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Recent Posts:
- My Two Cents on the Canadian Real Estate Market and Housing Prices in 4 Minutes
- CONDOMINIUM LAW: 10 Day Cooling Off Period and Giving Proper Notice of Rescission
- CONSTRUCTION LAW UPDATE: The Meaning of Builder Under the Ontario New Home Warranty Plan Act
- REAL ESTATE LAW UPDATE: Is a Condominium Corporation Obligated to Buy the Superintendant’s Unit?
- REAL ESTATE LAW: Condominium Basics
PLZ Law Blog
Monthly Archives: February 2010
REGULATING THE PROPERTY MANAGEMENT OF YOUR CONDOMINIUM
Date: February 28, 2010 | Author: Jeff Levy, HBSc, MBA, CFA, AMP, JD
The residential condominium is now a modern way of living to get away from all the daily chores of home ownership. Living in a condominium is an enriching and rewarding lifestyle. The Condominium Act is in place to ensure compliance with the rules, declaration, and by-laws of a condominium so that condo-life is assured to ...
RESOLVING DISPUTES OUTSIDE OF COURT
Date: February 27, 2010 | Author: Jeff Levy, HBSc, MBA, CFA, AMP, JD
Dispute resolution (a term used often along with conflict resolution and alternative dispute resolution), is a range of means for reducing or altogether removing conflict. A formal definition for conflict is the actual or perceived opposition of needs, values and interests. Actually, conflict resolution in the above sense generally includes the processes of negotiation, mediation and diplomacy. ...
The Basics of Corporate Income Tax and Shareholders’ Dividend Tax
Date: February 27, 2010 | Author: Jeff Levy, HBSc, MBA, CFA, AMP, JD
A corporation is a legal entity separate from its owners, the share holders, and is subject to federal and provincial income taxes (like individuals). There are two ways in which the taxation of a corporation differs from that of an individual. Firstly, a corporation is subject to both federal and provincial taxes on capital. Secondly, ...
Death Tax, Probate Tax, Estate Tax, Inheritance Tax, Wealth Tax and Final Income Taxes; which of these should we Canadians be concerned for?
Date: February 26, 2010 | Author: Jeff Levy, HBSc, MBA, CFA, AMP, JD
Unlike some other countries in the world, Canada does not impose taxes on wealth or the value of an inheritance upon death; but in its place Canada taxes the deceased’s income for its final year. Canada, unlike the United States, does not charge an estate tax on the value of the capital of an estate. Although there ...
ESTATE ADMINISTRATION: Why, and what is done once someone passes?
Date: February 24, 2010 | Author: Jeff Levy, HBSc, MBA, CFA, AMP, JD
In law, an estate can be defined as the personal, real, tangible and intangible property of an individual along with things of value to which the person (now dead) could lay a claim while s/he was alive. All such property can be given to others by a will through the process of probate, which could be a somewhat lengthy and ...
BUSINESS SUCCESSION PLANNING: Passing down your business
Date: February 23, 2010 | Author: Jeff Levy, HBSc, MBA, CFA, AMP, JD
Why plan who will take over your business now? What’s the need? It is estimated that in the next ten years just about half the number of people now running small businesses in Canada would reach the retirement age varying from 55 to 64. It is also observed that compared to the nineties of the last ...
WILLS & ESTATES: What Every Person Should Know!
Date: February 22, 2010 | Author: Jeff Levy, HBSc, MBA, CFA, AMP, JD
The difference faced by a person selling life insurance and someone intending to make a will is similar to a great extent. The former has to tell the client to visualize a situation when he/she is not alive, not quite a great opening line. The latter similarly is not expected to think of impending death, ...
MORTGAGES & FINANCE: What you don’t know; Securitization & Due Diligence!
Date: February 22, 2010 | Author: Jeff Levy, HBSc, MBA, CFA, AMP, JD
Ever wonder why your mortgage has so many restrictions and requirements/conditions? Why does your lender require provisions for prepayment penalties, restrictions on subsequent encumbrances (such as no second mortgages), title insurance and opinions, the mortgage becomes due on sale or due on encumbrance, the lender can assign the mortgage without the borrower’s permission, etc…? Believe it ...
MORTGAGES & FINANCE: Residential Construction Financing
Date: February 21, 2010 | Author: Jeff Levy, HBSc, MBA, CFA, AMP, JD
In the residential market, construction financing is available for customers who are planning to build a new home or who want to reconstruct an existing property to become like a new one. Construction financing, in theory, is a permanent conversion of financing dollars in to the construction of new amenities or developing an existing asset. There are several types of ...
THE ECONOMICS OF THE MORTGAGE INDUSTRY
Date: February 20, 2010 | Author: Jeff Levy, HBSc, MBA, CFA, AMP, JD
Real properties (real estate) like buildings, lands, residences are generally acquired by a purchaser through taking a loan. The promise to repay this loan is backed by a security, where the borrower/chargor grants a mortgage or charge against its real property in favour of the lender/chargee. Incidentally, such a loan is called a mortgage loan secured by ...
