This appeal concerns a financial dispute among adult siblings over entitlement to distributions from a valuable investment in a residential development in Oakville, Ontario.
The investment, originally a 10% interest in the Lower Fourth Joint Venture purchased by the father in 1969, was held by the mother in trust for three children in equal shares.
The daughter disclaimed her interest for tax reasons.
When distributions began in 2014, they were deposited into bank accounts opened in the mother's name.
The central issue was whether the mother held the distributions as bare trustee for the daughter or whether the daughter had received only individual gifts.
The Court of Appeal found that a bare trust existed over the bank account contents for the benefit of both the daughter and one son in equal shares, reversing the trial judge's finding that the mother held the funds beneficially.