Trust issues and NFP

If a person has an interest in a Trust does it form part of their NFP? To recap, 1n 1994, John White did an estate freeze. The result of the freeze was that he held $300,001 Class A preferred shares, with a fixed value of $1.00 each, in John White Family Holdings Ltd., and the John and Ann White Family Trust held ten common shares in Holdings. Holdings, in turn, held 100 common shares of the...

Inclusion of Common Shares in NFP as a result of an Estate Freeze

If a person owns preferred shares in a holding company, which owns a trust, does the entire value of the Trust form part of that person’s NFP? (1) Should the entire date-of-separation value of White Holdings (“the Corporation”), a corporation of which your client, Mr. White, holds the preferred shares, be included in your client’s NFP; and (2) Is your client entitled to credit for overpayment...

Promissory Note – Is it an interest in Property?

Does a monetary deposit with a promise to transfer a property in the future, confirmed by a Promissory Note, constitute an interest in the property under the Family Law Act? This is indeed an unusual situation in that there are a number of ways that the issue can be approached.  Frankly, I do not see any way that the wife can claim the husband has an interest in the property.  There is no...