Canada – Budget 2022 Implementation
Bill-19 includes an outright ban on foreign investment in Canadian housing for the next two years, as well as the luxury tax on the sale of new luxury cars and aircraft. It also allows the government to seize…
Federal Anti-flipping Tax Intended to Cool Housing Prices
The Federal Budget issued on April 7, 2022 proposes that all profits from the sale of residential properties held for less than 12 months would be considered business income. This rule would apply to all properties sold on…
Employee Ownership Trusts – Canada
Budget 2022 proposes to create the Employee Ownership Trust: a new, dedicated type of trust under the Income Tax Act (Canada), to support employee business ownership in Canada.
BC Creates Homebuyer Protection Period
Amendments to the Property Law Act introduced on Monday, March 28, 2022, will enable the creation of a new Homebuyer Protection Period to protect people buying a home in a challenging real estate market.
CANADA: Twenty percent Purchase Tax on Luxury Goods
The Canadian federal government has released draft legislation for a new tax on the sale of new luxury cars and aircraft with a retail sale price over CAD$100,000, and new boats over CAD$250,000. The tax will be the…
Legal Assistant – Downtown Vancouver
We require a legal assistant to assist two lawyers in the areas of corporate / commercial law, intellectual property, and wills and estate planning.
Testamentary Capacity – Who Can Make a Will
For over a century, the question of whether a person has the legal capacity to make a will, can be determined according to the test originally set out in the leading case of Banks v. Goodfellow (1870). That…
“Cooling Off” BC Real Estate
To better protect consumers in British Columbia’s real estate market, the Government of British Columbia is introducing legislation that requires “cooling off periods” for resale properties and newly built homes. This change will be similar to the cooling…
Electronic Wills
The British Columbia Government has introduced legislation to enable courts to accept electronic wills and to permit the remote witnessing of wills.
Employee Ownership Trusts – Part 2
In our April 22, 2022 blog post, we discussed the Canadian Budget 2022 announcement, regarding the introduction of a new special purpose trust, the “Employee Ownership Trust”, under the Income Tax Act (Canada), to encourage employee ownership of…