What is the use of the income generated by the rental property for the purposes of determining whether the property is a family asset?
British Columbia, Canada
The following excerpt is from S.M.S. v. D.M.T., 2014 BCSC 2387 (CanLII):
The use of the income is a factor that the court can consider in determining whether the property is a family asset. For example, in Foster v. Foster, 2007 BCCA 83, a rental property was found to be a family asset, in part due to the fact that the rental income was used for a family purpose: at para. 28-29.
"The most advanced legal research software ever built."
The above passage should not be considered legal advice. Reliable answers to complex legal questions require comprehensive research memos. To learn more visit www.alexi.com.
Other Questions
Does the use of income from a capital asset for family purposes constitute a family asset? (British Columbia, Canada)
Is a party’s income for income tax purposes considered income for purposes of determining child support obligations? (British Columbia, Canada)
Does use of an asset for a family purpose prior to marriage make it a family asset? (British Columbia, Canada)
What is the test for determining whether a contingent asset is a family asset? (British Columbia, Canada)
What is the test for determining whether a property is a family asset? (British Columbia, Canada)
What is the best evidence used to determine Guidelines income for the purposes of determining the payor’s income? (British Columbia, Canada)
Whether a debt is a family debt depends on whether there is a discernible nexus between the debt itself and some family purpose or benefit? (British Columbia, Canada)
Is a husband's contribution to a business considered a family asset in determining if the business asset is a business asset? (British Columbia, Canada)
What is the proper way to determine income for purposes of the Income Guidelines? (British Columbia, Canada)
Is there any case law or case law supporting the use of historical income figures for purposes of determining the value of individual income? (British Columbia, Canada)
