Under the Property Transfer Tax Act, RSBC 1996, c 378, (the “Act”), property transfer tax (“PTT”) would, generally speaking, be imposed on a lease with a term of 30 years or more, or a lease in conjunction with lease modification agreements that would result in a cumulative term of 30 years or more, would be subject to PTT under the Act. In the recent decision of M&N ...
Recently, a number of retail enterprises have availed themselves of the protection of the Bankruptcy and Insolvency Act (BIA) and the Companies’ Creditors Arrangement Act (CCAA), Canada’s insolvency statutes. The BIA and CCAA, as federal statutes, have various provisions that allow a debtor to deal with their leases in a manner which may be inconsistent with the ...
Likely because the application of the law is uncertain, commercial leases generally have detailed clauses dealing with the question of when a piece of equipment or an improvement installed in a premises becomes a fixture or remains a chattel. The answer matters as fixtures, in law, are considered to be part of the land and, at the end of a lease, ordinarily would revert to the ...
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