Blog - De Krupe Law

09 September

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Transferring TFSA to Spouse After Death: The Essentials

When thinking about the future, it’s important to not only save some funds, but think about what happens to them after your passing. How can you make sure your TFSA transfers to your spouse in case of death? In this article, we'll walk you through all the key steps to ensure that your hard-earned savings continue to benefit your loved ones as you intended. What Is a TFSA? TFSA stands for Tax-Free Savings Account and is a method to save some funds aside popular among many Canadians. As stated in its name, the main advantage of this option is that, unlike an...

28 August

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Drafting a Will Without Hassle: Gifting Assets Before Death in Canada, 2024

Posted by Daniel Simard

in Blog, Wills

DeKrupe Law professional wills and estate lawyers and toronto real estate lawyers

Thinking beforehand about the destiny of your assets is a smart way to live stress-free, knowing that your property and money will be handed down to your family legally. Lawyers take the burden off your shoulders, arranging all necessary details in time when you can do it at your own pace and without pressure. Neglection of the testament may leave your loved ones confused and in tension, relying on the rules of the Succession Law Reform Act. If a person doesn’t appoint a legal executor, though law in Canada doesn't require such for the will, after the person passes without the correctly...

14 August

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How To Make a Will Without a Lawyer

Posted by Daniel Simard

in Blog, Wills

Composing a will doesn’t sound like something you can manage on your own, but this isn’t always the case. There are ways to make a will without a lawyer‘s involvement in Canada. It might seem like a more stressful way to manage your property, but it is suitable for some individuals, and will help save time and money. We will cover all the options you have when it comes to making a will without a lawyer’s guidance, the requirements you need to be conscious of and pitfalls to be aware of beforehand. Do You Need a Lawyer to Make a Will? Preparing...

31 July

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Legally Valid Will in Canada: Requirements

Posted by Daniel Simard

in Blog, Wills

A legally valid Will in Canada is an big part of successful estate planning. It true that it you might not really need it if you don’t have many assets to distribute, but it's vital when the inheritance is bigger than average (>$50,000). In this case, a Will properly distributes your legacy in accordance with your wishes. It also makes the future easier and more certain for those you leave behind. Spend a bit of time and effort to learn legally valid Will requirements now to save much more in the future. What Are the Requirements for a Will to be Valid...

26 June

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Filing Requirements Order

Posted by Daniel Simard

in Blog

The filing requirements increase transparency and control over the activities, better tracking of financial flows, and prevention of possible bills. Amendments were adopted in December 2022, requiring additional information to be provided annually. They will become sufficient immediately after the end of tax periods, i.e., after December 30, 2023. According to schedule 15 of the regulations, all trusts that do not meet certain conditions must file an annual T3 Return with the CRA. Also, trusts that are required to file a T3 return, other than those listed with the CRA, need to complete Schedule 15 in their annual T3 return to provide...

04 June

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Not Really Anyone: Who Can Witness a Will in Ontario?

Posted by DeKrupe

in Wills

A witness signing a will in Ontario, Toronto, in a lawyer's office

So you wonder, who can witness a will in Ontario. Most likely, the shortest answer you can get is “anyone, as long as they’re not beneficiaries or their partners”. And it would be right in most circumstances but it’s definitely not all there is to know. The subject matter is rather complex, though easy to dissect once we apply current laws and our practice. Here is all you may need to know about will witnesses to secure the integrity of your last wishes. Who can witness a will in Ontario? No long introductions. In accordance with the Succession Law Reform Act, “a competent...

15 May

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Child Custody Schedules By Age

Posted by Daniel Simard

in Blog

When parents separate, they have to think about how much time each parent should spend with the child. As children get older, they can decide for themselves how much time they want to spend with each parent. But until then, the parents themselves or the court decides about child custody schedules by age. Age-Based Custody Schedules Age-appropriate communication routines provide meaningful psychological support for children who have experienced parental separation. These routines meet the developmental needs of the child, providing a sense of security and reassurance. For young children, regular contact with both parents is critical because it fosters attachment and trust. A...

07 May

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How To Remove An Executor In Ontario

Posted by Daniel Simard

in Blog

Ontario courts do not like to disqualify executors or trustees at the request of heirs. Under the principle of intestacy, a testator's wishes as to who will administer the estate must be honoured except in cases of serious misconduct. So, it’s becoming very important to know how to remove an executor in Ontario for beneficiaries who find themselves facing mismanagement or disputes regarding an estate. The process involves legal steps that require a solid understanding of provincial laws and court procedures. If you want to remove or replace your trustee, feel free to ask a professional real estate lawyer in Toronto...

25 April

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How to File Underused Housing Tax

Posted by Daniel Simard

in Blog

Understanding how to file underused housing tax is important. UHT serves in improving housing availability across Canada. It targets properties left vacant or underused by their owners. Primarily, this tax impacts foreign owners and certain Canadian entities that hold residential real estate without occupying or renting it out for a significant part of the year. Legislation Insights The legislative roots of the Underused Housing Tax trace back to federal efforts aimed at making housing more affordable. Introduced as part of broader measures to tackle housing affordability issues, UHT reflects a concerted push by the government to use existing housing stock effectively. Federal legislation...

15 April

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Trust Reporting Requirements

Posted by Daniel Simard

in Blog

In December 2022, legislative changes were introduced to require certain types of trusts to provide additional information annually. Today, trust reporting requirements include real property ownership. A child is listed on the title to inherit the parent's home, and parents are listed on the title to finance their child's home. Trust Returns All trusts, except in certain circumstances, must file an annual T3 report with the CRA. Trusts that are required to file a T3 report, other than listed trusts, generally must complete Schedule 15 on their annual T3 report to provide beneficial ownership information. Income distribution The way trusts distribute income affects their...

12 April

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Safety Deposit Box

Posted by Daniel Simard

in Blog

Opting for a safety deposit box offers outstanding security features that home safes simply cannot match. It protects items like birth certificates, legal documents, and family heirlooms against theft, loss, and natural disasters. Explaining Safe Deposit Box Basics A safe deposit box offers a secure storage option within bank vaults. Individuals use it to safeguard valuables and important documents. This service capitalizes on the bank's security systems. Banks equip their vaults with advanced security features, such as time locks, biometric scanners, and surveillance cameras. Customers rely on these measures for peace of mind, trusting their most precious items are safe. Bank security Bank security measures...

04 April

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How to Avoid Real Estate Fraud

Posted by Daniel Simard

in Real Estate

[toc] Real estate fraud has become a growing concern in today's market, posing serious risks to buyers, sellers, and lenders alike. The DeKrupe law team specializes in real estate law and has experience dealing with various types of property fraud. You need to understand the dynamics of real estate fraud and know how to protect yourself against malicious intent. Real Estate Fraud Dynamics Real estate gravely affects the Canadian market, leading to serious financial losses and undermining trust in the real estate sector. Fraudsters employ various tactics, including identity theft and forgery. They might impersonate owners to sell properties they do not own...