Ending Continuing Power of Attorney for Property

The Continuing Power of Attorney for Property will end under the following circumstances:

When you die;
When your attorney or attorneys die, becomes incapable, or resigns;
A guardian is appointed by the court for you;
When you execute a new continuing power of attorney appointing a another attorney(s) for property while you are still mentally capable; or
When you revoke your continuing power of attorney while you are still mentally capable.

Call us @905-290-7205 for more information.

January 8 2016.

Ending Power of Attorney for Personal Care

The Power of Attorney for Personal Care will end under the following circumstances:

When you die;
When your attorney or attorneys die, becomes incapable, or resigns;
A guardian is appointed by the court for you;
When you execute a new power of attorney appointing a another attorney(s) for personal care while you are still mentally capable; or
When you revoke your power of attorney while you are still mentally capable.

Call us @905-290-7205 for more information.

January 8 2016.

Specific Power of Attorney for Sale or Purchase of Property Abroad

If you are living in Ontario and have properties in your home country or any other country that you want to sell or you want to buy property in your home country or any other country, you could so without being physically present in that country to complete the transaction. You could complete the transaction by executing a specific Power of Attorney.

What is a specific Power of Attorney and how to get one?

A Power of Attorney is a legal document whereby you authorize another person to do or perform acts and deeds on your behalf.

This can be effected in the
following way:

First step is to consider who you want to appoint as your attorney. You have to appoint someone you trust and who lives in that country. He/she could be your lawyer or real estate professional, relatives or family friends. The Power of Attorney will be executed in favour of this person who is usually referred to as ‘Attorney’ in the Power of Attorney.
Once you have decided who will be your Attorney, have your lawyer draft the Special Power of Attorney. You will sign the Power of Attorney in the presence of two witnesses and a notary.
In order for the Power of Attorney to be recognized in a foreign country, it is must be authenticated and legalized.
The executed SPA will empower and duly authorize the
appointed Attorney/agent, to sign, execute and deliver the necessary conveyance and Deed of Sale/Purchase
documents for and on your behalf without you being physically present in that country.

Since the laws of each country are different, it is advisable to seek legal advice from a lawyer in the country you are buying or selling prior to preparing and executing the SPA.

Call us @905-290-7205 for more information.

January 8 2016.

Why do you need a Will?

Do you know that if you die without making a will (intestate), the laws of the province will determine the distribution of your assets? This distribution may not be as you would have wanted if you had a Will. Having a Will allows you to ensure that your assets are distributed to the persons you want to. It is a legal document that tells your survivors the manner in which your properties, land and assets are distributed after death. It helps in smooth transfer of your possessions and assets to your loved ones when you are not there. If you don’t leave a Will, or you don’t plan properly, you can create big problems for your loved ones after your death.

A Will would generally cover the following:

Who will be the beneficiaries?
Who will be the guardian for your children, if they are minor?
Who will execute and carry out your wishes.

Call us for more information @905-290-7205.

July 9 2015

Spousal Consent

If you own a property alone and has been using that property as a family residence/matrimonial home (as defined within the meaning of Family Law Act), the other spouse whose name is not on the title of the property must provide a written consent to the sale of such property. The non-owning spouse would also sign the ‘spousal consent’ on the Listing Agreement, OREA form- Agreement of Purchase and Sale and any amendment to the Agreement of Purchase and Sale. The non-owning spouse will also sign the spousal consent forms at their lawyer’s office.

The spousal consent would usually apply to the sale of the matrimonial home only and not to any other investment properties that the seller and non owning spouse owns.

Call us for more information @905-290-7205.

March 17 2015

What is Title Insurance?

Title Insurance is an insurance policy that protects the owners of the residential and commercial property owners and lenders against the losses related to the property title up to the face amount of the policy. It provides coverage for the title related risks associated with real estate transactions. Title risks and coverages are specifically mentioned in the policy.

For a onetime fee called premium, title insurance will protect the home owner as long as he/she owns the property and will cover losses to the maximum coverage as set out in the policy. The title insurance is effective at the time of the closing. A property owner has a direct claim against an insurance company if a specified title risk causes a loss.

Call us for more information @905-290-7205.

March 17 2015

Express Entry

In January 2015, Citizenship and Immigration Canada (CIC) will start a new electronic system called Express Entry to manage applications for permanent residence under certain economic immigration programs.

Express Entry will manage applications for permanent residence under these federal economic immigration programs:

1. Federal Skilled Worker Program

2. Federal Skilled Trades Program

3. Canadian Experience Class

This Program will be launched on January 1 2015.

New Canadian Citizenship Rules

In June 2014, new Citizenship Act came into effect. There are many changes to this new law. The most important change is the time period you must have lived in Canada as a permanent residence prior to applying for Canadian citizenship. Under the new rules, a permanent resident applying for Canadian Citizenship must:

A permanent resident must have lived in Canada for 4 years out of the last 6 years( currently it is 3 years out of the four year period)
A permanent resident have also been physically present in Canada for at least 183 days (6 months) each year for 4 of the 6 years.
An adult will pay an application fee of $300.00 which is currently $100.00.
Must meet language requirement;
Must pass knowledge test to ensure they are fully prepared to participate in Canadian society.

This change is expected to take effect in 2015 with dates to be announced soon.

Call us for more information @905-290-7205. Or please go through BK LAW

December 11 2014

Conditional Permanent Residence for Spouses

Citizenship and Immigration Canada (CIC) effective October 25^th 2012 has amended the Immigration and Refugee Protection Regulations (the Regulations) with regard to sponsored spouses, common-law or conjugal partners.

According to the new regulation, the sponsor and the sponsored will be subject to conditional permanent residence if they were in a relationship for two years or less and have no children together. The sponsor and the sponsored spouse must live in the genuine relationship of two years from the date the sponsored spouse receives permanent residence status. It they do not live in that relationship, the sponsored spouse’s status may be revoked. This conditional permanent residence applies to those whose applications are received on or after October 25, 2012—the day that the amendments came into force. This condition ends after two years.

There is an exception. You do not have to live in the relationship for two years if you are abused or neglected by your sponsor or their family.

Under conditional permanent residence, the sponsored spouse has the same rights and benefits as any other permanent residence, which means they can work and study and have health coverage and social benefits. If the relationship breaks down, the sponsor remains financially responsible until the end of the three-year undertaking period, irrespective of the cause of the breakdown.

Call us for more information @905-290-7205.

December 3 2014

Harmonized Sales Tax (HST) New Housing Rebate

If you are buying a newly constructed home, as per current real estate laws, you will be eligible for a HST rebate. As of July 1 2010, the Province of Ontario implemented Harmonized Sales Tax (HST) which has two separate components:

– The federal GST of 5%;

– Province’s Retail Sales Tax (RST) of 8%.

The purchase price of newly constructed homes is subject to HST of 13%. Although, the GST rebate remains in effect, a Purchaser Rebate Program has been implemented to allow reduction of the RST component of the HST payable.

What is the GST Rebate?

New home buyers can apply for a 36% rebate of the federal portion of HST applicable to the purchase price to a maximum of $6,300.00 for homes with purchase price of $350,000.00 or less. The rebate on the federal portion of HST would be calculated proportionately if the purchase price is between $350,000.00 and $450,000.00. There will be no rebate of the federal portion of the HST if the purchase price is more than $450,000.00.

What is the HST Rebate?

New home buyers can apply for 75% rebate of the provincial portion of the HST applicable to the purchase price to a maximum of $24,000.00. This rebate applies to the first $400,000.00 of the purchase price. For purchase price above $400,000.00 this rebate is $24,000.00.

The HST rebate is only applicable to new homes. Resale homes are exempt from HST.

Check with your Real Estate Lawyer for any change in regulations.

The author of this article, Balvinder Kumar is a professional and reliable Real Estate Lawyer in Mississauga , helping you in your Real Estate matters in Mississauga, Brampton, Milton and GTA.

Reach us @905-290-7205 for more information.