Innocenzo De Cotiis, who started the B.C. real estate giant, transferred most of his estate into an “alter ego” trust four years before his death in 2020
One of the elder sons of the founder of the Onni Group of Companies is contesting an estate plan he claims left him with “virtually nothing.”
Innocenzo De Cotiis — who built up the B.C. real estate giant from the purchase of a single rental building in North Vancouver in 1964 and died in September 2020 at the age of 82 — was the father of seven children, all boys.
According to a B.C. Supreme Court ruling posted Friday, Innocenzo made six wills between 1997 and 2009, then a seventh and final will in January 2016.
Innocenzo then transferred assets into yet another trust, the Onni Alter Ego Trust, nine months before his death. That trust completely excluded the older brothers.
Ivano De Cotiis took the estate to court claiming he was “disinherited” by his father and the four younger brothers.
Ivano’s claim to being disinherited is in the “broadest sense, and not just to mean excluded from Innocenzo’s last will,” according to the decision by B.C. Supreme Court Master Sandra Harper. Ivano’s claim is that merely contesting the last will would be an “empty victory; he would simply be awarded a greater percentage of nothing.”
Ivano’s suit alleges two of the younger brothers, Rossano and Guilio, who as executors of the estate and trustees to the various trusts, have “relevant documents that they have failed to list and produce,” which Ivano claims contain evidence of the extensive assets to which he has been excluded.
Ivano’s lawsuit against the defendants includes “wide-ranging claims based on unjust enrichment, breach of trust, breach of fiduciary duty, knowing receipt, and undue influence.”
The younger brothers object that Ivano’s affidavit is “replete with his ‘beliefs’ and ‘understandings,’ rather than direct evidence.” But Ivano says he is in an “information deficit” because of the defendants’ control over and exclusive contact with Innocenzo in his last months.
The court agreed Ivano’s affidavit was “somewhat speculative,” but admitted it as evidence because of his lack of knowledge of what’s in the withheld documents.
The defendants claimed Innocenzo’s earlier wills aren’t relevant, but the court disagreed because they could provide evidence that Ivano was once a beneficiary; show how Innocenzo’s attitude toward his elder son might have changed over time; and shed light on Ivano’s claim of the brothers’ “undue influence” late in their father’s life.
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
The Canadian Press. All rights reserved.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
The Canadian Press. All rights reserved.
VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.
Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.
The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.
Wednesday was the last day for advance voting, which started on Oct. 10.
More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.
Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.
An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.
This report by The Canadian Press was first published Oct. 17, 2024.
The Canadian Press. All rights reserved.
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