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By: Jayson Schwarz LLM Part of buying a condominium is understanding the fact that you are entering into a legally binding agreement to pay certain monies every month to the Condominium Corporation (the “Condo”) for the operation of the building and common elements associated thereto. In other words every month you are on the hook…
By: Jayson Schwarz LLM and Lori Simpson Effective July 1, 2010, new home buyers became subject to 13% HST on their purchase agreements. The HST, consisting of a 5% federal portion and an 8% Ontario portion, applies to a builder’s sale of newly-constructed or substantially renovated homes where both ownership and possession are transferred after…
By: Jayson Schwarz LLM As Canadian “Snow Birds”, flock south for the winter they often decide to purchase real estate. One of the biggest fears of owning foreign real estate is the question of what happens when I die? The biggest concerned for a Canadian resident is becoming embroiled with the Unites States tax system,…
By: Jayson Schwarz LLM and Konstantine Chatzidimos Introduction If you are reading this article you may just be considering acquiring a commercial property, i.e., an office building, manufacturing/warehouse facility, apartment building, strip mall etc. and this generally involves the negotiation of a commercial mortgage. While most of you may have had experience with residential mortgages, commercial…
By: Konstantine Chatzidimos and Jayson Schwarz LLM As corporate/commercial lawyers we come across many a wide-eyed client chomping at the bit to (blindly) buy into the latest-and-greatest franchise ‘opportunity’. This article will hopefully give you a taste of the legal considerations that you will be facing. What is a Franchise? A ‘franchise’ is a legal…
By: Jayson Schwarz LLM As a lawyer of 33 years I have seen many small businesses flourish and many fail. The big question is why some succeed and others fall. Here are just a few comments that may not really be legal comments but certainly reflect my observations. In addition some businesses succeed despite themselves…
By: Jayson Schwarz LLM It is rare that a commercial property transaction ever closes without some issue or many issues arising to stand in the way of business. Even the most seasoned veterans tell tales of surprises, problems and frustration. Here are some tips and tricks to help you anticipate and avoid some of those…
By: Jayson Schwarz LLM As businessmen and women we are often troubled as to the proper structure to use, in the operation and management of our active businesses. This applies to every kind of active business, from manufacturers, to sales organisations. As a result we need to seek the advice of solid and knowledgeable accountants…
By: Jayson Schwarz LLM Suddenly we notice that there are more mild days; when it snows it only lasts a short while. The groundhog has done his thing and we can feel that spring is coming. Despite the odd blizzard we know winter’s back has been broken. Now is the time to move forward and…
By: Jayson Schwarz LLM The cottage in the winter is a different place; snow piled high, the trees bare, the lake frozen over and the cottage an oasis in an ocean of cold. We sit by a roaring fire that dispels the chill and provides a feeling of warmth that reaches to our very core.…
By: Jayson Schwarz LLM These days buying a cottage property is not as simple as it used to be. Apart from all of the different considerations that you would ordinarily have to face there are now a variety of ownership options. What does this mean? Condominium Ownership: We all think of condominiums as high rise…
By: Jayson Schwarz LLM and Allan Church As you look at the family running over the property, you sit back and think hmmm all of these kids and I’m getting older, what to do? One of the options is to create a trust. WHAT IS A TRUST A trust is a relationship among several parties. …
By: Jayson Schwarz LLM Slowly, summer is starting to wind down; the lazy hazy days are changing; the sun sets earlier and rises later. There is a chill in the air in the morning. Fall is coming. A decision has been made and you and your family have decided that cottage life does not match…
By: Jayson Schwarz LLM and Allan Church In this article we’ll talk about some different options as to how to own or hold title to the family cottage. Background For income tax purposes, spouses can transfer property, during their lifetime or upon death, to the other spouse without realizing any gain. In this article we…
By: Jayson Schwarz LLM Right now the cottage is a refuge from the bustle of rush-hour traffic, business and taxes; however, when the time comes to sell it or pass it on to your family, you will have to face the tax consequences of selling (or “disposing of”) it. When selling real property, any increase…