When deciding to incorporate, it is essential to understand what is involved in the maintenance of your corporate records and filing obligations. Failing to file necessary documents can prevent you from obtaining ministry accounts, and could result in the involuntary dissolution and or fining of your corporation for non-compliance. This article reviews corporate minute books and discusses ways you can stay organized to ensure optimal performance for your corporation.
January 16, 2023
Suppose you have inherited a house worth one million dollars in fair market value. You might be concerned about what taxes are involved. This article will cover the possible estate tax outcomes, including a review of the situations where no estate tax is payable by you!
December 15, 2022
This recent bill before the Legislature will be of particular interest for anyone watching the housing market. Bill 23, More Homes Built Faster Act, 2022 was introduced by Minister of Municipal Affairs and Housing the Honourable MPP for Leeds-Grenville-Thousand Islands and Rideau Lakes Steve Clark (PC) on October 25th, 2022 and passed the first reading. At the time of writing, it remains under review by the Standing Committee on Heritage, Infrastructure, and Cultural Policy for its second reading. The bill serves as a streamlining tool, targeting zoning, heritage designations, and environmental protections.
November 15, 2022
Renovations and land development is expensive. There is no end to the surprises that could add great cost to your project. No one anticipates uncovering a burial plot when putting in a pool, expanding a driveway, building a deck, or adding a garage to their property. In Ontario, under the Funeral, Burial and Cremation Services Act, 2002 homeowners are required to immediately notify the coroner or police of any human remains discovered on their property.
Traditionally in Ontario, a change in one’s marital status would revoke their will. A will made by a single person was revoked upon marriage, a will made by a married couple was revoked upon divorce – only divorce, legal separation was insufficient.
September 15, 2022
When purchasing shares in a corporation or allowing new investors to buy shares in your corporation, you should consider a Shareholder’s Agreement to help govern your company. There are a few different clauses you may want to consider, one being the “shotgun” clause, sometimes referred to as the buy-sell clause. After reading this article, you will better understand the “shotgun” clause and know precisely where to seek legal advice.
August 15, 2022
If you own or are considering purchasing vacant land, you will be glad to know that most of the sales do not require the seller to collect and remit HST to the government. However, there are exceptions to this rule that are worth considering, so it is important to have the right advise before you buy or sell vacant land. This article will cover a few of these situations.
July 15, 2022
When considering starting a business and incorporating there are several advantages. Owning a business in a simple partnership or sole proprietorship is important for branding and advertising. It is a requirement under the Ontario Business Corporations Act that business owners register their business names if they are advertising to the public. While a partnership or sole proprietorship can be a quick way to get your business off the ground, there are several reasons why incorporation might be the better approach. An incorporated business can exist indefinitely even after the original owner and incorporator have passed. This is because corporations are their own legal entity and do not rely on the person who created it to survive. As owners decease, the corporation can carry on its functions through its appointed Directors and Officers. This opens avenues for estate planning such as dual wills for corporate assets and shares.