I read this article recently and found myself both fascinated and horrified. Basically, AIG is selling securities backed by life insurance policies on elderly people. The concept isn’t new – I first heard about this almost 20 years ago when several investment...
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cesia@wall-arm.ca
Rent or own?
I see a lot of people who are buying their first homes. They have often done the math, and determined that it makes financial sense to buy. It doesn’t always, though. If you move around a lot for work, for example, closing costs might make buying impractical. Buying...
Snakes on an intestacy
Garry Wise over at the Wise Law Blog posted last week about a very strange estate: that of an informal zookeeper, Karel Fortyn, who ran a reptile zoo out of his home in Welland, ON. When he died suddenly on May 2, he left behind a former common law spouse, a fiancee,...
LiveHigh 2.0: Closing costs for condo sellers
A few weeks ago, I guest blogged on LiveHigh.com about closing costs for condo buyers. Last week, I was invited back to guest blog about closing costs for condo sellers. You can read my post here. I have really enjoyed the opportunity to guest blog on this site....
Fighting over the family cottage
Several months ago, I blogged about passing on recreational properties. Passing on a family cottage can be an extremely sensitive subject. The Globe and Mail ran an article a few weeks ago on tips for passing on recreational properties. The main points highlighted by...
Happy birthday to Ontario’s Condominium Act, 1998
Chris Jaglowitz blogged last week about the 10th anniversary of Ontario’s Condominium Act, 1998. Now, you may be saying, “1998 was 13 years ago.” However, as Chris writes in the post, it took over two years for the Act to come into effect, making it 10 years old this...
Osama bin Laden’s final directive
The Guardian newspaper published an article last week detailing the purported last will of Osama bin Laden, killed by US forces the day before. According to the document, he instructed his wives not to remarry and, perhaps more surprisingly, instructed his children...
What to expect when you’re expecting (a condo) – guest post on LiveHigh.com
I was recently asked to guest blog on LiveHigh.com, a website dedicated to condo buyers and owners in the Greater Toronto Area. The four main points to remember: your down payment; tax and condo fee adjustments; legal fees and disbursements; and Land Transfer Tax and...
Taxing your death
In Canada, tax returns were due yesterday (the deadline was extended to May 2 as April 30 fell on a Saturday this year). People who have died also have to file their returns. If the individual died before November 1, the tax return will be due on April 30; if the...
Let the buyer beware
I frequently get asked this question: what does the seller have to tell me about problems with the home? The short answer is: nothing. In Ontario, there is a caveat emptor or “buyer beware” system for real estate. While sellers are prohibited from actively hiding...