New Reporting Requirements for Bare Trusts
Background The Department of Finance Canada has recently announced stricter trust reporting rules that will impact income tax compliance requirements for commercial real estate owners. On November 3, 2022, the 2022 Fall Economic Statement, tabled in Parliament, confirmed that enhanced tax reporting requirements for trusts will apply to taxation years ending on or after December […]
The Attorney For Property’s Job Description: A Short Guide To The Role And Legal Responsibilities Of An Attorney For Property
Introduction Although we live in a world of extraordinary medical advances, there is still a very real possibility that you may, as a result of disease or accident, become incapable of managing the every day aspects of your life – paying bills, buying and selling property, buying goods and services and so forth. By making […]
Decision-Making For An Incapable Person
Introduction When a situation causing diminished mental ability arises for an individual (whether a senior or not), the law recognizes that someone may need to step in and make decisions for that person. However, families are often surprised that their ability to make decisions on behalf of a loved one is very limited unless the […]
The Estate Trustee’s Job Description: A Short Guide to the Administration of an Estate of a Person Dying with a Will
Introduction This is a short descriptive guide concerning the role and duties of the Estate Trustee in the administration of the estate of a deceased person. This article is intended to help Estate Trustees broadly familiarize themselves with the Estate Trustee’s job description, and to help beneficiaries of estates appreciate the complexity of the Estate […]
Shanae Soor Joins MBS as an Associate
Morrison Brown Sosnovitch LLP is delighted to welcome Shanae Soor to the firm as an Associate in our real estate group. Shanae will be building a broad real estate practice that includes commercial, development and residential matters. She joins us after spending 5 years at a boutique firm in Vaughan where she led the real […]
Employment Law Update: Disconnecting From Work Policy
With the passage of Bill 27, Working for Workers Act, 2021 in December 2021, the Province prohibited the use of non-compete agreements, except in very limited circumstances. That topic was covered in a previous post. Bill 27 also imposed an obligation on many employers to create a written disconnecting from work policy. Disconnecting from work […]
Employment Law Update: Non-Competition Agreements Banned
Updated – March, 2022 The enforceability of non-compete or non-competition clauses or agreements has long been the source of some confusion for both employers and employees in Ontario. While courts were prepared to enforce such clauses in some circumstances, those circumstances were becoming more and more limited as the courts found that there were less […]
Caution to Lenders: How to Recover Costs Incurred to Enforce a Mortgage
Introduction A mortgage is a well-known type of security pursuant to which a lender, such as a financial institution, or a private corporation or individual, lends money to the owner of real property in return for which the lender acquires rights and remedies over the real property which can be enforced if the borrower fails […]
Ontario Court of Appeal Upholds Developer’s Damages for Aborted Sale by Purchaser
While acting for a real estate developer, our Associate, Shane Greaves, successfully argued to have a former buyer’s appeal dismissed by the Ontario Court of Appeal. The developer sold a yet-to-be-built home to the buyer in a transaction that was not scheduled to close until many months later. Prior to the closing, however, the value […]
Real Estate Remedies: Cautions and Certificates of Pending Litigation
Fluctuations in the value of real estate can affect the outcome of a real estate transaction. If the market value of the property increases (between the date that the Agreement of Purchase and Sale is signed and the closing date), the vendor may regret the transaction and refuse to close. How does the innocent party […]