I have many clients with children who live abroad. This makes things complicated when they want to have their child who lives in England or the United States act as the executor of their estate, because the courts in Ontario have broad powers to require what is called...
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cesia@wall-arm.ca
First-time buyer rebates on Land Transfer Tax
I get asked a lot about rebates for first-time buyers. The rules can be a bit complex, which is why it happens fairly regularly that someone thinks they qualify when they don’t. Here are the basic rules: You have never owned property anywhere in the world. That means...
Common law is not married
I return to this topic frequently because it bears repeating: if you are common law, in Ontario, you have no inheritance rights. If your house is owned by your partner, you could get kicked out after they die. You will get none of their assets. You will have to sue...
Reverse Mortgages
Because of Remembrance Day tomorrow, I'm posting about real estate today. You see these commercials once in a while: happy older couple who are able to stay in their home because of the magic of a reverse mortgage. But what is a reverse mortgage? Basically, it’s a...
Disability savings accounts
If you are on Ontario’s disability savings program, there are options for saving funds. There is a plan called the Registered Disability Savings Plan that allows you to invest up to $100,000.00 for your personal use, which will not affect your ability to stay in the...
Some quick advice when buying from an estate
It comes down to one point: ask if the executor has gotten their probate order back yet. If they haven’t, there is always a chance that the closing could be delayed, because the seller cannot sell until that order has been returned by the court. If they have it, it’s...
Who says wills can’t be fun?
Check out this video for some good ones - including Toronto's Great Stork Derby. Save
Renting to own
These are becoming increasingly popular as a way for purchasers to get into the housing market before they have a down payment ready. The danger, however, is getting financing down the road when it’s time to close the actual purchase. Many lenders are very hesitant to...
Your photocopy of your will is not your actual will
So don’t write changes onto it, thinking that they’ll be effective. For that matter, a typed will that required witnesses needs any changes to be initialled by you and by two witnesses. If you want to make changes to your will, your best plan is to see a lawyer to...
Remarried? Then you don’t have a will any more
So many people are surprised to hear that marriage automatically revokes a will. For a first marriage, this is not such a big deal; when I got married, I would have wanted my husband to inherit from me if I hadn’t updated my will at that time anyway. The problem...