May 22, 2019

Archives for August 2018

Formal Execution of a Will

G+G Last Will

FORMAL EXECUTION OF A WILL

There are specific requirements in Ontario, set out in legislation called the Succession Law Reform Act (SLRA), that govern how a Will is to be executed in order to make it valid. These requirements are quite rigid and a document that does not comply with them may very well be found to be invalid. [Read more…]

Regulations for Residential Fuel Oil Tanks

HOME OIL TANK REGULATIONS YOU NEED TO KNOW

New requirements for the installation and inspection of fuel oil tanks (above and below ground) were introduced by the Technical Standards and Safety Authority (TSSA) in October 2001 to reduce the number of fuel oil leaks and spills that occur throughout the province each year. In November 2002 the TSSA advised all owners of fuel oil heating systems of the requirements to have their heating systems inspected by qualified oil burner technicians, and the need to register their underground (buried) fuel oil storage tanks with TSSA. [Read more…]

Collection of Probate Tax … Executors Beware!

IMPORTANT STEPS AND THE COLLECTION OF PROBATE TAX

On January 1 2013 the amendments to the Ontario Estate Administration Tax (EAT and commonly known as Probate Tax) announced in the 2011 Ontario Budget became effective. There have been several audits since.

Key elements of these amendments that Estate Administrators / Executors need to be aware of are: [Read more…]

Independent Legal Advice in Real Estate Transactions

G+G Real Estate1

WHAT IS ILA AND ITS ROLE IN REAL ESTATE DEALS?

There are situations where one or more people involved in a real estate transaction will be required to obtain independent legal advice prior to the deal closing. [Read more…]

Estate Assets …

ESTATE ASSETS – WHAT YOU NEED TO KNOW AND WHEN

When beneficiaries of an estate come to see me, they often are not aware of the extent of the estate assets.

A Will does not usually have the details of the assets in it. There is a good reason for that. If you list the assets in the will, the will has to be changed when assets are acquired or disposed of. [Read more…]

Bequeathing a Farm in Your Will

G+G Farmland

BEQUEATHING A FARM IN YOUR WILL

The transfer of farmland, by sale, gift or other form of transfer, is generally subject to HST unless it falls into one of the exemptions found in Schedule V of the Excise Tax Act. One such exception is found in section 167(2), which determines that:

[Read more…]

Forcing an Executor to Account

FORCING ACCOUNTS

Executors of an estate are required to disclose the value of an estate and to document as well as explain the accounting of the estate to all beneficiaries.

Beneficiaries of an estate often complain that they are not provided with information concerning the value of an estate or the accounting. In some cases they are asked to “sign off” on the estate without knowing in advance what their share of the estate is and how it was determined. [Read more…]