DID YOU KNOW...
Canada's Economic Action Plan -
Action to Stimulate Housing Construction
The Government is providing $7.8 billion to build quality housing, stimulate construction, encourage home ownership and enhance energy efficiency. Measures include ....
Posted: Feb 2009
LTT Rebate for new buyers of resale Homes is now law
We are pleased to announce that effective May 14th, 2008, the Ministry of Revenue has expanded the Province's tax rebate program for First Time Home Buyers to include resale homes....
Posted: May 2008
If you contribute to a Registered Education Savings Plan ("RESP"), you should be making specific provisions for it in your will?
Contrary to popular belief, an RESP is not a true trust, and thus will not go to the beneficiary for whom it has been established unless the subscriber's will provides specific directions that it ought to...
Posted: Apr 2008
That Ontario may be expanding the Land Transfer Tax refunds currently available?
Ontario may be expanding the Land Transfer Tax refunds currently available to first-time home buyers of newly constructed homes to include first-time homebuyers of resale homes as well...
Posted: Mar 2008
That if you are the director of a corporation, you can be held personally responsible for corporate liabilities?
That's right! Although one of the primary attractions of incorporation is the limited liability of shareholders, often times, these same shareholders are exposed to personal risk/liability associated with their small business by virtue of the fact that they also act as directors...
Posted: Feb 2008
That a will is invalid unless the testator possessed the requisite capacity? A certificate of appointment of estate trustee will not be issued (formerly a process known as probate) if the testor lacked the capacity to make a will. Testators are required to be eighteen years of age or must otherwise fall under an exemption in order to create a valid will...
Posted: Jan 2008
That cohabitation, even outside marriage, can lead to a support obligation? The Family Law Act defines "spouse" for the purpose of determining support obligations as either of two persons who have cohabitated 1) continuously for a period of not less than three years, or 2) in a relationship of some permanence if they are the natural or adoptive parents of a child. In Ontario, this applies equally to same sex couples.
Posted: Dec 2007
About waiver or variation? Did you know that a written agreement can be overridden by a subsequent oral agreement or even conduct? There are two main methods of altering a duty to perform which has been created by a contract: (1) variation of the contract, and (2) waiver of rights or "estoppel". In the case of variation, the parties to the original contract may decide by mutual agreement, for the benefit of both parties, to alter the original contract.
Posted: Nov 2007
About vacant land condominium? Recent legislation has created a new type of condominium, the vacant land condominium. Under this new concept, the unit owner purchases a unit in the condominium corporation which then allows the purchaser to construct a residence at their own cost on land owned by the condominium corporation.
Posted: Oct 2007
About Dual Wills? An estate trustee (formerly executor) derives his/her authority to deal with the assets left under a will from the will itself, and not from a grant of probate? However, most financial institutions will require the estate trustee to confirm their authority under the will to deal with the assets of the estate and to corroborate the authenticity of the will itself before they will release estate assets to the trustee.
Posted: Sep 2007
Land transfer tax is a provincial tax analogous to retail sales tax. If you purchase a vehicle in Ontario, retail sales tax is payable on the purchase price. Similarly, if you purchase a dwelling, condominium unit or vacant land from the developer, land transfer tax is payable at the moment of registration of the deed.
Posted: Aug 2007
Why you need a will? Most importantly, by creating a will, you and your family can attempt to ensure that your assets are distributed according to your wishes and instructions. Furthermore, it is a good idea for all parents to have a will in order that they may appoint a guardian for any of their children that have not yet reached the age of majority...
Posted: July 2007
About rent deposits and interest? We are all aware that most Landlords require a deposit representing the last month’s rent when the Tenant first takes possession of the rented premises. The deposit affords some comfort to the Landlord in circumstances where the Tenant vacates the premises without giving proper notice to the Landlord. Some of these deposits are held for long periods of time...
Posted: June 2007
About the advantages of Incorporating? The corporation enjoys several benefits which are not enjoyed by other forms of business such as the sole proprietorship or partnership. These benefits are common to both federally and provincially incorporated companies...
Posted: May 2007
In the past, it was common practice for a single law firm to represent both the vendor and the purchaser in the same real estate transaction, as long as there was full disclosure to both parties regarding all aspects of this dual representation...
Posted: Apr 2007
Condo Corporations are required to obtain insurance against major perils on the common elements and the standard unit. This obligation to insure does not include insurance for damage to improvements made to a unit...
Posted: Mar 2007
Ontario Protects Homeowner in Mortgage Fraud Case – Maple Trust and Laurence...
Posted: Feb 2007
Title insurance is the only product available to property owners that will afford them protection against identity theft?
Posted: Jan 2007