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Understanding the First Dealings Exemption when an Estate is selling Real Estate
In Ontario, navigating the legal intricacies surrounding the sale of property by an estate can be complex. One area that often arises in discussions and can cause confusion is the “First Dealings Exemption.” This exemption can significantly impact the sale process and the distribution of assets for an estate. In this blog post, we will delve into what the First Dealings Exemption entails, its significance, and how it applies to estate transactions in Ontario.
Shareholders Agreement 101
Oh to be blessed with a crystal ball that would allow people to see into the future.
We love the optimism of spouses, especially spouses who are also business partners. While it would be amazing to be able to say that a shareholders’ agreement is not necessary when you are in business with your spouse, it becomes even more important when your business partner is your life partner, or if you make your life partner a business participant.
Types of Business Registrations in Ontario
There are different ways of setting up your business in Ontario. There are some legal steps that should be taken before you start any sort of business. If you have never started a business before, you may not be familiar with the different ways your business can be run, and what legal steps need to be put in place. Here is what you need to know about setting up your business in Ontario.
Shareholders Agreements
In the vibrant landscape of Ontario business law, savvy entrepreneurs understand that success is not only about innovation and market presence but also about establishing a strong legal foundation from which the business can flourish. An often overlooked, yet crucial aspect of this foundation is the shareholders’ agreement. In this guide, we explore the vital role a well-crafted shareholders’ agreement plays in the success and longevity of your Ontario-based business.
What is Title Insurance?
Title insurance is a type of insurance policy that protects the owner or lender against financial loss due to defects in the title of a property.
Title insurance is purchased as part of a real estate transaction or it may be purchased as a stand-alone policy. The policy is designed to protect the insured party (either ...
Do I Need A Will?
Many people assume that you only need a Will if you are wealthy or if you have a lot of assets. This assumption is incorrect as small estates can also cause a lot of friction and conflict amongst family members. Having a Will in place means that whatever you have (no matter how little) will be administered according to your wishes. Having a Will also makes the process of administering your Estate easier and less costly.
Last Will and Testiment
Nobody likes to ponder their own death. However, death is inevitable (at least until someone makes some huge scientific breakthrough). If you die without a will, your assets, which includes your money, possessions, real estate, investments etc., get paid out to your beneficiaries according to the laws that are in place when you die. Those laws are not affected by any wishes you may have had beforehand. By preparing and signing a valid will, you get to decide how everything that you have worked so hard for will be distributed. It also allows you to do some estate planning, which may limit some taxes payable on death.
Economic Cycle – Is the Sky Falling?
Inflation. Increasing interest rates. Recession. Is the sky falling? While these terms might be scary, it is part of the “economic cycle”, and may in fact offer opportunities for the brave, and/or the thrifty.
Multiple Wills—What They Are and How They Work
Multiple wills can help you direct how your assets will be distributed after your death and reduce fees on certain assets. In particular, they can reduce the costs associated with probate fees for assets not requiring a grant of probate. They are not recommended for everyone, but can represent significant savings to your estate in certain circumstances.
Home Buyer’s Checklist
Buying a home is one of the most important purchases you will ever make. Whether you are buying your first property or have owned property before, thinking with your head rather than with your heart can help you make the right choice. Here are a few things that you should pay attention to:
Business partners
We do not practice in the area of family law. Marriages breaking down, custody battles and splitting up people’s hard-earned assets is not an area of law that “spoke to me” in law school (although I have the highest regard for those who are able to practice in that area effectively). Having said that, we do practice in the area of corporate law and we see many cases where the business relationship between parties has broken down and they now need to exit. There are some things we have noticed over the years.
What is Power of Attorney?
Do you know what power of attorney is? In Ontario, this is a document that gives another individual the legal right to act on your behalf. This individual (the “attorney”) is appointed to make decisions on your behalf; those decisions may be financial (Power of Attorney for Property), relating to your own medical or personal care (Power of Attorney for Personal Care), or may be limited to dealing with very specific matters. In this article, we will only be discussing the Power of Attorney for Property. If you’re going out of the country, for example, you might want to appoint someone to be your attorney to look after things when you are away.
Commercial Leasing – What do I Need to Know?
It is important that to understand what commercial leasing is. A commercial lease is first and foremost a contract. It is a contract between a landlord (usually the owner of the property) and the tenant (usually the person/company that will be renting the property). Many businesses choose to rent the property out of which they operate their business, as it requires less capital up front. A commercial lease agreement tends to be much more complicated than a residential lease and there are fewer “governmental” protections for the commercial tenant compared with the residential tenant.