Real Estate

Total 95 Posts

Life Interest or Licence to Use?

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A person’s house is often their most valuable assets – both monetarily and emotionally. As a result, testators tend to put a lot of thought into who, and how, they wish to leave their house. However, as is always the case, best laid plans often go awry. One example of this, explored in the 2022 Court of Appeal of Ontario decision Barsoski Estate v Wesley, is when it is unclear whether the will gifts someone with a life interest in the house or a licence to use the property…..

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Charitable Giving, Contested wills, Estate Administration, Estate Litigation, Estate Planning, Interest, Philanthropy/Charitable Giving, Property, Real Estate, Succession Planning, Wills

How much security is enough?

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With real estate prices soaring, it’s no surprise that property is often at the heart of estate litigation. Certificates of pending litigation (CPLs) are a common tool used to ensure that a disputed property is not sold before the litigation is resolved. If the parties agree to remove a CPL so that the property may be sold, the agreement is generally contingent on holding the sale proceeds in trust pending….

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Estate Litigation, Family Conflict, Joint Tenancy, Property, Real Estate, Trusts

SALE OF PERSONAL RESIDENCE AFTER DEATH

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Can an estate claim a loss for tax purposes if the estate sells the property for less than what it was valued for at time of death? Hard to imagine such circumstances in this current real estate environment but in the unlikely event it does occur, what are the rules?The Income Tax Act (“ITA”) deems a person to have disposed of their principal residence for proceeds equal to its fair….

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

Assessing Drake’s Estate Planning Needs

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As a Toronto native, I couldn’t help but listen to rapper Drake’s highly-anticipated new album Certified Lover Boy, which he released just a few weeks ago. In fact, it has been enjoying record-breaking streaming numbers from music fans around the world, amassing a staggering 153 million global Spotify streams in its first 24 hours of release. Drake and his music are clearly influential on a global level. Drake’s songs have….

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Estate Administration, Estate Planning, In the News, International, Probate Tax, Property, Real Estate, Succession Planning, Tax Issues, Wills

Hot real estate market can put heat on Executors

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This Blog was written by Suzanna Walter, Estate and Trust Consultant with Scotia Wealth Management There have been many articles written about the dramatic increase in real estate values in Canada. This real estate boom has implications for executors’ administering estates. Maureen Berry in  her article Non-Resident Beneficiaries and Canadian Real Property: Canada’s Hot housing market can increase the work of estate executors reviewed one such implication for Executors who….

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Estate Administration, In the News, Real Estate

Valuing Estate Assets – A Hierarchy of Evidence

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Acting as an estate trustee can be a difficult job. It is often made more difficult when you have to work with a sibling. While the types of disputes co-estate trustees can have with one another are seemingly infinite, one common fight is over valuing an estate asset. Valuing estate assets properly is important – it may impact estate tax, the deceased’s personal taxes, and the sale price of the….

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Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Executors, Family Conflict, Probate Tax, Property, Real Estate, Tax Issues, Trustee, Trustee Disputes
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