RMS Estates Law

Why should you take the time to sit down with a lawyer and create a will?

A will is a powerful tool that ensures your wishes are respected after your passing. Without a will, you lose control over the distribution of assets, guardianship of minor children, and the choice of who will administer your estate. There are also lesser-known benefits that directly impact those left behind: a will makes probate faster and easier, debts are not an issue for the courts (unless they exceed assets), saves on taxes, and offers many other advantages.

Questions? Book a complimentary consultation here: https://conta.cc/45qqb9C

Happy Easter from RMS Estates Law!

May your day be filled with joy, blessings, and the beauty of spring. Wishing you a season of renewal and happiness! 🌷

Exciting news for trusts and their taxation obligations in Canada! As of the 2023 taxation year end, the Canada Revenue Agency ("CRA") has implemented new reporting requirements for trusts. This shift has brought many trusts, including bare trusts, into the realm of tax return filings, despite not previously falling under this requirement.

However, in light of the unintended consequences these new reporting obligations have had on Canadians, the CRA decided not to mandate bare trusts to submit a T3 Income Tax and Information Return (T3 return), along with Schedule 15 (Beneficial Ownership Information of a Trust), for the 2023 tax year, unless specifically requested by the CRA.

This decision reflects a responsive approach by the CRA to alleviate unnecessary burdens on taxpayers.

To delve deeper into this development, check out our insightful article here: https://conta.cc/3xi9W1d

The Canada Revenue Agency (“CRA”) has implemented new requirements for trust filings, including bare trusts, which may now necessitate annual tax returns for trusts that previously weren't obliged to file. To shed light on these changes, I've written an article focusing on understanding bare trusts in Canada (the deadline to file is April 2nd).

If you suspect you have a bare trust scenario or simply want clarity on the matter, our office is ready to provide support by drafting essential legal documentation needed. Stay informed by reading the article linked below and feel free to reach out if you have any questions or need assistance navigating these updates.

https://rms-law.ca/the-bare-trust/

Happy New Year from RMS Estates Law!

Wishing you a year filled with prosperity, success, stability and thriving opportunities. May the coming year bring you abundance in every aspect of your life – personally and professionally. Here's to reaching new heights, forging new connections, and celebrating the victories, big and small.

November marks the start of "Make a Will Month".

This month, we warmly invite you to embark on a journey filled with love and responsibility. As "Make a Will Month" unfolds, it presents the perfect opportunity to secure the future of your beloved ones and safeguard the enduring legacy you'll be remembered for.

Join us to guide you through the process of crafting your will.

🕊 Gift the Gift of Peace:
✅ Secure your family's future
✅ Safeguard your hard-earned assets
✅ Plan for the well-being of your children
✅ Share your heartfelt wishes

🖋️ Why Choose Us for This Journey?
🔐 We provide compassionate and knowledgeable support
🔐 We understand your unique needs
🔐 We make the process easy and stress-free
🔐 Your file is never a transaction for us

Visit our website https://rms-law.ca and book a complimentary consultation to see if we are a good fit: https://conta.cc/3SoOO1V

Are you a forward-thinking entrepreneur or business owner wondering when is the perfect moment to incorporate your business? Should you incorporate when you reach $100,000 in revenue? Or 100 new clients in a year?

The answer isn't one-size-fits-all, but with expert guidance, you can tailor your decision to align with your unique circumstances.

Curious to delve deeper into this topic? Here is the full article: https://rms-law.ca/considering-business-incorporation-when-is-the-right-time/

Tomorrow is uncertain, but your legacy doesn't have to be. At RMS Estates Law, we create comprehensive and customized estate plans. Take the first step toward peace of mind and let's work together to ensure that your legacy is protected and your loved ones are provided for. If you have any inquiries, please don't hesitate to reach out to me!

I am excited to announce that will be taking part in an informational event titled "Probate and the Responsibilities of the Executor" on Wednesday, September 27th, 2023, from 7:00 pm to 8:30 pm via Zoom. During this session, you'll have the opportunity to gain insights into the duties and obligations associated with being an executor.

If you are interested, message me and I will be happy to share more details!

RMS Estates Law has been a bit quiet lately, but we have been busy behind the scenes to create a new look and offer a new service. More details to come in September, until then, stay tuned!!

Wishing mothers from everywhere a wonderful Mother's Day. Your sacrifices are what makes the world move forward! 💕

The Ontario Superior Court of Justice just ruled that a buyer's real estate agent has a duty of care towards the seller.

In Ker v. Deol, 2023 ONSC 1167 (CanLII), a buyer made an offer to purchase a home on someone else's behalf (Cheema) using his name as purchaser and paid the deposit through the buyer's real estate agent. The buyer further claimed that his real estate agent and Cheema were long-time friends who had orchestrated the transaction for Cheema's benefit.

The buyer aborted the transaction and the seller sued. When the seller found out about the deal between Cheema and the buyer's real estate agent, they wanted to add the buyer's real estate agent as a defendant.

The motion judge of the Ontario Superior Court of Justice allowed this and concluded that "[a] real estate agent representing a purchaser has a duty of care to the vendor that he is representing who he says he is representing."

Here is the case for more details:

Captcha | CanLII CanLII calls upon users accessing its services a large number of times to ensure that they are people and not programs acting on command. Indeed, massive downloads are prohibited by CanLII’s Terms of Use. Though your own use may be quite limited, it may have been compiled with that of others in yo...

Interesting article about whether litigation is worth it when a real estate deal falls through. Hint hint: it’s not always worth the costs!

When a real estate deal falls through, you should weigh whether litigation is worth it | The Star A decision of the Superior Court of Justice last year is a classic example of the high cost of justice in Ontario and why parties to real estate litigation need to be more realistic in their expectations.

Hi all,

I am pleased to announce that I am co-hosting a seminar on Thursday at 7 p.m. for first-time home buyers.

Buying your first home is a big financial commitment - very likely, the biggest financial investment you'll ever make in your life. It can be an exciting experience, but it can also, at times, be overwhelming and very confusing.

There are a lot of preparations to make and costs to plan for. Our Complete Home Buyer’s Seminar will remove the confusion and walk you through the home buying process step-by-step.

All the answers to "Ready To Buy?" will be revealed at the seminar.

See you online!

Sign Up Sign Up Here!

Did you know that a business owner can place their incorporated business in a secondary will and save a significant amount of estate administration tax, which means more money for the beneficiaries. There are many other considerations that business owners need to take into account, such as shareholder agreements they signed and which bind their estate, or powers of attorney they gave in relation to their business in favor of their business partners, etc.

If you know anybody like that, we would love to help!

Did you know that Trillium Gift of Life Network is no longer a registered charity because it transferred into Ontario Health? This means they can no longer accept monetary donations. Did you leave them money in your will? Time to think about updating your will, then!

There have been many reports in the media recently about title fraud, mainly where someone steals someone else’s title to the home by impersonating them, then sells or refinances the home, takes the money and runs away.

One of the ways that homeowners can cover this risk is through title insurance.

Title insurance is different from home insurance and has entered the Ontario market in the late 1990’s and early 2000’s. Title insurance is optional, available for a one-time premium payable at the time the real estate transaction closes and protects property owners and their lenders against losses related to the property’s title or ownership.

If you are curious about the risks that title insurance covers against, read the full article here:

What is title insurance and why is it important? – RMS Estates Law What is title insurance and why is it important?by Raluca M. SoicaFebruary 12, 2023February 12, 2023 There have been many reports in the media recently about title fraud, mainly where someone steals someone else’s title to the home by impersonating them, then sells or refinances the home, takes th...

Wondering why you should go to a legal office to prepare your Will and Powers of Attorney when you can prepare them online by yourself instead?

It makes a difference to prepare estate planning documents at a legal office - home made wills are often executed improperly and they are the heavy target of estate litigation. When preparing a will at a legal office, in addition to estate planning, the lawyer ascertains and documents the client's capacity, their intentions, undue influence, they address scenarios that the client never considered and the rest of the world (banks for example) generally place more weight on documents prepared at a legal office. Receiving legal advice is also an invaluable part of estate planning, and most of my clients always learn of risk scenarios they never thought of.

Have a fun listen!

Home Made Wills vs Wills at Legal Office It makes a difference to prepare estate planning documents at a legal office - home made wills are often executed improperly and they are the heavy target of...

Gentle reminder that for those of you who own property in the City of Toronto or City of Ottawa, you have to declare whether your home is vacant or not in order to avoid the new vacant home tax. For Toronto, the deadline is February 2, 2023 and for Ottawa, the deadline is April 30, 2023. You can also do the declaration online:

Toronto: https://www.toronto.ca/services-payments/property-taxes-utilities/vacant-home-tax/
Ottawa: https://ottawa.ca/en/vacant-unit-tax-0 -55351057-b1b9-4786-85d4-d70a2c4aed87

Vacant unit tax | City of Ottawa Important Notice All residential property owners must submit an occupancy declaration. Submit your 2022 property occupancy declaration now. The deadline to declare is March 16, 2023. Close Important Notice × On this page Submit Declaration Making your declaration Log in to MyServiceOttawa to declar...

RMS Estates Law wishes you Happy Holidays and a wonderful New Year!

What happens to a house when the owner dies in Ontario? This video addresses what happens to someone's house after the owner passes away in Ontario, keeping in mind the three common ways of owning title to a prope...

Interested in what happens to someone's house after the owner passes away in Ontario?

I made a video which addresses the three common ways of owning title to a property: (1) sole ownership; (2) tenants in common; and (3) joint tenants. Some the topics discussed are: probate, the rights of survivors and what happens if there is no will.

Happy viewing!

What happens to a house when the owner dies in Ontario? This video addresses what happens to someone's house after the owner passes away in Ontario, keeping in mind the three common ways of owning title to a prope...

Did you ever wonder what happens to real estate property when one passes away? Here is an article I wrote that addresses this very interesting topic.

What Happens to Real Estate Property at Death – RMS Estates Law

Good afternoon everyone! I am delighted to announce that I will be offering two educational presentations on the topics of estate planning and administration in the near future:

(1) The first one is on Thursday December 1st at 8 am (this is a complimentary presentation over zoom, everybody is welcome to attend);

(2) The second presentation on Sunday December 4th in the afternoon (this is in person downtown Toronto, part of a women's networking event); see picture attached.

Contact me if you want to attend either!

I am excited to share that I will be hosting a presentation on the topic of estate planning on Monday November 21, 2022 from 8.00 pm to 9.00 pm over Zoom. I will address what estate planning is and what it means to you and your family.

You are cordially invited. Contact me for registration details.

What happens when someone passes away without a will? Is it the same as passing away with a will? This article explores not only the unique benefits of having a will but also the estate administration work involved when there is no will.

No Will… no problem? – RMS Estates Law No Will… no problem?by Raluca M. SoicaApril 7, 2022April 7, 2022 When a loved one passes away, it is a difficult time for everybody, but it is especially difficult for those who were appointed estate trustee and who, at the same time as mourning, have to handle the affairs of the estate, pay urgen...

Why would you want to have an estate plan? – RMS Estates Law Why would you want to have an estate plan?by Raluca M. SoicaNovember 3, 2022November 3, 2022 People’s lives are unique and complex. Your relationships might result in legal obligations you may not be aware of, and that is why there is no substitute for a good plan. Clients often ask me… why do ...

November is Wills Month and to kick it off, I wrote an article on why estate planning prior to having a will is important. But what is the difference and how does it impact you?

Have a read! I welcome your comments.

Why would you want to have an estate plan? – RMS Estates Law Why would you want to have an estate plan?by Raluca M. SoicaNovember 3, 2022November 3, 2022 People’s lives are unique and complex. Your relationships might result in legal obligations you may not be aware of, and that is why there is no substitute for a good plan. Clients often ask me… why do ...

If you are wondering about Ontario’s inheritance laws, it is because someone you know passed away without a will or you are worried about your own situation.

In this article, I explore what happens when someone passes away and what you can do about their estate administration.

Have a read!

Inheritance Laws in Ontario – RMS Estates Law Inheritance Laws in Ontarioby Raluca M. SoicaOctober 3, 2022October 3, 2022 If you are wondering about Ontario’s inheritance laws, it is because someone you know passed away without a will or you are worried about your own situation. However, before you conclude that someone passed away intestate,...