Bhamra Law Professional Corporation

Thinking about transferring your property to your kids? Here's what you need to know! 🔹 Capital Gains Tax - Canada treats property gifts as if they were sold at fair market value (FMV). - If the property has increased in value, parents may owe capital gains tax. 🔹 Double Tax Risk - Transferring below FMV (e.g., selling for $1) can lead to *double taxation*. - Parents face taxes on FMV gains, and kids may be taxed on eventual resale. 🔹 Income Attribution - If the child is under 18, any income from the property might be taxed as the parents’ income. 🔹 First-Time Home Buyer Rebate - Owning gifted property could disqualify kids from this valuable rebate when they buy their first home. Reach out to our team of lawyers [Udita Sharma Brink](https://lnkd.in/gb4MxJ_E), [Rami Aziz](https://lnkd.in/g6ihb2eW), or [Nakul Kohli](https://lnkd.in/gXM7ZpJP) if you have any questions about your real estate and/or tax #EstatePlanning #TaxTips #RealEstateOntario #FamilyWealth

Many Canadians and Americans cross the border during this time! Bhamra Law would like to offer some key reminders to ensure a smooth experience at the border: Travel Documents: Ensure all travel documents, including passports and visas, are up to date and easily accessible. Customs Regulations and Legal Items: Items that are legal in certain Canadian provinces or American states may still be prohibited across the border. Always check these restrictions and limitations before you travel. Declaration: To avoid penalties or delays, declare everything you are carrying. Safe travels! #TravelTips #BorderCrossing #RemembranceDay #BhamraLaw

Disconnecting to Reconnect: Canada’s Right to Disconnect Legislation During my tenure at various financial institutions, the demanding nature of my work meant that each day started and ended with a ritual: a cup of tea or coffee. This morning boost activated my brain for the day ahead, while the evening sip served as a gentle reminder of the importance of maintaining clear boundaries between work and personal life. Although I am no longer in a job setting, I still strive to maintain this routine to ensure I have time to recharge. Legislation The "right to disconnect" encompasses legal provisions that allow employees to avoid work-related communications, such as emails and calls, outside of work hours without facing repercussions. This concept, which originated from France’s 2017 labour reforms, addresses the modern challenges of work-life balance in an era dominated by digital connectivity. Ontario has taken the lead in Canada by enacting the Working for Workers Act, 2021. This act mandates businesses with 25 or more employees to develop written policies on disconnecting from work. The legislation is designed to ensure that employees have the opportunity to rest, engage in personal activities, and enjoy uninterrupted time with loved ones without the need to respond to work demands. Despite its advantages, the legislation has faced skepticism. Critics argue that it might restrict the flexibility required in certain roles, potentially complicating project delivery in industries like IT and communications. Moreover, enforcing this law remains a significant challenge, with ambiguities concerning the practicalities of implementing such policies across various sectors. Even if we cannot fully apply this legislation in every jurisdiction or every business setting, it is crucial for both employees and employers to actively engage and devise a plan that best suits both parties to foster a truly sustainable work culture. #RightToDisconnect #WorkLifeBalance #DigitalWellbeing #LabourLaws #MentalHealth

Celebrating 100 Followers at Bhamra Law! A big thank you to everyone for being an essential part of our journey. Your engagement and feedback are crucial—they help us improve and ensure that the content we share is both meaningful and relevant. Please feel free to suggest any topics you’d like us to cover in future posts! #BhamraLaw #Milestone #Gratitude

Navigating Your Legal Career Path: Some Insights for New and International Lawyers! Last week, I had the privilege of attending the Toronto Lawyers Summer Get-Together, connecting with both seasoned and emerging professionals in our field. Based on the interactions with young lawyers and my own professional journey, I’ve compiled some actionable tips for new and international lawyers seeking articling positions or other opportunities. 1. Stay Resilient and Adaptive The legal field presents numerous challenges. It's crucial to remain flexible, continuously hone your skills, and uphold your resilience. Encourage yourself consistently, embrace challenges with open arms, and never lose sight of your goals. 2. Tailor Your Applications Securing an articling position involves more than just applying—it requires a tailored approach. Research each firm thoroughly to understand its culture and objectives, and customize your resume and cover letter to demonstrate how you can contribute to their success. 3. Expand Your Network Strategically Effective networking goes beyond merely collecting contacts; it's about forming meaningful relationships. Leverage industry gatherings, legal forums, and alumni networks to forge connections that could lead to new opportunities. 4. Seek Mentorship Mentorship is crucial. Connect with mentors who have successfully navigated similar paths. Their guidance and support can be instrumental as you transition into a new legal environment. The path ahead may be demanding, but your perseverance will be the key to your success. Remember, every respected lawyer started where you are now. Keep pushing forward, continue to learn, and don’t hesitate to seek support. You are not alone on this journey! #Lawyers #Articling #LegalCareer #Networking #Mentorship #Resilience #NCA #LL.M #LPP