Levy Zavet PC, Lawyers

Toronto Real Estate Law, Toronto Corporate Law, Toronto Commercial Litigation, Toronto Family Law, Toronto Trademark Law, Commercial Real Estate, Condo Law, Residential Real Estate, Toronto Business Law, Toronto Personal Injury Law, Toronto Tax Law, Land Development and Assembly, Condo Corporation Law, Contracts, Disputes, Property Tax Appeals, HST Rebates, New Build Condominium Developments

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The Holdover Period, Real Estate Commissions and Listing Agreements

The Holdover Period, Real Estate Commissions and Listing Agreements

Sellers should be weary and concerned with agreeing to a holdover period as defined in a typical listing agreement to offer to sell a property.  The same can be said about Realtors (real estate sales representatives, brokers and brokerages) who take over a listing immediately upon its expiry or termination, that was previously listed with a different Realtor.  For illustrative purposes a typical…

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Is there such thing as a Personal Real Estate Corporation or a Real Estate Professional Corporation in Ontario?

Is there such thing as a Personal Real Estate Corporation or a Real Estate Professional Corporation in Ontario?

Simply put, the answer is “No”.  Unlike other provinces, such as British Columbia, in Ontario Real Estates Salespersons or Brokers cannot self-incorporate as a Realtor and enjoy some of the income tax benefits that an incorporated active business can in Ontario.  The only allowed corporate entities in the Ontario real estate profession are the brokerages themselves.   The benefit of a…

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Annual Maintenance and Reporting Requirements of a MIC, a Mortgage Investment Corporation

Annual Maintenance and Reporting Requirements of a MIC, a Mortgage Investment Corporation

Annually a MIC that issues its shares through a prospectus and registration exemption under securities law and regulations (e.g. not publicly traded companies),  will be responsible for providing their investors with financial statements illustrating the performance of the MIC for its recent fiscal year end in a set of separate documents.  However, in addition to appeasing their investors with…

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What If A Mortgage Goes Bad IN A MIC? What are the Investment Benefits IN A MIC?

What If A Mortgage Goes Bad IN A MIC? What are the Investment Benefits IN A MIC?

Management of the MIC must be vigilant and selective with whom they lend to, and investors can inquire about whether the MIC in question will allow investments within various percentage brackets ranging from low to high risk. This option would provide investors with the opportunity to select an investment according to their level of risk (this option does exist with certain MICs). Also, investors…

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Securities Law & Regulations of a MIC, a Mortgage Investment Corporation

Securities Law & Regulations of a MIC, a Mortgage Investment Corporation

A “Trade” (i.e. selling shares to investors in this case) triggers the “Registration” requirement, even if the trade is not a “distribution”. Just because there is not a prospectus requirement does not mean there is no registration requirement to sell the shares to an investor. However, most prospectus exemptions will come with a registration exemption to sell the shares.

Assembling a prospectus…

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Taxation of a MIC, a Mortgage Investment Corporation

Taxation of a MIC, a Mortgage Investment Corporation

The MIC itself will not pay income tax so long as the profits are flowed through to the shareholders and taxed in their hands. This is advantageous to an investor who has purchased MIC shares through a self-directed registered retirement savings plan (RRSP) or a self-directed registered retirement income fund (RRIF) as the tax is deferred until the funds are transferred or annuitized. 

In the…

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Managing A MIC, a Mortgage Investment Corporation

Managing A MIC, a Mortgage Investment Corporation

The creation of a MIC is similar to other corporations in the method of organization, election of directors/officers and the faculty to appoint committees, hire employees, and issue shares. Generally, a MIC will authorize and issue several different classes of shares including common voting shares and preferred non-voting shares. All classes will have pari-passu rights to dividends, if any, and…

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Jeff Levy, Managing Partner at Levy Zavet Lawyers, My Business Magazine

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http://wp.me/s16stu-11215

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How to be a Private Mortgage Lender

How to be a Private Mortgage Lender

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GETTING A TASTE OF POLITICS THROUGH VOLUNTEERING

GETTING A TASTE OF POLITICS THROUGH VOLUNTEERING

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MICs: The Technical Aspects of a Mortgage Investment Corporation

TYPE OF ENTITY FOR A MORTGAGE INVESTMENT CORPORATION

A Canadian Corporation throughout the taxation year where its business only undertakes to invest its funds, and thereafter qualifies as a MIC, is deemed to be a public corporation under the ITA, and…

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What`s New in the Law for Motor Vehicle Accidents?

In September 2010 some significant changes were made to the SABS – the Statutory Accident Benefits Schedule. These changes impact what benefits are available to an injured person under their own automobile insurance policy.

One of the changes relates to…

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New Changes in Immigration Laws for Skilled Worker Category

List of occupations for federal skilled worker category has recently changed. Also, only 20,000 applications per year(approximately 1,000 applications per occupation) are to be processed. Therefore, we encourage you to apply immediately. Please contact…

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New Changes in Immigration Laws for Federal Investor Category

As of late June 2010, no more federal investor applications are accepted under the old rules. New changes in immigration laws for federal investor category are coming into effect soon. For instance, under the new rules minimum required assets for investor…

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Quebec Skilled Worker Program

Quebec’s Skilled Worker program uses the human capital method of evaluating applicants, assessing an individual’s qualifications based on their total background, not just experience in one particular field.

Also, unlike the Federal Skilled…

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New Stream of Immigration In Nova Scotia

The province of Nova Scotia recently announced the introduction of a new stream to their Provincial…

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