One of the most complex and difficult areas to deal with on a business asset sale is the transition and/or termination of the seller’s existing employees. When business assets are sold, instead of corporate shares, the employees do not automatically pass to the buyer. At the Letter-of-Intent stage, the parties often overlook adequate negotiation in respect of employee transition issues. These issues are often only lightly addressed on the LOI. This may be because it is a complex area involving
Month: March 2023
Real Estate Deals and Open Building Permits
Recently, we have had several real estate transactions with open municipal building permits on the property. Building permits remain open before the construction or renovation has passed final inspection by the municipal building inspector or if there are deficiencies that need to be completed. Open building permits present a challenge for sellers and buyers in real estate transactions and a real risk to the transaction. If work done on an open permit does not pass inspection or if the building
Navigating Decision-Making Respecting the Covid-19 Vaccine for Children
Recently, our firm was successful in representing a parent on a motion who wished to have their child vaccinated against Covid-19. The other parent subsequently brought a Stay motion, which was dismissed. As the successful party, we sought costs so that our client may recover a portion of their legal expenses for pursuing this issue. We await the result of the costs award. Covid-19 remains a relevant and evolving issue in the Family Law sphere. If you are seeking advice
How to Deal With Self-Reps in a Family Law Matter
Sometimes, individuals choose to represent themselves in their Family Law matter, as is their right under the Family Law Rules. This alternative to retaining counsel might be tempting in light of the financial strain many Ontarians presently face. Family Law matters are incredibly draining on all involved, and these stressors are often exacerbated when opposite a self-represented individual. Our firm has expertise in addressing the additional considerations at play with respect to correspondence, knowledge of the Rules and noted case
Vacant Home Tax
Toronto and Ottawa have instituted a municipal Vacant Home Tax at a rate of 1% of assessed value. The Vacant Home Tax will apply starting in respect of the 2022 year. Other municipalities and regions are considering similar provisions including in Hamilton, Durham, Peel and York Region. The tax is levied in respect of properties that are vacant for more than 6 months in a year. Exemptions apply for such things as renovations with building permits, absences for LTC stays,
Real Property; Non-Resident Seller.
We have acted for many clients who are non-resident Canadian taxpayers selling Canadian Capital Property. We have advised clients who are changing their residency status as they sell. And we have completed many transactions involving non-resident sellers. It is very important for clients who are non-resident or anticipating changing their residency status to seek accounting, tax and legal advice before selling a Canadian property. There are potentially serious tax consequences that might be avoided or mitigated with good advice and
The 2023 Real Estate Slow-down.
Not to detract from those suffering real health issues, but the real estate market seems to be ailing from Long-Covid! After a brief slump at the beginning of the Pandemic, the real estate market in the GTA and across Ontario was raging since July 2020 until the end of 2022. The volume of transactions was consistently high, and the prices rose in excess of longer market trends throughout this period. This was due to a longer trend of low borrowing