Real Estate

Total 99 Posts

Real Estate in Estate Planning: Tax Consequences

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Today’s blog was written by Jessica Butler, Law Clerk at Fasken LLP. Many Canadians hold a large share of their wealth in personally-owned real estate and consider it to be a critical part of their wealth-building strategy. Donald Sutherland, the well known Canadian actor who passed away in June of this year, is purported to have had a multimillion dollar real estate portfolio at the time of his death. For….

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Estate Planning, Probate Tax, Property, Real Estate, Tax Issues, Uncategorized

Make it a habit: Searching title for real property when doing estate planning

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Today’s blog was written by Kelsey Buchmayer, associate with the Ottawa office of Gowling WLG (Canada) LLP There are several benefits to searching title for your client’s real property when initiating their estate planning. For instance, you can confirm title is held as your client understands it to be and you can also assess whether planning opportunities such as probate strategies are available to your client in relation to their….

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Estate Planning, Real Estate, Wills

Ontario Residents with Quebec assets

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Today’s blog was written by Douglas Buchmayer, partner with the Ottawa office of Gowling WLG (Canada) LLP A common issue facing estate planning practitioners in Eastern Ontario is the Ontario resident client owning Quebec assets, often the family cottage, which need to be dealt with in a Will. Where a couple (or either of them) owns assets in Quebec it generally makes sense to have distinct Quebec Wills dealing with….

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Estate Administration and Probate Applications, Estate Planning, Real Estate, Wills

PROCEED CAREFULLY – FRAUDULENT CONVEYANCES

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Kira Domratchev, Associate Gowling WLG (Canada) LLP I recently came across an interesting decision of the Ontario Superior Court of Justice where the Court used the doctrine of a resulting trust to reach an outcome on a series of events that left a creditor unable to collect an outstanding costs award. LPIC v Fiore et al, 2021 ONSC 7860 was a decision in an action by a plaintiff indemnity company….

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Courts, Credibility, Real Estate, Trusts

Got Tenants? Tenants in Estates

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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
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