How Many Wills Do You Need? The answer is probably two. That may come as a surprise to many, but this is an estate planning technique which is helpful in …
Condo Parking Space Sold: Tax Implications
(Ontario) Question: My client has just sold their parking space. What happens about the tax? Answer: If the parking space was acquired initially with the unit, and the unit was …
FLA Supersedes Joint Tenancy
(Ontario) Question: One of the questions in the practice test asks if Jim and Dan are joint tenants of a property, Dan is living overseas and Jim and wife live …
Estate Planning 2022
People will often think that they have an Estate Plan, if they have a Will. They don’t. They just have a Will. That’s just one document. There are some other …
Second Wife Unjustly Enriched by Life Insurance Policy
The field of law known as “unjust enrichment” comes up more and more. In the case of Moore v. Sweet, the Supreme Court of Canada had to consider such a …
Family as Tenants or What?
Question: I have a client who is on title to a home with her husband that they purchased 5 years ago. Her adult son and his wife (either common law …
Land Transfer Tax Payable on Conveyance to Child
(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 …