Beneficiaries Should the beneficiaries be not specifically referred to by name, they could be referred to by class, such as “children”. However, the description of the class has to be …
What is a Trust? The word “trust” has not been defined in the Income Tax Act (ITA), nor is there any definitive guideline to establish whether or not a trust exists. The …
Spousal consent When selling a matrimonial home like a principal residence or cottage, it is always necessary to have the non-title holding spouse consent to the sale. For the purposes …
TAXATION AT DEATH AND PERSONAL TAX PLANNING Extension of Time for Filing Returns Along with the extended deadline for the filing of the basic terminal return, there is a special …
Choosing a closing date The closing date can be whenever the parties agree upon, however selecting a closing date on a weekend or statutory holiday will prevent your transaction from being registered …
Fixtures and chattels The specification of chattels versus fixtures happens to be one of the more contentious issues arising in a real estate transaction. To recap past articles, generally chattels …
The deposit A deposit on a real estate transaction is regarded as consideration by the buyer to the seller to sell their property at a future date. If a deposit is …
Forged cheques present a real threat to the ongoing viability of any business. As a small business owner you trust your employees to oversee marketing, sales, staffing and accounting. But …
The property that is the subject of the Agreement of Purchase and Sale must be identified in the Agreement. The municipal address is the first component of the exercise. Then, …
A contract by nature, the Agreement of Purchase and Sale (“Agreement”) brings with it all the obligations, responsibilities and procedures of contract law. A binding contract is composed of the …