Introduction to “Family” and “Excluded” Property
Introduction to Family Property & Excluded Property There are two types of property under the Family Law Act of British Columbia (the “FLA”): “family property” and “excluded property”. Family Property Family Property is essentially all property owned by either spouse or in which either spouse has a beneficial interest....
COVID-19 NOTICE
COVID-19 NOTICE To our clients, suppliers and colleagues: Because of the Covid-19 virus, Kerfoot Burroughs LLP is taking extra steps to ensure that our workplace is a safe environment for all. These steps are: Practicing social distancing and having no physical contact Reducing our office hours and limiting in...
FAMILY ENTERPRISES – WHAT MAKES THEM SUCCESSFUL?
FAMILY ENTERPRISES – WHAT MAKES THEM SUCCESSFUL? What makes some family enterprises so successful? Building financial wealth, creating harmony and preserving a family’s legacy across generations doesn’t come easy. Especially when you consider that a family enterprise is so much more than just a family business. It is the...
10 REASONS TO HAVE A WILL
10 Reasons to have a Will Thinking about and completing your will can be an intimidating task, and one that is difficult to accomplish adequately without legal guidance. However, by completing a will you will secure many important benefits that make it a worthwhile undertaking! Having the peace of...
Alter Ego (Joint Partner) Trusts
Alter Ego (Joint Partner) Trusts This Information Sheet will provide information on Alter Ego and Joint Partner Trusts, what are they, what is their purpose, the advantages and disadvantages of an Alter Ego Trust and what the process looks like if you make the decision to have one. What...
Empty Home Tax
Empty Home Tax Advance tax notices in Vancouver are sent out by the City during the last week of November. This year, for the first time, the advance tax notices will include instructions on how to submit your “Property Status Declaration”. What is the Empty Home Tax? The Empty...
What Are Digital Assets and Why Are They Relevant To Your Estate
What is Estate Planning Estate planning is the process of providing assets to the next generation, ensuring beneficiaries are protected and tax implications and expenses are minimized or reduced. A common tool used to plan an estate is a Will and Ian Burroughs, Partner at Kerfoot Burroughs LLP,...
The most important benefits of incorporating a Medical Corporation
The most important benefits of incorporating a Medical Corporation If you are a medical professional in British Columbia, there are great benefits to incorporating your practice. What follows is a description of the main benefits of incorporating a Medical practice and how the experienced business lawyers at Kerfoot Burroughs...
Potential Tax Risk to Realtors: Non-Resident Vendors of Canada for Tax Purposes
Potential Tax Risk to Realtors: Non-Resident Vendors of Canada for Tax Purposes The Supreme Court ruling of Mao v Liu (2017 BCSC 226) has potentially opened lawyers, notaries and real estate agents to liability under the Income Tax Act when dealing with vendors who are non-residents for tax purposes....
Professional Corporation
Professional Corporation Many professionals in British Columbia have the ability to operate as a professional corporation. Generally only those professionals that are governed by a professional body or association will be allowed to incorporate. These typically include physicians, dentists, veterinarians, lawyers, accountants, engineers and architects. In most respects a...
Substantially Renovated Homes
SUBSTANTIALLY RENOVATED HOMES In the Lower Mainland, it is common for older homes to be completely renovated so as to bring all of the conveniences of a modern home into a house in a desirable location. However, some of these homes qualify as “substantially renovated” homes under the Canada...
Your Personal Planning Documents and the Nidus Registry
YOUR PERSONAL PLANNING DOCUMENTS AND THE NIDUS REGISTRY When you are planning for your future, there are some personal planning documents that can be very valuable in providing you with peace of mind. Some of these documents include: A Representation Agreement An Advance Directive An Enduring Power of Attorney...
Oil Tanks – What buyers of Vancouver real estate should know!
Oil Tanks – What buyers of Vancouver real estate should know! Before 1957, when natural gas was introduced to Vancouver, many homes in the Greater Vancouver Area were heated by oil furnaces with fuel tanks buried in the back or side yard. With the change to natural gas, these...
Avoiding Property Transfer Tax when transferring between family members
Avoiding Property Transfer Tax when transferring between family members Nobody likes to pay tax and the Property Transfer Tax (“PTT”) can be a very expensive tax. It is important to know that there are certain exemptions that are available for transfers between family members. The Property Transfer Tax is...