September 22, 2019

Mortgage Prepayment Penalty

MORTGAGE PREPAYMENT PENALTIES

If you have a closed mortgage and you sell your property (or refinance it) you will be charged a prepayment penalty. The amount of the penalty will be determined by the terms of your mortgage. In Ontario it is common for the prepayment penalty to be the greater of the interest rate differential and three months’ interest. [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…]

New Mortgage Stress Test – Buyer Issues with Mortgage Financing

BUYER ISSUES WITH MORTGAGE FINANCING

With Canadians taking on ever bigger mortgages, the Federal Government introduced new “Stress Test” mortgage rules in 2018.  In addition to financially qualifying for your mortgage now, you must also qualify for the amount of your mortgage based on the five year mortgage rate +2%.  The concern of the Federal Government being if you cannot qualify to carry the mortgage in five years there will be many foreclosures and it will have a significant negative impact on home values.

[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…]

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…]

Corporate Executor – When to Use One

IS A CORPORATE EXECUTOR RIGHT FOR YOU?

When you prepare your Will you will need to select one or more executors to administer your estate . People will often select their spouse as their initial executor and their children as their alternate executors.

There may be situations where having a “corporate executor” makes sense for you. A corporate executor consists of executor services provided through a trust company. Many Canadian financial institutions offer corporate executor / estate trustee services. [Read more…]

Beneficiary Rights …

WHAT ARE A BENEFICIARY’S RIGHTS?

If you are the beneficiary of an estate, what information should you expect from the executor / estate trustee and what happens from your perspective as a beneficiary?

First of all, in Ontario there is no requirement for a reading of the will as you see in American TV programs. Beneficiaries of an estate have the right to information concerning the estate and to receive their inheritance in a timely manner. The executor may or may not give you a copy of the will shortly after the death. [Read more…]

Estate Planning – Incorporating Your Business

G+G Shareholder

INCORPORATING YOUR BUSINESS AS AN ESTATE PLAN

There are several aspects of incorporating your business that can become important when estate planning is considered. The structure of your business incorporation and your plans for your shares after your death should be considered as an estate planning tool. [Read more…]

Lawyers and their support team working remotely

LOGMEIN REMOTE WORK SOLUTION

LogMeIn is a computer application that allows you to remotely control a computer. If you have LogMeIn installed on your office computer, you can remotely access and control that computer from any other computer that also has LogMeIn installed on it. LogMeIn can also be installed on portable devices like an IPad or IPhone (the IPhone screen is a little small however). [Read more…]

ODSP Eligibility and Assets

G+G ODSP4

ASSET IMPACT ON ODSP INCOME

The Ontario Disability Support Program provides eligible people with disabilities with income support to pay for living expenses such as food and housing. Eligibility for this program, as well as the amount of income support you can receive, is directly affected not only by a person’s income, but also the assets they own. [Read more…]