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FAQ2021-05-07T15:46:52+00:00

Frequently Asked Questions

Why is nonrepudiation important?2021-05-11T13:59:10+00:00

When the authority or legitimacy of your legal transaction is in question, it may allow stakeholders to repudiate its validity.   In case of a legal transaction this could mean bringing into question if the authorized signature is valid and thereby bringing the entire legal transaction into question.   This could lead to unwanted scrutiny, and unwelcome added costs to defend your legal transaction.

It’s important to be able to employ the convenience of electronic signatures with the confidence of knowing that they will be held valid and legally binding if challenged.

 

What does real estate law cover?2021-01-19T20:47:25+00:00

Real estate law encompasses the purchase and sale of real property, meaning land and any structures on it. It also covers legal issues related to anything attached to the property or structures, such as appliances and fixtures.

Lawyers who specialize in real estate ensure that proper procedures are followed during the acquisition or sale of property. They also may be concerned with how a property is zoned for usage. Real estate law covers deeds, property taxes, estate planning, zoning and titles.

What does a real estate lawyer do?2021-01-19T20:47:25+00:00

Handles transactions

A competent real estate lawyer is knowledgeable and experienced when it comes to the rules and regulations of any real estate transactions. They help their clients understand contracts, leases, appraisals, inspections, legal documents and other legal processes involved in acquiring a property.

They also answer clients’ questions regarding the transactions and will help iron out issues.

Licensed real estate lawyers can also draft and revise documents, and will review the purchase agreement to ensure that you’re not being misled.

Your lawyer may also review your offer on a property to also make sure that the document protects your rights. If it doesn’t, your lawyer can adjust and revise it to better suit your needs.

Arranges for title insurance

Getting insurance is a must when acquiring property, and your real estate lawyer can arrange your property’s title insurance for you. It is important to note that title insurance and home insurance are not the same thing.

Getting a title insurance is beneficial, as it covers issues that occurred before and after you’ve purchased your property.

Protects clients’ interests

Your real estate lawyer will also perform their responsibility of safeguarding your best interest. You can lean on them to ensure authenticity of the legal documents involved, and to make sure that you’re not falling into any unseen legal traps.

You can ask your lawyer to take a second or third look on your contract. They can review and explain legalese and explain it to you in a way that you could understand more clearly.

This way, you are 100 per cent sure that you know what you’re signing up for. Your lawyer can also negotiate your transaction’s terms and conditions for your sake, which may involve working with other lawyers, developers and brokers.

Overall, with a competent real estate lawyer, you can be sure that your rights are protected, and that your property transaction is legally sound.

Handles foreclosure proceedings

Court procedures regarding the process of property foreclosures vary from province and/or territory. It’s best to hire a real estate lawyer to help you handle this.

Your lawyer will help you navigate this tricky situation, and will give you legal advice regarding your different options. They may help you modify your loan, and may come up with several defences that your party can raise in court.

There may be some situations when you may not need the services of a lawyer to handle your foreclosure, but it’s better to know what to expect when facing foreclosure.

Provides legal representation

Some unpleasant legal situations may be inevitable, but even the most qualified realtor will not be able to give you the right legal advice.

Lawyers offer legal advice on property disputes you might get involved in, as well as on other legal issues such as encroachment, trespassing and injuries.

Also, a real estate lawyer can provide legal advice on property management, zoning violations, restrictions and covenants on real estate, property taxes and value estimates.

Apart from this, lawyers will represent you in real estate litigation. They will draft documents and legal pleadings, participate in hearings and a trial with the judge, and will file appeals on your behalf, when necessary.

They will also negotiate with the opposing counsel to work out settlement agreements.

Assists with closing

The closing date is the final step in your property transaction. This is when the ownership of the property is officially transferred to the buyer.

It is dubbed as the “most important event” in a sale transaction.

On closing day, your real estate lawyer can facilitate your financial transactions. You’ll also take the time to finalize the transaction, where they’ll create a Statement of Adjustments.

This document shows the details of the transaction, including the deposit, adjustments and other fees, as well as the final amount that is due on closing day.

If you’re purchasing a resale property, the keys will be delivered to your lawyer’s office on the day of closing. They’ll not be released until the closing has been completed.

In addition, your real estate lawyer can help you familiarize and prepared for some of the hidden costs when buying a home in Canada, so there’s no surprise when it comes to expenses on the closing day itself.

How much does it cost to hire a real estate lawyer?2021-01-19T20:47:25+00:00

That totally depends upon who you hire and the services their price includes.  It also depends upon the seniority of the counsel.  As a general rule, more experienced counsel cost more, sometimes much more than young or new counsel.

With Veritasa law, we begin your journey with a no-cost, no-obligation, initial consultation.   Before committing to working with us, we will provide you up-front and transparent pricing we stand behind.   There will be no surprises on your final bill. Contact us today for with any questions you have.

Is a digital signature different than an electronic signature?2021-05-11T13:50:12+00:00

Often “Digital Signature” is used as a way of saying “Electronic Signature”.

With respect to signing your contracts, the proper term in legal circles is “Electronic Signature”.

 

Are electronic signatures valid?2021-01-19T20:47:25+00:00

In Ontario since the passing of the Electronic Commerce Act, 2000 electronic signatures have been legally binding so long as they are done properly.  Speaking to a lawyer is an important step in evaluating if your electronic document signing solution is done properly.    When discussing with your lawyer, ask about repudiation of agreements, and if the document signing solution you are considering can validate intent, identity and consent with each signature.

What is an electronic signature?2021-01-13T08:16:51+00:00

In Ontario the Electronic Commerce Act, 2000 refers to “electronic signature”,  as an electronic information that a person creates or adopts in order to sign a document and that is in, attached to or associated with the document.

What is a seamlessly verifiable transaction?2021-05-11T13:55:48+00:00

A seamlessly verifiable transaction means that the person is visible on video throughout the transaction.  There will be no break in the recording and you see the person as they are signing. All of this ensures that we can verify that the person in the video is signing.

Our audit trail proves the person’s identity, their precise location (required by law), their signature, their identification, consent, and intent. Everything is authenticated.

As a married couple, do we need separate Wills?2021-03-17T16:24:26+00:00

Yes, it is important to have separate Wills as married couple.

Why do I need Power of Attorneys2021-01-19T20:47:25+00:00

Power of Attorney is used to ensure that gov’t will not take over your financial and medical decisions. In Ontario the default for not having a power of attorney for either property or personal care is that the government steps in, and assigns someone to make all the decisions for you. This person has the final authority.

What is a Codicil?2021-02-22T19:00:22+00:00

A codicil is a testamentary document that makes an addendum, amendment, or other minor change to your last Will and Testament.   

What happens if I don’t have a will?2021-02-22T19:01:49+00:00

When a person passes away intestate, or without a will, the first thing that needs to be addressed is what is included in the estate.  Once everything that has been determined to be in an estate is “marshalled”, the distribution of the estate is determined by the Succession Law Reform Act.  This process is determined by the legislature or the courts and NOT by the wishes of the deceased.   

If you are married the act states, the first $200,000 of the estate is inherited by your married spouse.  If you are common law, the common law spouse would not inherit any part of the estate. 

If you are married with one child after the first $200,000 is given to the married spouse, the remainder of the estate will be split between your spouse and your child. 

If you are married with more than one child after the first $200,000 is given to the married spouse, 1/3 of the assets will be given to your spouse, and the remaining 2/3 will be divided amongst your children. 

If you are not married with children, the act states that the entirety of the estate will be divided equally among your children. 

If you have no spouse and no children, the act states that the entirety of the estate will be passed to your parents. If no parents are living, then the entirety of the estate will be given to your siblings. 

Save those you care about most the time, stress, and financial burden of passing intestate by creating a proper will today. 

Can a joint bank account replace a Will or POA?2021-02-22T19:04:12+00:00

No, a joint bank account cannot be substituted for a Will or POA.  A joint bank account can make a Wills process more complex.  

What is a testator?2021-02-22T19:08:41+00:00

A testator is the title give to the person creating the Will. 

What is an executor?2021-02-22T22:41:53+00:00

An executor is a person appointed by the testator, who upon the testator’s passing, will manage any wishes and affairs of the testator as instructed in the Will.  The executor of the Will is an important job, and a responsible person should be selected. 

What is a guardian?2021-02-22T22:42:52+00:00

A guardian is a person that is appointed by the testator, who will take care of the minor children of the testator in the event of the Testator’s death. 

Can I have an alternate for my executor?2021-02-22T22:43:25+00:00

Yes, you can and should appoint an alternate executor in your Will, in the case that your primary executor does not want to be the executor, or is unable to be the executor, such as if the primary executor passes away. 

What is an affidavit of execution?2021-02-22T22:44:50+00:00

An affidavit of execution is a sworn document that provides security to your Will.  This document is sworn by a witness at the time the Will is signed by the Testator.  This provides Validity to the signing process of the Will (referred to as “proof in solemn form”) and protects the estate of the testator in probate. 

Should my Will have an affidavit of execution?2021-02-22T22:45:36+00:00

Yes, a proper Will should have an affidavit of execution as it is required for probate. 

What is Probate?2021-02-22T22:48:24+00:00

Probate is the court process for the approval and the certification of a Will.  During this process, an executor will also be appointed to manage the assets of the estate. 

Are all Will’s created equal?2021-02-22T22:49:08+00:00

No, your Will can be simple, or complex based on your finances, family situation, assets outside of Ontario, or if you own shares in a private company, etc.  

What is a Power of Attorney or POA?2021-02-22T22:49:53+00:00

A Power of Attorney (POA) is a person, granted permission through a legal document, who has the right to make decisions on your behalf should you become mentally or physically incapacitated Ideally this is a person you trust to make these difficult decisions.  If you do not have a POA, the alternative is a court appointed guardian, which can be time consuming and costly. 

Should I have a Power or Attorney or POA?2021-02-22T22:50:50+00:00

Everyone over the age of 18 in Ontario, who is mentally capable of granting a POA should do so.  The alternative to not having a POA will incur significant added cost to you and your loved ones and may make decisions contrary to one your loved ones would make. 

What is a Power of Attorney for personal care?2021-02-22T22:51:40+00:00

A POA for personal care is a person granted permission through a POA to decide about your healthcare, aspects of your personal life, and housing, should something unexpected happen to you rendering you mentally incapacitated  

What is a Power of Attorney for property?2021-02-22T22:52:07+00:00

A POA for property is a person granted permission through a POA to handle your finances and property should you become mentally or physically incapacitated. 

Are Video Signatures valid on Wills and Powers of Attorney in Ontario?2021-02-22T22:53:21+00:00

Yes, under emergency legislation now in place (and likely to stay in place) Video Signatures are valid on Wills and POA’s in Ontario if they meet a set of standards.  Two witnesses are required, one of which must be a licensee of the Law Society of Ontario, signatures must be original signatures and not digital signatures, and the witnesses must be able to see and hear the attendees of the video conference. 

Is it worth the price to get a Will?2021-02-22T22:54:25+00:00

The cost of a Will can seem daunting, but the reality is — the cost of passing without a Will far exceeds the cost of a Will.  

What costs will there be if I do not get a Will?2021-02-22T22:58:29+00:00

Court Costs and Fees  

Even if you have a simple and small estateyour fees and court costs to be paid for administration will likely be higher than if you had a probated Will in the first place.   

Income Taxes  

Without a Will you do not have a tax plan in place, which may cause your income taxes to increase.  With a tax planned Estate in your Will, it is possible to save thousands of dollars of taxes.  

Legal Fees 

Estates without a Will are more time consuming than Estates with a Will, thus more costly   

Real Estate 

If you own multiple properties in different provinces or countries, the location will determine how the property will be dealt with under the law.  This means if you do not have a Will and you have a vacation home in Hawaii and a home in Ontario, there will be 2 estates to be administered, which is subject to 2x the cost of 1 estate. 

What happens if I have a Will and get Married after it is created?2021-02-22T23:00:16+00:00

If you have a Will before you get married, the Will is automatically terminated upon marriage.  You must create a new Will when you get married unless you referred to your upcoming marriage and documented in your Will your intent to keep the prior Will valid after said marriage. 

What happens if I have a Will and my married spouse, and I become separated?2021-02-22T23:01:28+00:00

 Regardless of how long you have been separated, your separated partner (if you named your separated partner as an executor or beneficiary) will inherit.  It is important to draft a new proper Will if this is not your intent.  

What happens if I have a Will and get divorced?2021-02-22T23:02:50+00:00

In this case, your Will is not automatically invalidated.  Unless your Will specifically addresses the divorce, your Will shall read as if your ex-partner has passed before you have.  Your ex- spouse will therefore not inherit* as a beneficiary and cannot be named executor. * The exception to this is beneficiary appointments on RRSP’s, TFSA’s, RRIF’s, pensions or insurance These will need to be changed explicitly in a new Will or they can be corrected at your local bank or financial institution.   The safest action to protect your assets and wishes is to create a new Will and revoke prior Wills after divorce.  

What if I have a common law spouse and no Will?2021-02-22T23:03:48+00:00

Under the Family Law Act a common law spouse does not have the same rights as a married spouse and are not required to receive anything if you do not have a Will.  If you do wish to have your common law spouse as an executor or beneficiary, you must create a Will.  

What is an Original Will?2021-02-22T23:04:36+00:00

This is the original document of your last Will and testament, this original is what must be presented in Court during probate.   

How should I store an Original Will?2021-02-22T23:05:48+00:00

Option 1 

 The first is to leave it with us at our Law offices.  For no fee we can securely store it in a fireproof cabinet.  If you choose this option make sure your loved ones know the name and location of our offices, for retrieval of the original Will should something unexpected happen.  

Option 2 

For a one-time fee you can deposit it with the courts of Ontario. 

Option 3 

Ensure it’s safe keeping yourself. You may choose to store it in a safe at your home, a safety deposit box in your bank or financial institution, or another safe place of your choosing.  

Regardless of where you choose to store your original Will, it is important to make sure the executor or a beneficiary, knows the location of the Will 

What is revocation of a Will?2021-02-22T23:08:56+00:00

Revocation of a Will is the action of rendering it invalid. 

What happens if I destroy my Original Will?2021-02-22T23:09:37+00:00

If the person who writes the Will, the testator, destroys the Will it is no longer valid and considered revoked.  

What happens if I lose the Original Will?2021-02-22T23:10:48+00:00

If an original Will is lost, it is considered revoked, as the testator is assumed to have destroyed the Original Will.  A lost Will is a big hassle to your loved ones and can be incredibly complex to deal with.  Under some circumstances a copy of a Will may receive probate, but it is exceedingly difficult, expensive, and may not be possible.  

Should I revoke my old Wills?2021-02-22T23:11:48+00:00

In most cases, the testator should revoke prior Wills when a new one is created.  Speak with a lawyer today if you have any questions regarding this process.  

Should my Will mention my dependents?2021-02-22T23:13:02+00:00

Yes, your Will and estate plan should mention your dependents, and any obligations you may have to support them.  If not, under Ontario law, someone that was dependent on the testator can make a claim for support from the estate.  This claim can be made on top of what is to be inherited by the dependent.  

In what ways can I own a home in Ontario?2021-02-22T23:14:22+00:00

There are three ways a homeowner can own a home in Ontarioas a sole owner, as a joint tenant, and as tenants-in-common.  

A sole owner of a home is when there is only one person on the title of the home and has the sole rights to the home. 

Most legally married spouses own a home as joint tenants, which means that they both hold ownership to the home.  

Tenants in common is the third way a person can have ownership to a home in Ontario.  This occurs when a property is held by two or more people, or a corporation, and each person holds a percentage share in the property.  This can also be used to sever assets between a separated couple.  

What happens to my home if I pass away?2021-02-22T23:15:59+00:00

If you are a sole owner, 100% of the value of your home will become a part of your estate and dealt with as outlined in your Will.   If you are a joint owner your home passes to the surviving joint owner by “right of survivorship.”  If you are a tenant in common your estate is entitled to the percentage of the ownership value that you have in the home. 

When should you hire a Lawyer?2021-03-22T19:47:22+00:00

Veritasa Law has your best interests in mind.  If you plan to submit an offer, or are selling your home, it is important to have a lawyer review any real estate agreement before it is signed.  Having a lawyer allows you to make informed choices that may include adding conditions or clauses that can protect you in your real estate deal.  

Can you get out of the deal if you have already signed an unconditional Agreement of Purchase and Sale?2021-03-22T19:49:04+00:00

The Agreement of Purchase and Sale is a legally binding document and is enforceable by the courts.  The only way out of an agreement of purchase and sale is to employ a condition that is crafted into the agreement to protect you.  But if the agreement is unconditional then the only way out of it is if the other party chooses to let you out of the contract.  

What does Title mean?2021-03-22T19:51:22+00:00

In the legal world title means the legal ownership of property.  When transferring property, the new owner of the property is obtaining title to the property.  Title is registered in the governments land registration system.  

What is Title Insurance?2021-03-22T19:52:05+00:00

Title Insurance is a form of insurance policy that helps protect commercial or residential property owners and their lenders against defects or deficiencies in relation to the property’s title/ownership.  

Do you need title insurance?2021-03-22T19:52:50+00:00

 The short answer is “yes.”  However, when deciding if you think you need title insurance it is important to discuss it with a lawyer.  We can help you gain a clear understanding of what title insurance covers and why it is important to have.  

What does title insurance cover?2021-03-22T19:54:02+00:00

After paying the one-time fee known as a “premium” a title insurance policy can cover protection from such losses such as: 

  • Unknown and undiscoverable title defects (title issues that could prevent you from having clear ownership of the property).  The big benefit here is being covered even for undiscoverable defects that no amount of searching could reveal before they come to fruition.  ONLY title insurance provides this level of protection and that is the primary reason that it is indispensable. 
  • Existing liens against the property titles (Having outstanding debt from the previous owner from things such as mortgages, utilities, property taxes, or condominium charges secured against the property.) 
  • Encroachment issues (A structure on your new property needs to be removed because it is on your neighbor’s property) 
  • Title fraud (someone assumes the identity of an individual homeowner and then uses that false identity to pose as the homeowner.) 
What is refinancing?2021-03-22T19:55:12+00:00

Refinancing is the replacing of an existing debt obligation with another debt obligation under a different specified term.  

Why would you refinance?2021-03-22T19:56:14+00:00

People choose to refinance their property for many different reasons, usually based around obtaining a lower interest rate, shortening the term of their mortgage, changing between an adjustable-rate mortgage or a fixed rate mortgage, and trying to raise funds to deal with a financial crisis or consolidating debt.  

What is the issue with refinancing?2021-03-22T20:17:22+00:00

Mortgage refinancing is a large financial decision that should not be taken lightly.  When thinking about refinancing, it is important to speak with a lawyer to make sure this is the right choice for you.  Some of the largest issues people can face when thinking about refinancing are incurring penalties greater than savings being made, and switching rate types to something less favourable 

What is a Henson trust?2021-03-24T19:00:13+00:00

A Henson trust, is a specific form of trust fund designed for the wellbeing of a person with a disability. The trust is designed to protect the assets of the person with a disability, while enabling them to still receivgovernment benefits and assistance 

What is an Inter Vivos trust?2021-03-24T18:56:32+00:00

An Inter vivos trust is a trust created during the trustor’s lifetime and dictates which assets be distributed to beneficiaries during or after the trustor’s lifetime. This can also be referred to as a living trust.

What is a testamentary trust?2021-03-24T18:57:13+00:00

Testamentary trusts are a form of trust that is specified in a Will, that takes effect after the passing of the trustor.  

How do I know what kind of joint bank account I have?2021-03-24T18:57:52+00:00

There are two basic different forms of joint bank accounts When looking at opening a shared/joint account it is important to discuss with the bank and your lawyer to see what is the best account to fit your needs and goals.  One is used to simply allow someone signing authority on another person’s bank account, but has no other legal effect.  The other, or so called “true” joint account, includes a right of survivorship, which means that whomever lives longest gets all the money in the account notwithstanding who put it there or who earned it. 

What is a Financial POA?2021-03-24T18:58:45+00:00

A financial power of attorney is a legal document that gives another person the decision-making power over financial matters for you, should you become unable to do so.  This document is usually created while also creating a will. 

What is Litigation?2021-03-23T19:12:21+00:00

Litigation law governs issues pertaining to filing lawsuits, seeking damages and compensation, trials and other litigation related topics.  

What is a statute of limitations?2021-03-23T19:13:52+00:00

A statute of limitations is a law regarding the amount of time you have to file a lawsuit after an event that requires litigation.  The statute of limitations varies for different offenses.  In Ontario it is generally two years but with numerous exceptions.  That is why speaking to a lawyer as soon as you believe you have an actionable event is critical.  

What can I do if have been taken to court and I lost the case?2021-03-23T19:14:49+00:00

If the decision of the case is not in your favour, you do have the right to appeal the decision.  In most cases, there is a certain period of time in which you can appeal, so you should speak to an attorney as soon as possible.

How do I know when to hire an attorney?2021-03-23T19:15:39+00:00

The best time to speak to an attorney is as soon as you feel that you may have a legal case against someone, or a lawsuit has been filed involving you Your attorney should be hired ahead of time to understand the details of the case before going to court so they can research and plan a defence or a winning strategy.  

Is mediation covered under litigation?2021-03-23T19:16:14+00:00

Mediation is when two parties (Plaintiff and Defendant) decide to try and settle things outside of the court room. A third-party acts as the mediator, who is usually another attorney, judge or a certified mediator. 

What happens if you decide to settle the dispute amongst yourselves?2021-03-23T19:17:17+00:00

Depending upon how you decide to settle the dispute, you should have an attorney oversee the documentation.  Settling out of court can be an efficient way to save time and money, depending on your situation.  Sometimes, litigation is the best or only option– speak with a lawyer to determine what is right for you.  

What is the difference between Contract and Tort?2021-03-23T19:18:49+00:00

A contract is based around the rights and obligations that are created by the legally binding agreement between the two parties.  Tort is classified as a civil wrongdoing caused by a person or entity which can be divided into three broad categories, Negligence, Nuisance, and Trespass. 

What is Commercial Litigation?2021-03-23T19:19:47+00:00

Commercial litigation requires a legal disagreement either between businesses and/or individual people in matters pertaining to a wide range of topics such as breach of contract, patent infringement, partnership disputes, dissolution of business, and fraud.  

Who will get custody of my children?2021-03-23T19:29:38+00:00

A parent or a guardian will be awarded custody of a child if the court deems it to be in the best interest of the child.  Every case is determined by its own unique set of facts, but it is usually biological or adoptive parents that will gain custody of their child.  In some cases, a third party, such as blood relatives like grandparents, aunts, and unclesor stepparents can be given custody.  The overall goal of the court in these cases is to find the best home for the child.  In Ontario the courts are mandated to only consider he best interests of the child when making decisions affecting a child. 

What is the difference between temporary, sole, joint, and shared custody?2021-03-23T19:31:11+00:00

Temporary 

  • Temporary custody is when the legal proceeding is ongoing and until the decision for custody is made, a judge can grant temporary custody for one of the parties to look after the child in the interim period. 

Sole 

  • Sole custody is when one parent will have the exclusive authority when it comes to the parenting decisions and wellbeing of the child.  Even if sole custody is granted your former partner may still need to be consulted before making any final decisions about the child’s parenting 

Joint 

  • Joint custody can be done either through an agreement from both parties, or through the court. When given joint custody it means that both parties have equal responsibility even though they may live apart. Both parties are involved in making final important decisions in the child’s life and upbringing.  

Shared 

  • Shared custody is a specific subtype of joint custody and usually involves the child spending equal time with each parent.  
What is a cohabitation agreement?2021-03-23T19:32:02+00:00

A cohabitation agreement is a legal agreement between two partners who choose to live together.  In some ways this agreement is similar to that of a married couple, in the case of applying for a mortgage or working out child support.  If you get married after you have been living together your cohabitation agreement becomes your marriage contract.  

What is a marriage contract?2021-03-23T19:32:37+00:00

A marriage contract is similar to a cohabitation agreement, but it is for people that are legally married.  This contract may include how debts will be handled after separation, how property will be divided, or spousal support in the case that you separate.  It can evecover child parenting during the marriage or upon separation 

What is a prenuptial agreement?2021-03-23T19:33:25+00:00

A prenuptial agreement is a contract between two parties before marriage that allows them to select and control many of the legal rights they have during marriage, and in the case of divorce, separation, or death.  There are certain types of issues that may be covered by a pre-nup that cannot be dealt with after marriage in a marriage agreement. 

What is a separation agreement?2021-03-23T19:34:25+00:00

A separation agreement is another form of domestic contract that allows both parties to agree on how to deal with issues between the relationship if separation arises.  Within a separation agreement it can discuss topics such as custody and access to children, financial support, and how property will be divided.  A separation agreement can be a lot quicker and cheaper then resolving these issues in the court room.  

What is spousal support?2021-03-23T19:35:13+00:00

Spousal support is money paid by one spouse to the other after separation or divorce, which may also be referred to as alimony.  Spousal support allocation is done on a case-by-case basis, as many factors affect if a married or common law spouse is entitled to spousal support. Speak with a lawyer today about your specific situation.  

What is child support?2021-05-05T15:38:45+00:00

Child support is money paid by one of the parents to the other to support their children financially after separation or divorce.  Child support is usually paid to the parent that incurs most of the financial weight to care for the children.  Depending on income, even parents that have joint custody may have one parent pay child support In Ontario, the amount of child support is governed by the Child Support Guidelines and depends upon the number of children and the total taxable income (line 1500) of the payor. 

What is a Corporation?2021-05-05T16:58:45+00:00

A corporation is a legal organization that has its own legal entity separate from its owners. A corporation can make a profit, be taxed, and can sometimes be held liable for legal issues that the corporation could be facing. Incorporating a business is seen as a very viable business strategy to protect its owners from personal liability.

Why should you incorporate your business?2021-05-11T14:03:51+00:00

Incorporating a business can be a very lucrative business strategy for many businesses. The largest benefits of incorporating a business are: 

Limited Liability – The large advantage of incorporating a business is the fact that the liability is extremely limited to the shareholders. In most cases, shareholders are not liable for debts and other commitments from the corporation. A shareholder’s liability with a corporation is solely based on the amount of funds that are invested into the corporation. Creditors cannot go after shareholders for money owed from the corporation.

Perpetual Existence – Because a corporation is seen as its own “person” it is not dependent on the life of employees, shareholders, and directors to run the company. The advantage of this is that it can transfer ownership constantly through its shares.

Capital Acquisition – A corporation has the ability to gain more sources of capital compared to other business types like sole proprietorship and partnerships. The main way a corporation can gain more capital is through issuing different classes of shares.

Tax Advantages – When thinking about incorporating one of the large benefits is based around taxes. Incorporated businesses can get lower income tax rates while also being able to carry over losses from previous years to balance/offset profits in future years.

Credibility and Prestige – Overall, having a business that is incorporated gives the appearance of credibility and trustworthiness when it comes to deals with other businesses.

What is Provincial Incorporation?2021-05-11T14:02:28+00:00

When thinking about where to incorporate it depends if you want to be incorporated provincially or federally. When thinking about incorporating provincially, it is the same process for each province or territory, the requirement being that you must conduct your work in that provinceIf you want to do work outside the province the corporation will need to register with that authority.  

What is Federal Incorporation2021-04-30T18:57:48+00:00

The difference with federal incorporation verses provincial incorporation is that it gives your company’s name protection across the country while also giving the corporation greater rights to conduct business throughout the entire country. The larger downside of incorporating federally is based around it usually costing more money and taking extra time to set up.  

Do you need a lawyer to incorporate?2021-05-11T13:51:52+00:00

There is no legal requirement forcing companies to have a lawyer help with incorporation, but it is strongly suggested as it can be a challenge for any business to undertake. Lawyers specializing in that field can offer great incite and can help make the transfer smoother.  

What are the Government Fees to Incorporate?2021-05-11T13:57:51+00:00

Federal and provincial incorporation fees differ depending on the jurisdiction that your corporation needs to work within. The fees for each provionce range from $250-$450. 

What is a named corporation?2021-04-30T18:58:46+00:00

A named corporation is a corporation that was given a name selected by its owners at some point during the incorporation, or at a date after said company was incorporated. For a corporation to be named it must reach a few basic requirements that apply to the naming of a corporation, as well as restrictions. This is an important and sometimes challenging part of incorporating a business, in which a lawyer can provide guidance and clarity.  

What is a numbered corporation?2021-05-11T13:54:04+00:00

A numbered corporation is a corporation that is given a nonspecific name based on the assignment registration number. An example of this would be an incorporated entity under the Business Corporations Act that has the assigned corporation number 1425822. This company would legally be registered as 1425822 Canada Inc if it was federally incorporated. If it was incorporating within Ontario, it would be named 1425822 Ontario Inc. Like named corporations, this aspect of incorporating can be very confusing, and having a lawyer helping you through this process can be very beneficial 

What is an annual return?2021-04-30T18:59:33+00:00

An annual return is a document that every corporation is required to file with Corporations Canada every year. Annual returns are important because they provide Corporations Canada with updated information about the corporation. 

Can you transfer shares?2021-05-11T13:50:44+00:00

As a shareholder in a corporation, you have the right to transfer and sell your shares, as well as the legal rights pertaining to those shares.  

What is the difference between a public and private corporation?2021-04-30T19:00:05+00:00

The difference between a private and public corporation is the shares of a public corporation are traded on a stock exchange, while private shares are not traded publicly through a stock exchange.  

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