Understanding the Prompt Payment and Adjudication Provisions of Ontario’s Construction Act

In the construction industry, timely payment for work completed is critical for maintaining cash flow and ensuring the smooth progression of projects. To address issues of delayed payments, Ontario’s Construction Act includes provisions for prompt payment and adjudication. These provisions are designed to create a more efficient payment process and provide a quick resolution mechanism […]

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How to Vacate a Construction Lien: A Step-by-Step Guide

If you’re a property owner or contractor in Ontario, dealing with a construction lien can be a complex and challenging process. Construction liens, also known as builder’s liens in Ontario, can hinder property transactions and lead to legal disputes. However, with the right approach and knowledge, vacating a construction lien is achievable. This article will […]

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Navigating Construction Liens under the Ontario Construction Act: A Guide for Industry Professionals

The construction industry in Ontario, governed by the intricate and detailed provisions of the Ontario Construction Act, plays a pivotal role in managing relationships and obligations among parties involved in construction projects. Central to this legislative framework is the concept of the construction lien, a powerful tool designed to protect the interests of those who […]

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The Oppression Remedy: Safeguarding Minority Shareholders in Ontario’s Legal Framework

The oppression remedy is a significant legal mechanism available under Ontario’s legal system, designed to protect the interests of shareholders and stakeholders in a corporation from actions that are deemed oppressive, unfairly prejudicial, or unfairly disregarding their interests. This remedy is primarily governed by Section 248 of the Ontario Business Corporations Act (OBCA), offering a […]

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The Section 85 Rollover

Section 85 Rollover Overview Section 85 of the Income Tax Act (ITA) is an important tax planning tool that allows corporations to defer taxation in certain transactions that are often seen in incorporations and corporate reorganizations. Simply put, a section 85 rollover allows a taxpayer to transfer eligible property on a tax-deferred basis to a […]

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The Butterfly Transaction

Why do we call it a Butterfly? A butterfly transaction is a way to divide up assets in a corporation, or a set of corporations, in a tax-efficient manner under the Income Tax Act. These kinds of transactions typically involve rollovers under section 85 of the Income Tax Act which allows a taxpayer to transfer […]

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Cryptocurrency

The Basics In 2009, the first decentralized cryptocurrency, bitcoin, was created as open-source software. A little over a decade later, the cryptocurrency economy has exploded onto the world stage, with a value of more than $3 trillion at the time of writing this article. Cryptocurrencies generally do not exist within the purview of a central bank, […]

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Principal Residence

What is a principal residence? With the average price of Canadian homes rising at rates higher than ever, it’s not unusual for homeowners to want to try to reduce taxes owing on any potential taxes that may result from the sale of a property. Luckily for many homeowners, the Canadian Income Tax Act (“ITA”) lets […]

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Net Worth Audit

What is a Net Worth Audit? The Net Worth Audit is a method used by the Canada Revenue Agency (“CRA”) to calculate a taxpayer’s income based on the increases to their wealth in a given audit period. Effectively, the CRA compares a taxpayer’s assets and liabilities in one year against the assets and liabilities of […]

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The Voluntary Disclosure Program

  The Scenario Earlier this year, I met with a client who had immigrated to Canada some ten or so years ago. As is often the case for many immigrants, the process of bringing over one’s life savings and other assets to a new country can be a long and arduous process that takes a […]

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Do you need a shareholder agreement?

What is a shareholder agreement? When two or more individuals start or own a corporation together, there are many risks and unforeseen situations that can occur. Therefore, it is common for corporations to have some sort of document which outlines the relationship between the owners (also known as shareholders), governs what happens in various situations, […]

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