Real Estate

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Will The Vacant Home Tax Impact Use of the Principal Residence Exemption; Estate Planning Considerations

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  Overview The Ontario government has enabled municipalities to enact a tax on vacant residential units in their regions (Granted under Part IX.1 of the Municipal Act).[1] Each municipality has to pass a By-Law stating the tax rate and conditions of vacancy that, if met, make a property subject to the tax. The Council of the City of Toronto enacted their By-Law, deeming it to have come into force on….

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Estate Planning, Executors, In the News, Property, Real Estate, Tax Issues, Uncategorized, Wills

Valuation of Interests in Discretionary trusts and Family Law

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These days, it is quite common to find intergenerational wealth transfer to consist of property held in a discretionary family trust whose beneficiaries may or may not have been in marital relationships at the time of the time the trusts were created. A siginifcant number of legal and financials issues related to these trusts in family law, including the determination of what is considered “included” and “excluded” family property before….

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Business Succession Planning, Contracts, Courts, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Family Conflict, Investments, Property, Real Estate, Resulting Trust, Separation, Small Business, Spouse, Trusts, valuation

Suspicious Circumstances – For Wills Only

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Because the doctrine of suspicious circumstances was developed in respect of probate and wills, it cannot easily be exported into other areas of law, including contract law…..

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Capacity Law, Contested wills, Contracts, Estate Litigation, Estate Planning, Executors, Geriatric Care Management, Property, Real Estate, Testamentary Capacity, Trustee, Undue influence, Wills

Principal residence – deceased vs. estate (Part 2): Time is of the essence

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In my previous blog, Principal residence – deceased vs. estate, I discussed the opportunity for an estate to claim a capital loss on a property that was previously the principal residence of the deceased and carry it back to the deceased’s final tax return under subsection 164(6) of the Income Tax Act (ITA). A number of readers reached out to me regarding the difficulties of realizing the loss and filing….

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Estate Administration, Real Estate, Tax Issues

Principal residence – deceased vs. estate

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The over-heating of the housing market that started in 2021 is starting to slowly cool off as a result of rising interest rates. This cooling of the over-heated housing market has given rise to a potential scenario that was originally addressed by the Canada Revenue Agency (CRA) in a technical interpretation issued in January of 2009[1]. The potential scenario exists when a decedent is deemed to have disposed of their….

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Estate Administration, Real Estate, Tax Issues
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