(Ontario) Question: Is Land Transfer Tax payable upon the Transfer of a property to a child? Answer: Sometimes “yes” and sometimes “no”. If a conveyance is undertaken at full market …
Flipping Properties and some Tax Implications
(Ontario) Oftentimes, people will investigate, consider or assist in the renovation of a property for subsequent sale at an increased price. What does this mean? What are the tax implications? …
Joint Tenancy may not be 50/50
Ordinarily, one would think that the proceeds of the sale of property should be divided 50/50 in the case of “Joint Tenancy”. However, that was not the case in Kamermans v. …
Tenancy in Common Issues: Inheritance
Ontario Question: I am very confused regarding tenancy in common. A and B bought property together as tenancy in common. A is married and has children. B is married and …
Proper Execution of a Power of Attorney (Is it valid?)
How do you know whether there is a valid Power of Attorney? Unless, it’s tested in the Courts, you can’t really be absolutely certain, but the Courts do have some …
Residency of an Ontario Corporation
The residency of an Ontario corporation can become quite complicated. Usually, it will be determined on the basis of the common law rules related to residency. That is usually the …
Matrimonial Home Act Questions and Answers
(Ontario) Here are your questions with some responses: Q. Any property can be designated by both spouses as a matrimonial home by joint registration. A. No Q. All other matrimonial …
Family Law Act Issues with Matrimonial Home Designations (Ontario)
There are a few points to consider here: Only a property which is a matrimonial home may be designated as a matrimonial home, Most properties are not designated whatsoever by …
Loss of Mental Capacity by Sellers
(Ontario) Question: You are the potential Listing Agent and both the husband and the wife (elderly couple) are concerned that the other partner is losing his/her faculties. Answer: Incapacity, incompetency, …
Unities In Joint Tenancy
(Ontario) There four unities in a Joint Tenancy. Unity of Interest: means equal sized units. So, two people half and half, three people, a third each, four people a quarter …