De Krupe Law Firm Toronto Blog

15 April

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Trust Reporting Requirements

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In December 2022, trust reporting requirements in Canada underwent a lot of significant changes. There are many details to the new rules that you shouldn't overlook if you don't want to get a penalty. Reporting Trust Requirements Historically, trusts were designed to provide asset protection and estate planning advantages. However, evolving tax policies are aiming to close loopholes that once allowed for oversight and tax evasion.Authorities have introduced detailed requirements for trusts to report the identities of all beneficial owners. Key requirements The mandatory disclosure rules vary by jurisdiction but share common elements. The updated rules specify that you need to list all persons...

12 April

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Safety Deposit Box

Posted by Daniel Simard

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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...

28 March

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Zoning Laws of Toronto

Posted by Daniel Simard

in Blog

Toronto zoning laws are complex for those who plan to buy a property, particularly for newcomers to the city's regulatory framework. These regulations are very important in moulding the urban landscape. Regulations which determine what designs are acceptable in certain locations. Urban Development Zoning by-laws serve as the backbone for urban development in Toronto. They dictate how land can be used, the types of buildings allowed, and their locations. This makes sure orderly growth and protects residential areas from incompatible uses. Toronto's zoning laws promote sustainable development. They balance residential needs with commercial and industrial activities. This harmony fosters a livable city for...

22 March

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What is a Real Estate Brokerage?

Posted by Daniel Simard

in Real Estate

Understanding the framework of property transactions comes from answering the questions what is a real estate brokerage and what he does. Briefly, this activity serve as the bridge between buyers and sellers, offering expertise and assisting in the real estate market deals. Unlike individual agents, brokerages operate as larger firms providing a suite of services for those aiming to understand the complexities of real estate. They're licensed professionals in legal compliance and ethical dealings. Expect straightforward insights into how they operate, their significance in your property endeavors, and the impact they have on one of life's most significant transactions. Defining Real Estate Brokerage Real...

15 March

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Steps to Transfer Shares in a Private Company in Canada

Posted by Daniel Simard

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Steps to Transfer Shares in a Private Company in Canada

Have you ever wondered how the process of selling shares in a private company in Canada works? Selling shares in a private Canadian company requires understanding legalities, accurately valuing your stake, and finding a buyer, all without typical marketplace visibility. Overview of Share Transfer Process The company's shareholder agreement often outlines the procedure for share transfers, including any restrictions or pre-emptive rights. Shareholders must understand these terms to avoid disputes. They should also evaluate the shares' value. A valuation expert may be necessary, especially when transferring a significant stake. This step impacts tax implications and the fairness of the deal. Documentation preparation Next, shareholders prepare...

07 March

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Steps in Commercial Real Estate Transactions

Posted by Daniel Simard

in Real Estate

Steps in Commercial Real Estate Transactions

The process of commercial real estate transactions is complex and requires precise legal interpretation. For investors and businesses, these transactions are critical as they can expand or strengthen assets. Buying, selling, or leasing commercial properties require a strategic approach to ensure financial success and compliance with regulatory standards. With significant capital at stake, professionals navigate through due diligence processes, contract negotiations, and financing considerations with meticulous attention to detail. Commercial Real Estate Compared to Residential Commercial properties include malls, office buildings, and warehouses. Residential real estate consists of homes and apartments for living purposes. These distinctions matter for investors and businesses. While residential properties...

29 February

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Why Safe Deposit Box Is Essential?

Posted by Daniel Simard

in Blog, Contracts, Family Law, Real Estate, Wills

Often placed within the fortified walls of banks or special secure facilities, these boxes offer people a safe place to store important documents and valuables. The main feature of a safe deposit box lies in its simplicity. A physical lock and key shielding one's possessions from theft, loss, or damage. Yet, despite this simplicity, choosing the right safe requires an understanding of various factors such as size, ease of access, cost and level of protection. Locking Your Doors at Night Isn't A Last Resort Safe deposit boxes offer a high-security option for storing valuables. Banks provide these secure containers within their vaults. The...

22 February

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Toronto Municipal Land Transfer Tax

Posted by Daniel Simard

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The toronto municipal land transfer tax is an essential consideration for anyone involved in property transactions within the city's boundaries. It stands as a significant financial obligation that accompanies the change of property ownership, directly impacting both buyers and sellers. This levy mirrors the provincial land transfer tax but is specific to properties in Toronto, making it a unique feature of the local real estate market. For residents or investors in Canada's largest city, grasping the nuances of the Toronto municipal land transfer tax could mean substantial savings or preparedness for expected costs associated with acquiring new property. Overview of Land Transfer Taxes in...

14 February

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Child Support Income

Posted by Daniel Simard

in Blog

The concept ofchild support incomeencompasses the payments made by one parent to another, ensuring that the children's economic needs are met despite changes in family structure. These funds play the leading role in maintaining a stable environment for children, covering expenses such as education, healthcare, and daily living costs. Legal precedents and regulations surrounding child support income vary by jurisdiction but share common goals: safeguarding children's welfare and providing consistent support. Parents should know about how these laws affect their financial planning and obligations towards their offspring’s upbringing. Defining Child Support in Financial Terms Child support is afinancial responsibility. It involves regular payments...

09 February

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Marriage Contract Ontario

Posted by Daniel Simard

in Blog, Contracts, Family Law

Understanding the legalities of a marriage contract ontario is crucial for couples seeking to define their financial rights and responsibilities before or after tying the knot. A marriage contract in Ontario provides clarity and peace of mind by outlining asset division and support obligations should the relationship dissolve. These agreements require careful consideration, precise drafting, and adherence to legal standards to ensure they are enforceable. By prioritizing clear communication and mutual understanding within this framework, partners can establish a solid foundation for their marital future. Legal Framework and Family Law Act Overview The Family Law Act in Ontario governs the legal aspects of...

05 February

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Table Amount Child Support Ontario

Posted by Daniel Simard

in Blog, Family Law

Determining the table amount for child support in Ontario is a critical process that ensures financial responsibilities are met according to provincial guidelines. The table amount child support ontario serves as a standardized reference, designed to maintain the best interests of children following a separation or divorce. Parents must be aware of how changes in circumstances can affect the table amounts and what steps to take should discrepancies arise between actual payments and the stipulated figures. It's about more than adhering to legal requirements. It’s about securing a stable future for all involved parties. Understanding Child Support Calculation in Ontario Ontario's child support...