Bill C-208, which was introduced by Larry Maguire, MP from Brandon-Souris, makes amendments to the Income Tax Act by aiming to lessen the tax burden on intergenerational transfers of small businesses, family farms or fishing corporations. This bill addresses a gap in the Income Tax Act that made it more costly for small business owners…

Cottages are similar to family farms. Their succession plans should be similar too. Cottage succession planners should take a lesson from farm experts. Cottages, like farms, make succession planning challenging. Succession planning for the family cottage has many similarities to transferring the family farm. The primary goals of most cottage owners are: A prime concern…

This last September, the Alberta Court of Queen’s Bench articulated the level of skill and care expected of real estate agents when handling their clients’ affairs. Particularly, it discussed the expectations held when advising clients of the meaning and effects of different provisions in a contract of sale. In Alvas v Barrett, the vendors of…

In October 2009, regulations were passed that were aimed at phasing out existing disposal systems to alleviate the problems with leaking systems, and run off into Manitoba’s water ways. The Provincial Government later amended the regulations of The Environment Act, known as the Onsite Wastewater Management Regulations (60/2010), concerning sewage disposal in the Province. The…

The common thread of rent-to-own agreements is that the buyer will take possession and make payments to the seller over time and only upon payment in full will the seller then transfer legal title of the property to the buyer. There are generally two ways in which a rent-to-own agreement is structured; (i) agreement of…

Operating a short-term rental in Winnipeg will require a licence as of April 1, 2024. This will apply to rentals such as Airbnb, Vrbo, or bed and breakfasts, and it applies to rentals being operated out of the primary place of residence and any non-primary properties. In following the footsteps of other major cities that…

An executor is a person named within a Last Will & Testament who will carry out directions and requests according to the provisions in the Will. If an individual dies without a Will, they are said to have died intestate. In this case, an administrator must be appointed by the court to administer the estate.…

Did you know….your Legal Fees might be deductions on your Income Tax Return We are all familiar with the process of filing income tax returns. Every year, we gather our T3’s, T4’s and T5’s, visit our accountant and they file our income tax return to the Canada Revenue Agency. What you might not know is…

Effective June 13, 2019, each private corporation incorporated under the Canada Business Corporations Act (CBCA) was required to prepare a register of “individuals with significant control” (ISC) over such corporation.  The purpose of these changes is to identify the actual individuals behind business activities being seen as an important and key component of Canada’s anti-money laundering and…

With the hustle and bustle of everyday business life, business owners sometimes forget about little things, including corporate record maintenance. Managing your corporate affairs should also include managing your corporate record maintenance, and in particular, the legal aspects of maintenance. There are many changes that may seem simple that occur during a corporation’s life cycle,…