Federal or Provincial Incorporation – Which One To Choose?
Incorporating a Business Incorporating a business involves the formal process of establishing a company as a distinct legal entity distinct from its owners. This process confers upon the business its own rights, obligations, and liabilities. Incorporating a business offers a level of protection not available to unincorporated entities, including limited liability and the capacity to […]
Estate Planning: Bare Trusts
What is a Bare Trust? A bare trust is a distinct type of trust in which legal and beneficial ownership of assets are separated. In this arrangement, the legal owner, referred to as the trustee, has limited rights and responsibilities concerning the management of trust assets. The trustee’s primary role in a bare trust is […]
Prohibition on the Purchase of Residential Property by Non-Canadians Act
The Prohibition on the Purchase of Residential Property by Non-Canadians (the “Act”) came into effect on January 1, 2023, with the aim of improving affordable housing in Canada. The Act imposes a comprehensive prohibition on the acquisition of residential property by non-Canadian individuals for a period of 2 years. This prohibition encompasses both direct and […]
Tendering a Real-Estate Transaction: When and Why it is Necessary?
To be tendered describes a state of preparation. When closing the sale of a property, the closing date is a term of the agreement, which like any other, can be breached. To make a claim for the breach of the closing date, the claiming party must demonstrate that they would have closed if not for […]
Power of Attorney Documents (POAs) – Just How Important Are They?
Powers of Attorney documents (POAs) individuals execute at the same time as their wills thinking it is a package deal but just how important are they? POAs are very powerful because the person designated in the POAs is able to make very important decisions on your behalf. There are two types of POAs, power of […]
Federal Beneficial Ownership Requirement: What you should know
As of January 22, 2024, the Canadian government requires every federally registered privately held corporation registered under the Canada Business Corporations Act (CBCA), must prepare and maintain a register of individuals with significant control over the corporation (“ISC Register”) and file that information with Corporations Canada. Who are individuals with significant control over the corporation? […]
Notice of Default in Commercial Leases: Court Confirms the Legal Requirements
In commercial leases usually, there are provisions which allow for the landlord to use their right of termination, to end the lease if there is a default on the part of the tenant, only when there notice of default provided to the tenant in the timeframe set out in the agreement. However, the Court has […]
Ontario Superior Court of Justice: “Remedy of Specific Performance More Available as a Common Remedy In Real Estate Disputes”
The Ontario Superior Court of Justice in two recent commercial real estate dispute cases ruled that specific performance was warranted, going against what was seen as the status quo that this remedy was to only be used in “extraordinary circumstances”. In both 2730453 Ont Inc. v. 2380673 Ont Inc. and Bellwoods Brewery Inc. v. 1896841 Ontario Limited, the […]
Vacant Property – What Taxes You Need To Be Concerned About?
Canada and various municipalities have implemented tax on properties which are kept vacant for a specific period of time. Here is a highlight of the main taxes in Canada and municipalities. Underused Housing Tax Canada [1] What it is? The Underused Housing Tax is an annual federal 1% tax on the ownership of vacant or […]
SAVING FOR YOUR FIRST HOME NOW MADE EASIER: First Home Savings Account (FHSA)- What You Should Know
Buying your first home is an exciting time in your life. Northview Law is here to support and help you with this milestone. We help you with making that purchase easy and simple, but we understand that the saving process is not as easy. Some good news: on April 1, 2023, Canada launched the First […]