Joint Tenancy – Numerous Risks This may or may not be a good idea. At the outset, the advantage is to eliminate “probate fees”. Actually, that’s the estate administration tax, …
Icicles on the Roof
Insulation Upgrade If you have icicles on the roof, this basically means that you have either poor ventilation or poor insulation. The heat from the house is esaping. It’s melting …
Accountant’s Comments on Tax Returns
If you sold your home in 2023, you must report the sale on your tax return, even if it was your principal residence for the whole time you owned it. …
Non-compliant Driveway
Driveway does not comply with Bylaw What is the best course of action for a new homeowner who just received a notice of two bylaw violations: The original driveway is …
Alzheimer’s disease: Wills and POA’s
Question: I have a client who wants to sell her home. Her husband has a recent Alzheimer’s diagnosis. His new doctor won’t write a letter for the lawyer to give …
Is Real Estate Local?
Not really, most of the value, pricing and amenities associated with real estate is available generally. It’s not “local”. It’s published on the internet. If you use Google, then, you …
First Floor Condos
Question: How much do you add to the list price of a condo if it is a main floor walk out unit of a building that houses mostly seniors. The …
New Capital Gains Tax Inclusion
Let’s consider the implications of the new capital gains tax inclusion. Scenario: Muskoka Cottage An elderly woman owns a cottage in Muskoka. She inherited it from her parents. Her principal …
Fire Insurance: Where did the Money Go!
We looked at an example, the other day: Acquisition Purchase Price: $1,300,000.00 Mortgage: $800,000.00 Fire Insurance: $500,000.00 House Value $500,000.00 At the Time of the Fire with Co-insurance clause: included …
Why is that House Not Being Rebuilt?
There was a fire last May. The entire house was destroyed by fire. The Insurance Company paid to have the remainder leveled and the debris removed. That was 9 months …