Online Only
How to ensure you have secure funds
Article highlights: 1.For funds to be truly irrevocable, you need a PCRN. Anything else is a risk. 2.“On-Us” funds (e.g. when the payee and the payor are at different branches of the same financial institution) are safe and you can proceed. 3. Just because a bank releases your funds – even after a hold period… Read More »
Categories: Online OnlyCRA’s new trust reporting requirements
[Updated March 28, 2024] This year’s tax filing season may be looking different for some people and corporate entities due to new trust reporting rules. These changes, while presenting challenges, also offer legal professionals an opportunity to educate their clients. Overview Previously, trusts were only required to file a T3 Trust Income Tax and Information… Read More »
Categories: Corporate Law, Family, Online Only, Real Estate, Tax, Wills & EstatesImportant Reminder: Update to Non-Resident Speculation Tax
Effective October 25, 2022, the Non-Resident Speculation Tax (NRST) rate was increased to 25 per cent from 20 per cent. It applies to the purchase or acquisition of an interest in residential property located anywhere in Ontario by individuals who are not Canadian citizens or permanent residents of Canada, or by foreign corporations or taxable… Read More »
Categories: Online Only, Real EstateUpdate about fund transfers
There has been much written about how lawyers receive and deliver money from their trust accounts on behalf of their clients as part of a transaction. The issue comes down to ensuring good funds are being dealt with in order that value is exchanged. In Canada, our banking system works on the basis of trust,… Read More »
Categories: Cyber dangers, Finances, Firm Management, Legal Technology, Online Only, Real EstateFree Legal Research Resources for Lawyers and Law Students
Great legal analysis starts with great legal research. The law changes quickly: to avoid making a mistake in your advice, don’t give off-the-cuff advice – start with legal research. This article highlights five free sources you can use, and how to make the most of them to help you help solve your client’s legal issues…. Read More »
Categories: Education / Continuing Professional Development, Firm Management, Law students/new lawyers, Online OnlyCottages and Rural Properties: Avoid Common Errors that Lead to Title Insurance Claims
Cottages are a Canadian summertime staple. For many, cottage life has become tradition and cottage ownership is a dream come true. Conversely, cottage and rural residential properties generally present the real estate lawyer with some of the most challenging and complex issues of any area of real estate law, and may surprise lawyers who are… Read More »
Categories: Inadequate Investigation, Online Only, Real EstateToo Quick on the Buzzer: Default Judgment and the Potential Consequences of Engaging in Sharp Practice
Would-be lawyers learn the importance of professionalism and civility as outlined in the Law Society’s Rules of Professional Conduct and The Advocates’ Society Principles of Civility. However, in practice, a grey area can sometimes develop between fiercely advocating for a client and engaging in sharp practice. At LAWPRO, we’ve seen many claims relating to lawyers… Read More »
Categories: Civil Litigation, Ethics, LAWPRO policy, Online OnlyPutting the insurance puzzle together
LAWPRO’s primary Errors & Omissions (E&O) program is a key piece of the insurance puzzle for any lawyer and law firm. But additional insurance coverage is often required to protect against the full constellation of risk faced by a law firm. Remember that all insurance policies are drafted to cover only a specific set of… Read More »
Categories: Cyber dangers, Firm Management, Online OnlyCommon HST errors in real estate transactions
Determining HST-applicability to real estate transactions can be more complicated than many lawyers assume. What’s more, a lack of clarity and errors can often lead to substantial unforeseen costs for clients. This is a dangerous combination from a claims perspective. This paper will discuss the common categories of HST errors and provide tips on how… Read More »
Categories: Online Only, Real EstateWatch for real estate frauds involving private mortgages
In a hot real estate market fraudsters are even more motivated than usual – there is a lot of money to be had and lawyers are common targets. LAWPRO is seeing a significant increase in the number of real estate frauds involving private mortgages. The frauds we are seeing are incredibly sophisticated. In some cases,… Read More »
Categories: Fraud, Online Only, Real Estate