Family breakdown is no picnic, but it becomes even more complicated when spouses have ties outside of the province that result in properties being owned in more than one jurisdiction or one spouse wanting to move with children outside of BC on separation. The national and international draw of Kelowna makes these questions more and…
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What is a Trust? A trust is a legal relationship between someone called the "settlor" who establishes the trust together with another person called the "trustee" to receive and hold certain property "in trust" for the benefit of others called the "beneficiaries". A Trust is typically documented by a written agreement called a trust deed…
Read MoreJoint ownership is a topic that comes up frequently in estate planning practice. When two or more people own property in “joint tenancy”, each owner has an undivided interest in the entire property. When one of the owners dies, the property will automatically pass to the surviving owner(s). Joint ownership is attractive because a grant…
Read MoreEvery strata council is at some point placed in the unenviable position of having to chase an owner for unpaid strata fees or special levies. Too often, strata councils drag their feet in enforcing such non-payment, not wanting to play the bad guy who has to put pressure on an owner who may be in…
Read MoreNew home warranties are one of the most troublesome issues for strata corporations. New home warranty reporting is confusing, complex and time-consuming. Reading the warranty fine print is as fun as open heart surgery. Some think of a home warranty much like a new car warranty: you have a problem, you call the builder and…
Read MoreLet me set the scene. You are the executor of your Aunt Etna’s estate. Her only son disowned her when he was in his twenties as he wanted to open a dog tattoo business and she was not as supportive of his dreams as he would have liked. Let’s call him Waldo. You had a…
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As you may know, the buyer of an interest in real estate in BC must pay property transfer tax on the closing date of the purchase totaling 1% of the first $200,000.00, and 2% on the remainder of the fair market value of the property purchased (up to $2,000,000.00). Property transfer tax is payable at…
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