Entries by Del Elgersma

Do You Need a Second Will?

Thanks to a recent change in BC’s estate laws, business owners can now reduce the amount of probate fees payable by their estate by utilizing a second will.  Probate usually becomes necessary because third parties, such as financial institutions, or the Land Title Office, want assurance that the executor has the authority to deal with […]

Beware of Fixed Term Employment Contracts

A recent decision of the Ontario Court of Appeal (which the Supreme Court of Canada has declined to reconsider) highlights the danger of using fixed term employment contracts.  The employee was hired for a 5 year term pursuant to a written employment agreement.  The agreement also stated that “Employment may be terminated at any time […]

Franchise Act Update

BC’s Franchises Act will come into force on February 1, 2017, making BC the 6th jurisdiction in Canada to have franchise legislation.   As previously reported, franchisors will be required to provide franchisees with a Franchise Disclosure Document (FDD) at least 14 days before a franchise agreement is signed. BC’s legislation appears to be more business-friendly […]

Are Waivers Effective?

Many businesses require their customers to sign a waiver to release the business from liability for certain claims.  A recent court case upheld the validity of a fitness club’s waiver, and highlighted some of the issues that affect their validity.  A customer of the fitness club injured her shoulder and claimed the injury was due […]

BC Introduces Franchises Act

BC Introduces Franchises Act October 2015 BC is set to become the 6th province to regulate the franchise industry.  The Franchises Act was introduced in the legislature on October 5.  Once adopted, franchisors will be required to provide franchisees with a Franchise Disclosure Document (FDD) at least 14 days before a franchise agreement is signed.  […]

JOINT OWNERSHIP WITH CHILDREN

A Simple Solution to Avoid Probate? “Probate” is a court application to confirm the validity of a Will. It is an increasingly complex process, and requires payment of a probate tax. For many couples, probate can be avoided on the first spouse’s death by joint ownership. Not surprisingly, after the first spouse dies, the family […]

Changes to the Friends and Family & Accredited Investor Exemptions

Subject to certain requirements, private companies can sell shares to friends and family and “accredited investors” without issuing a prospectus or hiring a registered securities dealer. These exemptions have been amended to require that companies take “reasonable steps” to confirm that investors meet the requirements of the exemption. Companies may no longer simply rely on […]

Honesty Isn’t Just the Best Policy…It’s the Law

In a unanimous decision, the Supreme Court of Canada ruled that parties to a contract have a duty to act honestly in the performance of their obligations. The Court noted that this “means simply that parties must not lie or otherwise knowingly mislead each other about matters directly linked to the performance of the contract”. […]

ESTATE LAW CONSIDERATIONS

Executors Proceed Cautiously We last wrote to you about changes to BC Wills laws. Changes to our laws for processing Estates have also been made. The estate law overhaul doesn’t particularly require any action on your parts. A brief review of our take on today’s handling of estates follows….. Read more by clicking here to […]