Whenever I see a new client about a will, I ask about digital assets. For most people, this is their social media and email account; once or twice I’ve had clients with PayPal accounts that they store money in, but never anything significant. So most of my clients...
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Wall-Armstrong & Green Blog
You’ve been approved for a mortgage. Don’t risk it by buying a car.
When you are approved for a mortgage, you will often sign a document that states that they can revoke your approval if your creditworthiness changes before the mortgage is funded. Most people don’t think anything of this, if they even notice it, but it is actually...
At what age should a beneficiary inherit?
For my clients who have young children, the most difficult question is often, who should be the guardian. The second most difficult question: when should they inherit? Generally, I would not recommend anyone inheriting at age 18; most 18-year-olds are not mature...
Can you save capital gains tax by selling your cottage to your kids for $1?
Tax time is around the corner. In honour of that, I thought I would write about something tax-related. In Canada, when you sell real estate, you have to pay capital gains tax on a portion of the money you earned on it; the only exemption is for your principal...
Just in time for taxes: do you need a clearance certificate?
First, what is a clearance certificate? If you are acting as the executor of an estate, you will be required to file a tax return for the year of death. Once you have that back from CRA, you can apply for a clearance certificate, which gives CRA a final chance to...
A secured credit line is a mortgage
I’ve blogged about this before, but it bears repeating because it seems that people are still not being properly advised: when you get a secured credit line, it is legally a mortgage. It will be registered on title to your house. It will have to be paid in full when...
Get divorced already
I’ve seen it too many times – someone separates from their spouse, but never gets divorced and never does a separation agreement because they don’t have kids and “it doesn’t matter”. Except, it does matter. If you are legally married with no separation agreement, your...
How do you own your house?
If you own a property with another person, there are two ways of sharing ownership: joint tenancy, or tenancy in common. Joint tenants have a common undivided interest in the entire property; that is, everyone owns the whole thing in common with everyone else. This...
Who is entitled to inherit under your will?
Ontario is a jurisdiction where there is broad testamentary freedom. What that means is that, beyond some basic rules, you can leave your estate wherever you want. If you are legally married (not common law), you have to consider your spouse’s rights. If you have...
No Will? No Way!
According to this poll taken in 2018, 51% of Canadians do not have a Will. Of those surveyed, only 35% of those with a Will have one that is up-to-date. That is 65% of Canadians that either have a dated estate plan or don’t have one at all. Why are the majority of...