W1 Flashcards
When is estate tax (law) done?
In anticipation of death, divorce/separation and other special circumstances. It creates parameters (what ifs) for specific events.
What are the purpose of law?
Standards of acceptable behaviour, Maintaining order in society, Dispute resolution and Protection of fundamental rights.
Up to what amount do small claims courts operate?
$75,000
Which what approach would you have a panel?
Tribunal
What is Canada legal system?
Common law (except Quebec, they use the Civil Law)
To what level comes any new area that wasn’t in the constitution? (ex: Airplanes)
Federal, unless stated otherwise
Under which level are family and property law?
Provincial
Are marriage and divorce federal or provincial?
Federal, they have specific Acts. (custody, child support…)
What is the head of the judicial branch?
Supreme Court of Canada
Who has the power of creating cities?
Provinces
How many federal ridings are in Canada?
338
How many senators are in Canada?
105
Some exclusive powers of the federal government are:
Public debt, trade and commerce, direct and indirect taxation, currency, bankruptcy, banking, marriage and divorce and patents.
Some exclusive powers of the provincial governments are:
Direct taxation with the province, education, healthcare, property and civil rights, formalization of marriage.
Another name for commercial law is:
Business law.
Under which level are incorporation of businesses and rights of employees?
Provincial.
Who establishes the tax rules relating to the death of a taxpayer, taxation of the estate and any trusts created under the deceased’s will, and taxation of the beneficiaries of an estate or trust?
The federal government.
What is real property?
Property rights and interests with respect to land and anything attached to the land (such as a house, crops and mineral rights).
What is personal property?
Is generally any property that can be owned other than land.
“Chattels” is another name for:
Tangible personal property.
What is fixture and how could it be treated.
Is personal property added to real property, could be treated still as personal property.
What are the two types of rights that form intellectual property?
Industrial property rights and copyright laws.
How is it called being the owner of an estate in fee simple confers that person with full ownership rights in the property without any temporal or legal restrictions?
Estate in fee simple.
Another way to refer to a life estate is:
Life interest.
What is a life estate?
x
What does legal ownership refers to?
The person’s legal title to the property and a managerial role with respect to that property.
