In Ontario only a lawyer can transfer title for a real property. So, you will need a lawyer regardless whether you are buying or selling for the purpose of completing your closing.
In order to answer this question, it is important to understand whether you are a first-time buyer and whether your property is in Toronto. Closing cost is the cost that is payable in addition to the purchase price of the property. It basically comprises of lawyer fee, disbursements, applicable tax, title insurance, land transfer tax, registration of transfer, processing mortgage, registration of charge. Contact us for a detailed consultation on total cost applicable for your transaction.
Any purchase of property is subject to land transfer tax payable by the purchaser. Land transfer tax applies to all conveyances in Ontario of course subject to certain conditionsFirst-time home buyer may be eligible for a refund if a) he/she is at least 18 years of age; b) he/she does not own a home anywhere in the world while he or she was your spouse, c) The purchaser must occupy the home as their principal residence within nine months of the date of transfer.Beginning January 1, 2017, the maximum amount of the refund is $4,000. The increased limit of $4,000 applies only to conveyances or dispositions that occur on or after January 1, 2017, regardless of the date the agreement of purchase and sale was signed.
It is strongly recommended to have the agreement of purchase and sale reviewed by a lawyer prior to signing it. For example, in case of purchase of new condominiums, buyers have 10 days to have the agreement vetted by a solicitor which would significantly help buyers in understanding the projected costs that are applicable to their proposed purchase at the time of final closing and in case if same is not agreeable, buyers have the right to repudiate the agreement before getting firm on deal. For resale home, it is important to understand whether there are any conditions attached to the agreement, any rental items included in the property. The 10-day period is not applicable in case of purchase of freehold property, that’s why it is extremely important to have the agreement reviewed by a lawyer and secure your next valuable purchase.
At the time of signing the agreement you may have signed it in your individual name or jointly with your spouse. In order to understand whether changing the name of the purchaser at the time of final closing, it is important to have the agreement vetted. Buying homes from developers may have a hidden cost at the time of change of name on title. Contact us and resolve your concern on title related issues.
This article provides general information only and is not intended, nor is it to be relied upon as a substitute to obtaining legal advice.
This is the most common question raised by many. Though it is not mandatory to have a Will, however it is strongly recommended to have this prepared during your life time thereby ensuring your family members are aware about the manner in which your assets (if any) are to be liquidated or liabilities (if any) to be paid off. There is no simple answer to any question, contact us and help us resolve your estate planning issues.
There are many factors to be considered prior to answering this question. Probate is the Court driven process in order to have an Estate Trustee appointed. In Ontario though it is not mandatory to have your Will probated, however a Will has to be probated when there is a requirement to sell your property to a third party in your absence.
An executor is a person appointed by the Testator (one who makes the Will) for the purpose of administering the estate of the Testator. An executor could be a spouse, friend, relative or a company.
Wills made before marriage are valid after marriage only if the said Will is made in contemplation of marriage. In order to have your Will valid after marriage, it is important to have a specific clause in that Will which states that it is made in an expectation that you as a Testator will be married in future. The language that is used in the Will should be clear with no scope of any ambiguity.
Canada does not have a system of imposition of death tax or estate inheritance tax. However, your family is required to pay tax on your taxable assets upon your death. It is therefore extremely important to plan your estate in advance to avoid any nasty surprises at a later date.
This article provides general information only and is not intended, nor is it to be relied upon as a substitute to obtaining legal advice.
The objective of entering into any of the aforesaid contracts is simple, it is to ensure that in case if any dispute arises at a later date, there is already an agreement in place governing the manner in which this dispute will be resolved. For instance: a pre-nuptial agreement basically protects all premarital assets. Any distributions of assets that will be owned prior to marriage by the couple is defined in advance thereby reducing any scope of conflict in future. A separation agreement is planning for your children and finances. This is the most common form of domestic contract. Couples who do not intend to take the dispute to court, prefer executing a separation agreement which clearly identifies the duties of each of them. A paternity agreement is drafted for the purpose of setting out the decision-making authority of each parent regarding child’s needs. Parents are to consider child’ best interest at the time of agreeing to the terms of this agreement.
Custody in simple language means having decision making responsibility for a child. The Act governing this aspect is the Children’s Law Reform Act. Access means the right to visit and spend time with the child and to know about child’s health, well being and education.
The only ground for divorce in Canada is “breakdown of the marriage.” This can be established only if couples have lived separately for at least one year immediately prior to commencement of proceedings. There are certain exemptions available for couples, in the event of which divorce proceedings can be commenced.
Under the Divorce Act, it is always encouraged and the Courts always welcomes the decision of the couple to make an attempt to reconcile their differences, without interrupting the period during which they lived separately. Separated spouses are allowed a period of 90 days to reconcile without interrupting their one (1) year of separation time.
This depends on the current residence of the spouse intending to apply for divorce. The spouse keen in applying for divorce should be residing in the province for at least one (1) year prior to making the application.
This article provides general information only and is not intended, nor is it to be relied upon as a substitute to obtaining legal advice.
This question can be best answered by understanding your business activity, as no one method is best in every case. For instance, in case of sole proprietorship and partnership (in certain cases), the owners are liable for full extent of their personal assets whereas in case of a corporation, liability is limited to the amount of shareholder investment. In case if business venture is for one particular purpose only, partnership or limited partnership form is more feasible as this form of business structure can be dissolved more easily than a corporation.
A federally incorporated corporation has the right to carry on business and use its name in all provinces. By contrast, a corporation incorporated under the Ontario Business Corporation Actcan only carry-on business in Ontario unless it obtains a licence under the extra-provincial licensing statute of another province.
Province of Ontario allows formation of one person company which will be a private company. For incorporation of a public limited company, a minimum of 3 directors are required. This number is basically entered in the Articles of Association of your company at the time of its incorporation.
The Ontario Business Corporation Act states the requirements of resident directors. As per this act, at least 25% of the directors should be resident Canadianbut where a corporation has less than four directors, at least one director must be resident Canadian. However, there is no residency requirement for a shareholder in such corporation.
Shareholders approval is only required in case if there is material change in the Articles of the Association of the corporation. If the registered office is changed within local municipal limits, shareholders approval is not required. For change of registered office from one city to another, approval of shareholders is mandatory.
Any changes in the composition of directors are to be notified to the Ministry of Government Consumer Services.
This article provides general information only and is not intended, nor is it to be relied upon as a substitute to obtaining legal advice.