W2 Flashcards
What is joint WRS?
x
What is tenants in common (TIC)?
z
Two possible uses of trusts are:
Protecting assets for your kids future if they are disabled or in case they have common law couples.
One strategy of m.l is:
Setting a corp in Panama, paying invoices (fake) to people in C, going to casinos, changing to chips, using some, waiting some days, redeeming and sending it back.
Do Canada asks for disclosure about the owners when a foreign corp. opens a corp. in the country?
No.
What am I, of CPP?
Beneficiary.
What contingency figures should you have?
Beneficiary, Executors, Trustees.
What if all your contingency people refuse?
It would go to the residual because the trust can’t be setup.
Is there a limit for contingents?
No.
What happens if there are no beneficiaries?
The trust gets cancelled.
What happens if the purpose of the trust does not exist anymore?
The trust gets cancelled.
In a trust, who owns the assets?
The Trustee owns the assets beneficially for the beneficiary.
Any dwelling place normally inhabited by a family is also known as:
Matrimonial Property (or home).
What does beneficial ownership refers to?
The entitlement to all the “Fruits” of the property.
Is it possible to sell a house if it is in name of only one spouse ?
No, it needs the other spouse’s written permission.
What is the primary difference between Tenancy in common and Joint tenancy with right of survivorship (joint tenancy)?
The disposition of the property at the time of a co-owner’s death.
What happens en TIC when a tenant dies?
In TIC the deceased’s interest in the property does not automatically pass to the survivor tenant(s) but is transferred to the heirs of the deceased tenant.
What happens in joint tenancy when a tenant dies?
The property automatically passes to the surviving co-tenant(s) under the right of survivorship.