Real Estate

Total 95 Posts

Got Tenants? Tenants in Estates

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Cornerstone Housing for Women

Alicia Mossington, Estate and Trust Consultant Executors have many responsibilities: paying debts; taxes; testamentary expenses; and managing estate assets. Different assets come with different responsibilities and rules and some assets – like rental properties – have unique complexities to manage. It is common for estates to include rental properties especially given the real estate market in Ontario over the past decade. When managing occupied property, the executor must balance their….

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Estate Administration, Real Estate

Non-Resident and Rental Income – Not so Fast.

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When a non-resident of Canada generates rental income from a Canadian rental property, the tenant (or agent for the non-resident) must withhold 25% of the gross rental payment (unless a tax treaty reduces the withholding rate) and remit it to the Canada Revenue Agency by the prescribed date. It’s important to note that no deductions nor credits are permitted thus, the withholding is on the full rental payment. Rental Income….

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Estate Planning, Real Estate, Tax Issues, Trustee

Trustees Holding Title to Real Property: It Used to be Simpler

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Trustees holding title to real property jointly with right of survivorship should make estate succession efficient and inexpensive. But recent changes implemented by the Director of Land Titles are challenging that notion…..

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Cottage, Estate Planning, Fiduciary Professions, Joint Tenancy, Property, Real Estate, Succession Planning, Trustee, Trusts

Section 116 and Capital Distributions by Trust to Non-Resident

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When a trust makes a capital distribution to a non-resident beneficiary, the beneficiary is deemed to have disposed of a part or the whole of their capital interest in the trust.[2] Where the capital interest in the trust is “taxable Canadian property” (“TCP”),[3] the vendor of the TCP (i.e. the beneficiary who is deemed to be “disposing” of their interest in the trust) must apply for a clearance certificate from the Canada Revenue Agency (the “CRA”) under section 116, either in advance of the disposition or within 10 days of the disposition…..

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Canada Revenue Agency, Cottage, Estate Administration, Executors, International, Property, Real Estate, Tax Issues, Trusts

Taking Back Control of Real Property

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It is important to consider estate planning objectives when entering into real estate transactions. For example, a client may intend to retain control of real property in that they intend to be able to dispose of it on death. However, if the relevant estate planning objectives are not identified and considered at the time of the transaction, other goals may be prioritized instead; this may result in the structure of….

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Estate Administration, Estate Planning, Property, Real Estate

No good deed goes unpunished by the CRA

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Part I – Personal Attribution This blog has been written by Pritika Deepak /Associate at Fasken LLP Gifting property or making loans to family members is a common way for individuals to transfer and share their wealth with their loved ones. There are, however, several rules in the Income Tax Act (Canada)[1] (the “Act”), commonly referred to as the attribution rules, which prevent or restrict an individual from “income splitting”…..

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Canada Revenue Agency, Estate Planning, Real Estate, Tax Issues, Uncategorized
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