New Mortgage Stress Test – Buyer Issues with Mortgage Financing

Posted on August 28, 2023 by gg_admin

BUYER ISSUES WITH MORTGAGE FINANCING

With Canadians taking on ever bigger mortgages, the Federal Government introduced new “Stress Test” mortgage rules in 2018.  In addition to financially qualifying for your mortgage now, you must also qualify for the amount of your mortgage based on the five year mortgage rate +2%.  The concern of the Federal Government being if you cannot qualify to carry the mortgage in five years there will be many foreclosures and it will have a significant negative impact on home values.

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Estate Planning – Joint Assets with Children

Posted on August 21, 2023 by gg_admin

CONCERNS WITH JOINT ASSETS WITH CHILDREN FOR ESTATE PLANNING PURPOSES

Clients often ask us to transfer their assets (including their house) so that it is held jointly between them and one or more of their children. Transferring your assets into your name and one or more of your children’s names as joint tenants in order to avoid probate tax is often a bad idea. Continue reading →

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Beneficiary Rights …

Posted on August 14, 2023 by gg_admin

WHAT ARE A BENEFICIARY’S RIGHTS?

If you are the beneficiary of an estate, what information should you expect from the executor / estate trustee and what happens from your perspective as a beneficiary?

First of all, in Ontario there is no requirement for a reading of the will as you see in American TV programs. Beneficiaries of an estate have the right to information concerning the estate and to receive their inheritance in a timely manner. The executor may or may not give you a copy of the will shortly after the death. Continue reading →

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Cloud Based Storage using DropBox

Posted on August 7, 2023 by gg_admin

DROPBOX ALLOWS REMOTE ACCESS TO ALL YOUR FILES

DropBox is cloud based storage for your computer. With a DropBox account you can save your office files to DropBox and then access those files from home or anywhere else you might happen to be.

DropBox simply appears in your file explorer window as a drive. You can create subfolders within your DropBox account. Continue reading →

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Trusts and Their Use in Estate Planning

Posted on July 31, 2023 by gg_admin

trust puzzle

TRUSTS AND THEIR USE IN ESTATE PLANNING

Trusts are similar in function to a gift left to someone in a Will, except that Trusts can be set up either within a Will or while the “settlor” (the person creating the Trust) is still alive. A Trust is created using a written instrument that sets out the terms of the Trust. A Trust needs to appoint at least one trustee, who administers the Trust for the settlor according to the terms set out in the document. Most Trusts are set up to be “irrevocable” which means that once they are set up and the assets and/or money being held by the Trust is transferred to the trustee, the settlor cannot change their minds and get the assets or money back. Continue reading →

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Selling and Buying a House on the same day

Posted on July 24, 2023 by gg_admin

TO AVOID CLOSING DELAYS, CONSIDER BRIDGE FINANCING

It is common for people who are selling a house and buying a replacement home to have both deals close on the same day. This can sometimes result in closing delays. Your sale transaction has to be completed before your purchase transaction can close as the funds from the sale are required for the purchase. There is no way for you to know how many other “downstream” transactions have to close as well. If your sale transaction closes late in the day there may not be enough time to transfer funds to the lawyer acting on the other side of your purchase transaction. In that event, your furniture may be stuck on a moving truck and the moving company will likely charge you hefty standby fees. Continue reading →

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Estate Planning – Incorporating Your Business

Posted on July 17, 2023 by gg_admin

G+G Shareholder

INCORPORATING YOUR BUSINESS AS AN ESTATE PLAN

There are several aspects of incorporating your business that can become important when estate planning is considered. The structure of your business incorporation and your plans for your shares after your death should be considered as an estate planning tool. Continue reading →

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Corporate Executor – When to Use One

Posted on July 10, 2023 by gg_admin

IS A CORPORATE EXECUTOR RIGHT FOR YOU?

When you prepare your Will you will need to select one or more executors to administer your estate . People will often select their spouse as their initial executor and their children as their alternate executors.

There may be situations where having a “corporate executor” makes sense for you. A corporate executor consists of executor services provided through a trust company. Many Canadian financial institutions offer corporate executor / estate trustee services. Continue reading →

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