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Expert advice, market reports, and tips from the Niagara Region real estate professionals.
A corporate power of attorney is a crucial but often overlooked document for business owners. While many entrepreneurs are familiar with personal wills and powers of attorney, the need for a plan that specifically covers their business if they become incapacitated is often overlooked. A corporate power of attorney allows you to appoint someone you trust to act on your company’s behalf, ensuring contracts don’t stall and your clients aren’t left in limbo. This person should understand your business and may be a trusted professional or family member, but the authority is limited to business matters only. Many business owners assume a family member can step in during a crisis, but running a business requires specific knowledge and access to information. Without proper planning, your family could face unnecessary stress and your business could suffer. This is especially true for small business and sole directors. Take for example the role of professionals like lawyers or real estate brokers who have access to trust funds. If you have not managed your risk through proper estate planning, the consequences of your injury could lead to frustration and delay for those who have chosen to work with your business. For this reason, working with a lawyer for a consultation for your estate plan can help minimize risks and ensure someone is ready to step in if needed. With a corporate power of attorney, a trusted substitute can immediately manage issues, honour contracts, and keep your business on track, protecting your livelihood and legacy when the unexpected happens.
Non residents in Canada are generally prohibited from purchasing residential property in most circumstances, but several key exemptions exist for temporary residents and others who meet specific criteria outlined in the Regulations to the Prohibition on the Purchase of Residential Property by Non Canadians Act (the “Act”).
When thinking about contracts, it is important to identify the rights you have, as well as the consequences for those who break the deal. A contract for a home purchase agreement is the largest transaction an individual will likely ever sign. For this reason, a real estate contract is unlike other consumer contracts. The agreement will identify one or more pieces of land and will include the rights and responsibilities associated with ownership over that piece of land. The agreement will also consider fixtures and chattels, and representations about the state of the property and leases affecting the property. Since the contracts can involve so many layers, getting the right team involved can make the world of difference when it comes to closing your home purchase.
When purchasing land as an Ontario corporation, it is important to understand the benefits and obligations specific to incorporated entities. The goal for this newsletter is to help our reader avoid common pitfalls regarding the incorporation process and discuss ways information can be organized for easy retrieval in the future.
One of the most important aspects of Estate Planning is to ensure that your loved ones receive their share from your Estate in a way that benefits them the most. Of particular concern can be situations where your child qualifies for government support for a disability. If your child receives their share directly it can disqualify them for that support and disrupt their financial planning. The Henson Trust establishes a trust for your child where the trustee will manage your child’s share without burdening either the child themselves or their caretaker with managing the money themselves. The trustee themselves can be independent of your Estate and any caretaker for your child. It also provides transparency and accountability for the account itself, and rather than have it given to your child at once, it can be managed for the future.
hen we think about a trust agreement, we must first consider that property ownership can be divided into legal ownership and beneficial ownership. Legal ownership means the person's name is formally recorded on ownership documents and is recognized publicly or contractually as the owner of the asset or land. Beneficial ownership, on the other hand, refers to the individual who enjoys or utilizes the property, including any financial gains the property creates.
Thinking of taking your business to the next level? Incorporating offers a range of advantages that can set your company up for long term success.
The recent Ontario court case of Drumonde v. Spellay, 2025 ONSC 3221 highlights critical issues for families inheriting cottages. After their mother’s death, three siblings disputed the fate of a family cottage. The Will intended the property to remain in the family, allowing siblings to opt out for $5,000. The defendant sibling, who lived there year-round for 22 years and covered expenses and upkeep, opposed a sale and offered the $5,000 buyouts per the Will. The applicant siblings wanted to force the sale of the cottage under the Partition Act, arguing that the cottage should not have been converted into a principal residence for their siste
In Ontario, purchasing a home is often the largest investment you’ll ever make. Yet, even after diligent inspections, some problems-known as latent defects-may not reveal themselves until after you’ve moved in. Latent defects are hidden flaws not discoverable through a standard visual inspection. In this example we will consider electrical issues concealed behind walls, including outdated knob and tube wiring.
Interestingly, the limitation period can be affected by partial payments or acknowledgements of the debt. Under section 13(11) of the Limitations Act, a part payment or written acknowledgement of the debt can restart the two-year limitation period. For instance, if a debtor makes a partial payment towards a debt within the original two-year limitation period, this payment is treated as an acknowledgement of liability. This action effectively restarts the two-year clock from the date of the partial payment.