January 20, 2021

Pre-arranged Funerals

MOST ONTARIO FUNERAL HOMES WILL ALLOW YOU TO PRE-ARRANGE YOUR FUNERAL

You can also prepay your funeral but that is not necessary in order to pre-arrange your funeral. For more information click HERE.

Most people arranging funerals for loved ones have never done it before and the death of the loved one is generally unexpected. As a consequence, those arranging funerals for the recently deceased are ill equipped to make sensible decisions. [Read more…]

Prepaying Your Funeral

MOST ONTARIO FUNERAL HOMES WILL ALLOW YOU TO PREPAY YOUR FUNERAL

Additionally you can pre-plan your funeral. For more information on this click HERE

The funeral prepayment does not go to the funeral home before your death. In Ontario, historically prepayments were held in GIC investments in trust for the customer. These days, prepaid funerals may be funded through a life insurance contract. [Read more…]

HST is Applicable on the Real Estate Commission

13% ON THE REAL ESTATE COMMISSION WILL HAVE AN IMPACT ON THE SELLING PRICE

If you are selling your home and using a real estate agent, you will be aware that you will have to pay commission on the sale price. Many sellers, however, are not aware that they also have to pay HST (13%) on the amount of the commission.

Be sure to budget for the HST on the real estate commission when you are selling your home. [Read more…]

Estate Investments

G+G Estate Investments

ESTATE ADMINISTRATION – ESTATE INVESTMENTS

An Estate Trustee (Executor) is required to be careful with estate investments. If the Last Will and Testament of the deceased person gives specific authority to make certain types of investments, an executor can make those investments. Otherwise, an executor should assume that they will be held liable by beneficiaries of an estate (even though they may not actually be liable) for any losses and invest conservatively. [Read more…]

No Will and Separated … Who Inherits What?

PREFERENTIAL SHARE OF MARRIED SPOUSE IF YOU DIE WITHOUT A WILL

(EVEN IF YOU HAVE BEEN SEPARATED, BUT NOT DIVORCED, FOR MANY YEARS)

On intestacy (dying without a Will) where the deceased was married at the time of their death (whether or not they are separated), the Succession Law Reform Act provides that the first $200,000.00 of the estate be paid to the deceased’s married spouse at the time of death. The rest of the estate is divided between the spouse and any surviving children of the deceased. If there are no surviving children the married spouse gets the entire estate.

[Read more…]

Ontario Retail Sales Tax Clearance Certificates

IN ONTARIO RETAILS SALES TAX CLEARANCE CERTIFICATES ARE STILL REQUIRED

Ontario has had harmonized sales tax (“HST”) since July 1, 2010. Ontario Retail Sales Tax formed a lien against the assets of a business if they were sold unless a Clearance Certificate was obtained from the Retail Sales Tax Office prior to closing.

A Retail Sales Tax Clearance Certificate is still required for any sale of all or substantially all of the assets of a business, even if it closed after the HST came into effect in Ontario. [Read more…]

Misuse of Powers of Attorney

THE MISUSE OF POWERS OF ATTORNEY

A Power of Attorney for Property gives one or more individuals the authority to deal with your assets and liabilities. If there are no limitations in the Power of Attorney (and usually there are not) the Power of Attorney will allow the people you name to do anything you can do except make a Will. [Read more…]

Spousal Trust in a Will

SPOUSAL TRUSTS CAN BE COMPLICATED, ENSURE YOU SEEK THE ADVICE OF AN ACCOUNTANT AND LAWYER

If you have children from a previous marriage, you may want your new spouse to benefit from your estate while they are alive and have your estate pass to your children on the death of your new spouse.

You can accomplish this with suitable provisions in your Will that detail whether your entire estate or parts of it are to be held for the benefit of your new spouse. [Read more…]

Managing Real Estate Assets …

MANAGING REAL ESTATE ASSETS

If the Deceased owns a house or other real estate, there are some basic steps you will want to take immediately to ensure the security of the real estate asset(s). Consulting a a lawyer about these steps is critically important and should be done sooner rather than later.

That said there are some basic steps you will want to take immediately to ensure the security of the real estate asset(s). [Read more…]

Real Estate Purchase and Water Potability Certificate

G+G Water Test Bottle

WATER POTABILITY TESTS ARE CRUCIAL FOR COUNTRY A PURCHASE

If the property you are buying is located in the country, it will probably be serviced by a well. A buyer needs to ensure that the water is potable (drinkable). It is common for an Agreement of Purchase and Sale to indicate that the seller will provide a Water Potability Certificate. [Read more…]