What is the test for determining whether a loan is a loan or a gift?
British Columbia, Canada
The following excerpt is from Puri v. Puri, 2011 BCSC 1734 (CanLII):
It is understood that the submission of the husband is that this money was a gift to both parties. He cites Gain v. Gain, 2010 BCSC 1832, where money advanced was found not to be a loan (although part of the money was found to be a gift to only one party, leading to reapportionment), and Maclean v. Milo, 2010 BCSC 1109, where money advanced was found not to be a loan (and was found to be a gift to one party, but in all the circumstances did not lead to reapportionment). The husband submits that nothing short of a fully secured mortgage will be considered a valid loan.
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