Question: It’s been a while since I’ve dealt with the rights for common law couples. They’ve been living together for approximately 15 YEARS… all in his name. She now knows …
Principal Residence 12 months: You can Have Two!
The key words under the Income Tax Act would be “principal residence”. You can actually have two at the same time with a maximum of a 12 month overlap. So …
Spouse as Defined in the Family Law Act
The real problem with the term “spouse” is that there are actually two definitions, not one, but two. For the sake of simplicity, I will describe them as: Property spouse, …
Calculating the Equalization Payment in Ontario
Question: After a few years marriage, John and Maria are divorcing. John brought in $20,000 and Maria brought in $50,000.The difference, $50,000-$20,000=$30,000 should be equalized during divorcing process and Maria …
Joint Tenancy: Statutory Termination
You might wonder about the statutory termination of a joint tenancy under the provisions of the Family Law Act. It is important to review the Act carefully in order to …
Title Transfer in Estate
(Ontario) Question: If a husband has passed away and he left a will to his wife stating that all his assets will pass to her and then their children when …
Who Gets Your Estate?
Ontario Are you married or not? Are you living together with someone in a marriage like relationship? In Ontario, you need to be married to be a spouse. In British …
Non-Resident Sales Tax and Citizens
(Ontario) Question: If someone is a Canadian Citizen but a non-resident. Do they still pay foreign buyer land transfer tax of 15%? Or it doesn’t apply? I’m confused because they …
Utilizing a Parent to Avoid Capital Gains Tax
As parents become elderly, it’s important to realize that they should continue to retain ownership of their property. Oftentimes, it’s thought that simply transferring it directly to the kids or …
Transfer of Property to Avoid Probate Fees
Ontario Let’s assume that Bob and Mary have been married for years and hold title as Joint Tenants. That’s good because it will avoid probate fees (technically estate administration fees). …