption. According to Johnston v. Song, 2018….

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Charitable Giving, Estate Planning, Family Conflict, Investments, Probate Tax, Property, Real Estate, Separation, Spouse, Uncategorized

Estate and Trusts with Foreign Properties and/or Transactions: Update on Reporting Implications

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Sometime ago, I wrote that the Income Tax Act requires persons and partnerships to file information returns in respect of foreign property ownership (specified foreign property in excess $100,000) and transactions with non-residents . This extends to trusts and estates. Those who file such a return late or do not file one on demand are liable to a penalty or penalties. Generally speaking, a penalty starts at a minimum of….

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Canada Revenue Agency, Estate Administration, Executors, In the News, International, Investments, Property, Real Estate, Tax Issues, Trustee, Trusts, Uncategorized, United States

Estate Planning – A Lesson in Communication

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So I was meeting with the beneficiaries of an estate to finalize some of the tax filings to be made. The tax filings reflected a series of transactions completed to eliminate double taxation on the disposition of some of the estate’s assets. What was causing the possibility of double taxation was the fact that my client (now deceased) had purchased a property thru a holding company, which was in effect….

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Canada Revenue Agency, Credibility, Estate Administration, Estate Planning, Family Conflict, Fiduciary Professions, Property, Real Estate, Uncategorized, Wills

Canadian Snowbirds Buying U.S. Property

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Canadian snowbirds flock to Florida to assess the damages caused to their vacation homes following Hurricane Irma. For those who find their homes destroyed by the powerful storm, they may wish to buy new properties altogether.  There are various ways to buy a vacation property in the U.S. and things to keep in mind. Canadian residents who are Non-Resident Aliens of the U.S. (individuals who are not U.S. citizens or….

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In the News, Real Estate

GIFTS – Some Additional Thougths

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Recently, I wrote about the gifting of cash or assets during one’s lifetime as an alternative method of distributing your wealth (beyond what you need to live on comfortably) and possibly avoid taxes (probate, income etc.) at time of death. I suggested that your heirs could use the funds in a manner that will likely cost less tax: For example pay down some personal debt, apply it as a deposit….

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Canada Revenue Agency, Charitable Giving, Estate Litigation, Estate Planning, Family Conflict, Investments, Joint Tenancy, Loans, Philanthropy/Charitable Giving, Probate Tax, Property, Real Estate, Tax Issues, Trusts, Uncategorized

Principal residence exemption and fire loss

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The Canada Revenue Agency (CRA) was asked to comment on the availability of the principal residence exemption (PRE) when a previously occupied property is destroyed by fire and a decision is made to sell the property in a later year. The taxpayer purchased a house in 2010 which was ordinarily inhabited as a principal residence.  In 2016, the house was completely destroyed by a fire and the taxpayer decided to move….

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Canada Revenue Agency, Cottage, Executors, Property, Real Estate, Tax Issues, Uncategorized
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