Many people assume that naming a beneficiary on a benefit plan, such as a Tax-Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP), Registered Retirement Income Fund (RRIF), or First Home Savings Account (FHSA), guarantees that the funds will pass directly to that person upon death. It seems straightforward. However, in British Columbia, it is […]
When a loved one passes away, we rely on their will to provide certainty and finality regarding the distribution of property. Historically, legal systems required strict compliance with formalities for a will to be considered valid, thereby ensuring the necessary certainty. However, modern estate law in British Columbia includes a significant curative power under section […]
Buying a strata/condo, whether a townhouse or an apartment, isn’t just about choosing the right home – it is also about understanding the strata corporation that comes with it. The building’s financial health, governance, and long-term planning directly affect your investment. That is why a thorough strata document review is one of the most important […]
In today’s housing market, it is increasingly common for parents to help their children financially when buying a home. Although the parent’s intention—whether the funds are meant as a gift or a loan—may be clear at the outset, circumstances such as death or changing family relationships can create uncertainty over time. This is why proper […]
In real estate transactions, parties rely on the information provided by one another to form a clear understanding of the deal. Mutual trust and honest communication are essential for meaningful engagement among all involved. The act of misrepresentation, whether through a false statement or the omission of a material fact, undermines that trust. Misrepresentation can […]
In real estate transactions, buyers rely on information provided by the sellers and their realtors to make informed decisions. Practices like phantom bidding, where false or non-existent offers are alluded to in order to create a sense of competition, undermine that trust. This deceptive tactic misrepresents the actual interest in a property, manipulating buyers into […]
What is the Home Flipping Tax and how does it affect you? As of January 1, 2025, British Columbia’s Residential Property (Short-Term Holding) Profit Tax Act, commonly known as the Home Flipping Tax, came into effect. The tax targets speculative real estate activity by taxing profits from the sale of residential properties held for less than 730 […]
Understanding Estate Obligations for Committees in B.C. Incapacity Cases When someone becomes incapable of managing their own affairs, a court in British Columbia may appoint a committee under the Patients Property Act, RSBC 1996, c 349. This fiduciary role is often misunderstood — particularly when it is compared to the duties of executors or trustees […]
Many professionals are choosing to structure their services through a corporation, often working as independent contractors rather than direct employees. This approach can offer significant tax benefits that surpass the limited options available to employees. However, before jumping into incorporation, it’s crucial to understand the potential tax consequences, especially if you’re providing services to an […]
What is Unjust Enrichment? Unjust enrichment occurs when a party confers a benefit upon another party without receiving the proper restitution required by law. Unjust enrichment is a strict liability and faultless claim, meaning the plaintiff will only get back exactly what was transferred. The principle aims to reverse an unjustified transfer and restore the […]