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What Interest Rate Hikes mean for your Existing Mortgage?

What Interest Rate Hikes mean for your Existing Mortgage?

As recent month to month inflation rates for Canada continue to remain above 5%, with some months as high as 8% (in the year of 2022), the Bank of Canada continues to warn Canadians of further interest rate hikes even after the multiple interest rate increases we have experienced this year. If you are in the process of obtaining a new mortgage, whether you are refinancing or purchasing a property, higher interest rates mean increased monthly mortgage payments and decreased affordability. However, what happens if you have an existing mortgage and the Bank of Canada and prime rates increase?

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Corporation Minute Book – What is it and is it necessary?

Corporation Minute Book – What is it and is it necessary?

Simply, yes, all corporations (whether it is an Ontario Corporation or a Federal Canadian Corporation) are required by law to maintain a minute book with up-to-date and accurate records. To help ensure that your corporation is in compliance, this article discusses the different parts that form a corporate minute book.

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Buying a New Construction Home Guide

Buying a New Construction Home Guide

For those who have already gone through the process of purchasing a new construction home and purchasing a resale home, you know that the purchasing experience is surely not the same. It can be especially daunting as more homebuyers are dealing directly with a builder’s (seller’s) representative when purchasing compared to resale transactions which more than not have a realtor representing and guiding you throughout the process.

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Should I Incorporate?

Should I Incorporate?

Starting a business is both exciting and laborious. One of the first steps in starting a business is selecting between the three main business structures available in Ontario, a) Sole Proprietorship, b) Partnership and; c) Corporation. The following will guide your selection process, but it is always recommended to discuss your specific situation with both an accountant and a lawyer before proceeding further.

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Personal Real Estate Corporation (PREC)

Personal Real Estate Corporation (PREC)

When you earn less income, you wish that you made more. When you earn more, you wish that you can keep more. Ontario, Canada is hands down one of the best places to live and raise a family but it’s also home to one of the highest marginal income tax rates in the world. The ability of Ontario real estate salespeople and brokers to form Personal Real Estate Corporation (PREC) under the Trust in Real Estate Services Act, 2020 (“TRESA”), as of October 1, 2020, may help those that earn more.

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First Time Home Buyer Top 5 Questions

First Time Home Buyer Top 5 Questions

Buying your first home can be very stressful. In order to protect your legal interests, it is highly recommended to contact a lawyer as early in the transaction as possible. If you need answers immediately, we have compiled and answered the top 5 questions that we get asked by first time home buyers in our legal practice.

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