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Monthly Archives: October 2014

What are disbursements?

Disbursements are out of pocket expenses incurred by your lawyer or notary in order to complete your transaction. They appear in all areas of law but are particularly noteworthy in real estate transactions, where the disbursements can end up be greater than the legal fees. When you are quoted a fixed fee for your transaction,…
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First Time Home Buyers and Property Transfer Tax

Am I a first-time home buyer? First-time home buyers are individuals who, in general terms: 1. have not previously held a registered interest in a principal residence anywhere in the world at any time; 2. have never received a first-time home buyers’ exemption or refund; 3. have continuously lived in British Columbia for at least…
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Trust Basics: Discretionary Trusts vs. Non-Discretionary Trusts

Trust Basics: Discretionary Trusts vs. Non-Discretionary Trusts There are two basic types of trusts: discretionary and non-discretionary. Depending on your individual circumstances, understanding the key differences between the two types of trusts can be significant. Discretionary Trust Beneficiaries of discretionary trusts generally have no control over any of the assets within the discretionary trust and/or…
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Tax Implications of Transferring Capital Property into a Trust

If I transfer capital property into a trust will it be subject to capital gains tax and/or recaptured depreciation? That depends. Generally speaking, when you transfer capital property into a trust you are deemed to have disposed of it at fair market value. This triggers the payment of any unrealized capital gains and/or recaptured depreciation.…
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