Real Estate

Total 96 Posts

Post Mortem Pipeline Planning – Business Continuity

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Recently, a fellow blogger wrote about the benefit of post-mortem pipeline transactions to avoid double tax on disposition of certain assets. Briefly, a pipeline transaction is a form of transaction whereby the assets of a corporation are distributed to shareholders utilizing the high adjusted cost base resulting from the capital gains realized on death, rather than as a distribution in the form of a dividend. In this sense, the use….

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Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Investments, Property, Real Estate, Succession Planning, Tax Issues

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 exemption – renting to a child

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The Canada Revenue Agency (CRA) was asked if a taxpayer’s property designated as his “principal residence” but rented and lived in by his son continued to qualify as his “principal residence” for the purpose of claiming a principal residence exemption to shelter a gain from personal tax.
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Canada Revenue Agency, Cottage, Disability, Elder Care, Estate Administration, Estate Planning, Executors, Real Estate, Tax Issues

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

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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