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REAL ESTATE MEMO
The memo outlines information and documentation that we need from you and provides answers to some common questions. We have identified which items are for your information only, and items that require an action from you (labelled “Information” or “Action”). We hope you will find this useful.
Questions from the mailbox: what is the Ontario Annual Return anyway?
Recently, we have had several clients ask: “what is my Annual Return, and is it a new requirement for my Corporation?”.
As part of the ongoing efforts to digitize compliance for Corporations incorporated under the Ontario Business Corporations Act, the Annual Return (AR) requires all Ontario corporations (including Federal or Extra-Provincial Corporations who are registered in Ontario) to submit information annually regarding...
Homeowner Protection Act – Good News for Ontario Consumers
Owning a home is a cornerstone of the Canadian dream, representing stability, investment, and personal space. The Ontario legislature just passed new legislation (Bill 200), known as the Homeowner Protection Act, designed to safeguard the rights and interests of homeowners. This blog post aims to provide some insight into the Homeowner Protection Act, its significance, key provisions, and how it impacts homeowners in Ontario.
Why You Should Be Wary of Professional Advice Given on Social Media
In an age where social media dominates our daily lives, it’s no surprise that many of us turn to platforms like Facebook, Twitter, Instagram, and LinkedIn for advice on various topics. From health and fitness to financial planning and legal matters, professional advice is readily available at our fingertips. However, the ease of access and the convenience of social media can be misleading, and it’s crucial to approach professional advice shared on these platforms with caution. Here’s why:
Piercing the Corporate Veil: Why Being Incorporated Matters
“Piercing the corporate veil” is not just a fun term that corporate lawyers like to throw around, but is a legal concept that allows courts to hold individuals personally liable for the debts or actions of a corporation. While corporations provide limited liability protection to their shareholders, directors, and officers, there are situations where this protection can be disregarded.
Securing Your Secrets? Solicitor-Client Privilege and Your Lender
You know the children’s poem “Rub-a-dub-dub, Three men in a tub”? Well, in the context of residential real estate, the “Three men in a tub” is you, your lender and your lawyer. Solicitor-client privilege stands as a cornerstone of the legal system; confidential communications between clients and their legal representatives must be maintained. This privilege plays a vital role in fostering trust and transparency while ensuring the protection of sensitive information. The “rub” in the context of residential real estate is that your lawyer will typically have 2 clients; you and your lender. In this article, we delve into the nuances of solicitor-client privilege within the realm of residential real estate closings, shedding light on its significance, scope, implications and limitations.
Understanding Lawyers’ Responsibilities in Estate Planning
Estate planning is a crucial aspect of financial and familial well-being, requiring meticulous attention to detail and adherence to legal guidelines. Lawyers play a pivotal role in this process, tasked with ensuring that clients’ wishes are documented accurately and their assets are distributed according to their desires. In this blog post, we will delve into the responsibilities of lawyers in estate planning, drawing insights from the Manitoba case of Black-Donaldson et al. vs. The Estate of Helen Small.
Critical Real Estate Closing Mistakes: How to Avoid Costly Pitfalls
Closing the deal on a real estate transaction is an exciting moment for both buyers and sellers. However, amidst the anticipation, it is essential to proceed with caution and avoid pitfalls that can turn this milestone into a nightmare. In this guide, we’ll explore some critical real estate closing mistakes from our perspective as real estate lawyers and provide actionable tips on how to steer clear of them.
Leveraging Demand Loans: A Legal Perspective on Flexible Financing Solutions
Navigating the intricate landscape of financial instruments such as demand loans requires meticulous attention to legal nuances. As corporate lawyers, we recognize the paramount importance of understanding the legal framework surrounding various financial tools. In this blog post, we look at the legal aspects of demand loans, their utility, implications, and considerations from a legal standpoint.
Time is of the Essence: What Does this Really Mean for my Real Estate Closing?
Welcome to the high-stakes world of real estate, where every minute counts and deadlines can make or break a deal. In this blog post, we’ll delve into the recent Ontario Court of Appeal case of 3 Gill Homes Inc. v. 5009796 Ontario Inc. (Kassar Homes),2024 ONCA 6 and uncover why time management is not just important, but crucial in the realm of real estate transactions. Get ready for a journey through contracts, deadlines, and the significant consequences of tardiness in the dynamic world of real estate.
The Benefits of Getting Life Insurance Through Your Corporation
Life insurance is a crucial aspect of financial planning, providing security and peace of mind for your loved ones in the event of your passing. While many individuals obtain life insurance policies personally, another avenue worth exploring is obtaining life insurance through a corporation. In this blog post, we’ll explore the advantages of this approach and why it might be the right choice for you and your business.
Why the Simple Will Falls Short in Estate Planning
When it comes to estate planning, many individuals may be under the misconception that a “simple will” is all they need to ensure the smooth transfer of their assets to heirs. However, few situations are simple, when it comes to proper estate planning. In the complex landscape of modern finances and family dynamics, relying solely on a simple will can be a risky gamble. In this blog post, we’ll explore why the simple will is a myth and why comprehensive estate planning is essential for securing your legacy.
Why Your Will Matters: Freedom of Testamentary Disposition Affirmed
In a recent decision by the Ontario Court of Appeal, Roe v. Roe, 2024 ONCA 179, significant legal issues surrounding testamentary capacity, insane delusions, and undue influence were thoroughly examined. This landmark ruling sheds light on the complexities of estate disputes and the legal principles governing them.
The Vital Role of Your Business Lawyer in Corporate Success: Navigating Legal Waters for Growth
In the complex ecosystem of business management, the role of your business lawyer often remains understated but is undeniably crucial. While entrepreneurs dedicate their efforts to refining products, devising marketing strategies, and fostering client relationships, legal considerations may inadvertently take a backseat. However, the presence of a proficient lawyer within your business team is not just advantageous—it’s imperative. Let’s explore why your lawyer is an indispensable asset and how their expertise can serve as a catalyst for propelling your business forward.
Preventing Estate Litigation: A Guide to Secure Estate Planning
The number 1 goal of estate planning should be the avoidance of litigation. Estate litigation can be a formidable challenge, and it often appears more prevalent than other legal battles. Whether fueled by familial disputes or a perception of the estate as a windfall, it is essential to take proactive steps to avoid unnecessary courtroom conflicts. Discover effective strategies to safeguard your hard-earned assets from falling into the hands of estate litigation lawyers after your passing, and avoid the types of issues that arose for the Jackson and Rosenberg families.
My Lawyer Says my Property is in Land Titles, What Does that Mean?
Understanding the Land Titles System is helpful for people engaged in real estate transactions in Ontario. In this blog post, we will shed light on the significance of the Land Titles System and how it impacts property ownership in the province.
Understanding Trusts: Navigating New Reporting Requirements for Bare Trusts
Trusts are vital tools in estate planning, asset protection, and wealth management. They offer flexibility, privacy, and may, in certain circumstances, tax advantages. However, recent changes in reporting requirements, particularly concerning bare trusts, have implications for both trustees and beneficiaries. This article aims to provide an overview of trusts, focusing on the various types and the new reporting obligations for bare trusts.
Navigating Success: The Importance of Annual Minutes In Corporate Law
In the intricate world of corporate governance, your corporate lawyer will help you stay compliant with regulations, which is paramount for a thriving business. One often-overlooked yet crucial aspect is the maintenance of annual corporate minutes. In this blog post, we will delve into the significance of annual corporate minutes, exploring why they matter for your businesses and how their meticulous upkeep can contribute to long-term success.
Seal the Deal: How your Real Estate Lawyer Can Keep You Out of Court
Real estate lawyers may not always save the day, but they do help save you from going to court. In the dynamic realm of real estate transactions, having the right real estate lawyer as a key member of your team is an important step in preventing potential litigation. A good real estate lawyer will understand the intricacies of the transaction, saving time and resources for all parties involved. In this blog post, we will explore some essential strategies to mitigate the risk of litigation in real estate deals.
What To Do When a Loved One Dies
Losing a loved one can be a very difficult and overwhelming process, especially if you are the executor under a will or the next of kin and there is no will. There are also some matters that you need to attend to in terms of administering the estate.