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Separated but Not Divorced: Key Considerations for Wills
Amendments to the Succession Law Reform Act in 2021 (specifically to section 17 and 43.1) mean that, as of January 1, 2025, spouses who have been living separately and apart due to a breakdown in marriage for three years will be treated the same as divorced spouses. In practical terms: Gifts left to the separated… Read More »
Categories: Online Only, Wills & EstatesWhen ILA isn’t
This is a story of what seemed like a simple independent legal advice (ILA) matter that turned out to be more complicated than it looked. The claim story A lender sought ILA about a loan that he wanted to advance to a friend. The friend intended to use the money to purchase additional shares in… Read More »
Categories: Independent Legal Advice, Online OnlyNavigating NOSIs and PPSA: A practical approach for lawyers
Real estate lawyers’ due diligence requirements have changed since the Ontario ban on filing a notice of security interest (NOSI) on financed or leased consumer goods/fixtures in Ontario. This article by LAWPRO’s Ray Leclair provides guidance on avoiding unsatisfied clients and understanding secured party claims against a seller’s goods and fixtures registered under the PPSA.
Categories: Online Only, Real EstateEstates and Limitation Periods – Recent case decision
Navigating limitation periods is a critical aspect of legal practice in Ontario and lawyers are often faced with the challenge of determining which legislation applies to their clients’ cases. In a recent case, the Ontario Court of Appeal ruled that the two-year limitation period under the Trustee Act applied to the respondent’s equitable trust claim… Read More »
Categories: Limitation Periods, Online Only, Wills & EstatesNotice of Security Interest (NOSI) ban effective June 6, 2024
The Ontario Government has passed Bill 200, the Homeowner Protection Act, 2024, in the Legislative Assembly of Ontario, which received Royal Assent on June 6, 2024. The Personal Property Security Act was amended to specify that a notice of security interest (NOSI) may not be registered in a land registry office with respect to collateral… Read More »
Categories: Online Only, Real EstateVacant Home Tax: Is your client buying or selling?
Several regions in Ontario have introduced or are contemplating the introduction of a vacant home/unit tax (VHT). The failure to file a declaration of occupancy status (“VHT declaration”) has led to complications for both sellers and buyers. If homeowners fail to submit the VHT declaration by the stipulated deadline, the property is presumed vacant. This… Read More »
Categories: Online Only, Real EstateHow to ensure you have secure funds
[Updated May 14, 2024] Article highlights: 1.For funds to be truly irrevocable, you need a PCRN. Anything else is a risk. 2.Financial institutions that have adopted the Uniform Treatment of Wire Payments have agreed to treat “On-Us” funds (e.g. when the payee and the payor are at different branches of the same financial institution) as… 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 »
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