Two recent Supreme Court of Canada decisions have important implications for transfers to your adult children (or from your parents) of bank accounts, real estate, or other assets, whether jointly or outright.
These decisions create a need to review how any such transfers were documented in the past, and to consider how to document transfers which you are contemplating in the future.
Canada's top court has eliminated the long standing legal principle that transfers to adult children were presumed to be gifts. Now, unless the transferring party's intentions are clearly stated in writing, disagreements could arise amongst their beneficiaries as to the true nature of the transfer.
For further information about this important new development, and to discuss possible solutions in your particular case, please contact your legal advisor at DuMoulin Boskovich LLP(see "Our Team" for telephone numbers and email addresses). |
