Family Property and Other Issues
Income Attribution Rules: a set of rules that prevent income splitting in certain specific circumstances.
Joint Tenancy: a form of property ownership whereby each tenant will have an equal share in the ownership, control and enjoyment of the asset, and right of survivorship in the event of the death of the other joint tenant.
Marital Home: see matrimonial home.
Marriage Contract: a contract used to determine the rights and obligations of both spouses during a legal marriage, as well as upon any possible future separation, annulment, divorce or death.
Matrimonial Home: varies from province to province (including matrimonial home, marital home and family home), but generally it includes any dwelling place normally inhabited by a family.
Non-arm’s Length Transactions: includes transactions between two or more people who are related, or between unrelated people who do not have separate economic interests.
Pensionable Earnings: earnings in excess of a yearly basic exemption.
Property Income: for the purpose of the income attribution rules, includes interest, dividends, rents and income earned as a specified member of a partnership.
Separation Agreement: an agreement dealing with the rights and obligations of both parties during their separation.
Separation as to Bed and Board: separated and no longer living together.
Tenancy in Common: a form of ownership whereby each tenant has an undivided interest in the whole property. This means that each partner has the right to use and enjoy the full property, but only owns a portion of it.