Origin Law Group

Did you know that beneficiary designations for life insurance, RRSPs, and TFSAs can varied? The presumption of a resulting trust can cause significant issues to your estate plan. Inconsistent court rulings across Canada have made it critical to ensure your estate planning strategies reflect your true intentions. From supplementary documentation and open communication with family to considering life insurance trusts, taking proactive measures can save your loved ones from costly disputes and confusion. Estate planning isn’t just about drafting a will. Clarifying beneficiary designations and staying up-to-date with evolving laws is crucial to protecting your legacy. Want to learn more about how you can secure your intentions and avoid legal pitfalls? Dive into our detailed analysis and best practices! #EstatePlanning #BeneficiaryDesignations #LegalAdvice #FinancialPlanning #TrustLaw #LegacyProtection #WealthManagement #LifeInsuranceTrust #FamilyWealth #EstateLaw

📝 Part 2: Key Provisions Every Shareholder Agreement Should Include 📑 In our latest article, we dive deep into the essential provisions that every shareholder agreement should include. From voting rights and buy-sell provisions to confidentiality and exit strategies, these elements are critical to building a solid foundation for your business. 🏢 Here’s what we cover: 1️⃣ Voting Rights & Decision-Making Define how decisions are made to prevent disputes and ensure everyone’s voice is heard. 2️⃣ Buy-Sell Provisions Outline how shares can be bought or sold to manage ownership transitions smoothly. 3️⃣ Rights of First Refusal Protect the business from unwanted third-party involvement by giving existing shareholders priority. 4️⃣ Drag-Along and Tag-Along Rights Balance the interests of majority and minority shareholders in sale scenarios. 5️⃣ Dispute Resolution Mechanism Establish clear processes to resolve disputes without costly litigation. 6️⃣ Dividend Policy Set expectations for profit distribution to maintain transparency and shareholder satisfaction. 7️⃣ Confidentiality and Non-Compete Clauses Protect sensitive information and prevent competition. 8️⃣ Exit Strategy and Termination Provisions Ensure smooth transitions when shareholders leave, preserving business continuity. These provisions help prevent conflicts, foster collaboration, and provide a strong governance framework for your business. 💼 Read the full article to understand why each of these provisions is crucial and how they can benefit your business! 🔗 #BusinessLaw #CorporateGovernance #ShareholderAgreements #LegalAdvice #BusinessGrowth #Investors #Startups #MergersAndAcquisitions #CorporateLaw #BusinessContinuity

🏠 British Columbia's New Home Flipping Tax Act: What You Need to Know 🏠 To address concerns over housing affordability in British Columbia, the 42nd Parliament has introduced Bill 15 – 2024: Budget Measures Implementation (Residential Property (Short-Term Holding) Profit Tax) Act, 2024 (Bill 15), also known as the Home Flipping Tax Act. This legislation, effective January 1, 2025, aims to curb speculative real estate activities by imposing taxes on profits from quick sales of residential properties. Key Highlights of Bill 15: 🔍 What is Taxed? - Residential Properties: Profits from properties sold within 1 year of purchase are taxed at 20%, decreasing for sales between 1-2 years, and dropping to 0% after two years. This applies even to properties purchased before January 1, 2025. - Pre-Sale Contracts: Profits from assignments of pre-sale contracts are also taxed. 🏢 What is NOT Taxed? - Commercial Properties: Fully exempt, but strict guidelines apply regarding their usage. 📉 Calculating Net Taxable Income: - Deductions can be made for acquisition costs and improvements.  - The primary residence deduction may apply if the property was a primary residence for at least 365 days. 🚨 Exemptions and Deductions: - Exemptions for developers, charities, non-profits, governments, and Indigenous nations. - Personal life events (e.g., death, illness, divorce) or financial circumstances (e.g., insolvency, foreclosure) may qualify for an exemption. ⚖️ Enforcement and Penalties: - Sellers must file tax returns for taxable transactions within 90 days. - Penalties include fines between 50-200% of the tax evaded or imprisonment up to two years for non-compliance. Impact on Businesses: While the Home Flipping Tax Act targets speculators, commercial property owners and businesses must ensure compliance to avoid penalties. The government emphasizes that this is part of broader efforts to improve housing affordability, with many exemptions available but requiring strict adherence to the legislation. 📢 Conclusion: The Home Flipping Tax Act could reshape real estate practices in BC. While the goal is to enhance affordability, its true impact remains to be seen. Businesses and developers should familiarize themselves with the Act’s provisions and exemptions to navigate this evolving landscape effectively. For a deeper dive into the implications of Bill 15, consult legal professionals specializing in real estate law. #RealEstate #HousingAffordability #BCRealEstate #TaxLaw #PropertyInvestment #LegalUpdate #HomeFlippingTax #Legislation #Developers #DentonsCanada https://lnkd.in/garQNBNH

We are thrilled to announce a new series of articles that we will be sharing over the next few weeks, diving deep into the importance and intricacies of shareholder agreements—a critical tool for any business. 🔍 What You Can Expect from This Series: Part 1: Understanding the Importance of Shareholder Agreements – We’ll explore how these agreements help prevent disputes, provide clarity on decision-making, and ensure business continuity. Part 2: Key Provisions Every Shareholder Agreement Should Include – A comprehensive guide on what clauses to consider, such as voting rights, buy-sell provisions, rights of first refusal, and more. Part 3: Practical Steps for Drafting and Maintaining Effective Shareholder Agreements – Learn about the process of creating these agreements, updating them as your business evolves, and ensuring alignment among shareholders. Whether you are a business owner, investor, or legal professional, this series will provide you with valuable insights into how well-crafted shareholder agreements can help mitigate risks, foster strong governance, and support sustainable growth. #BusinessLaw #CorporateGovernance #ShareholderAgreements #Investors #Startups #LegalAdvice #BusinessContinuity #CorporateLaw #MergersAndAcquisitions

⚡Update⚡ We are pleased to announce the opening of our new office in New Westminster, directly adjacent to the New Westminster Supreme Court House. We are very often in Chambers and Trials at the New Westminster Court House. This office will allow us to serve our clients better. This office will be open by appointment only. The new address is : #200 - 631 Carnarvon Street New Westminster, BC V3M 1E3

We are happy to announce that Sumit Ahuja, Partner, at our office has been accredited as a Family Law Arbitrator. What is an Arbitrator? The BC Government website states as follows: Arbitrators play a private judge-like role. A family law arbitrator will make binding decisions to resolve family law issues out of court. Arbitration is not a collaborative process. If you decide to settle your family law issues through arbitration, you are asking another person to make the decisions for you, after hearing both sides. Sometimes arbitrators will use a combination of arbitration and collaborative processes, like negotiation or mediation. You can decide how you want your arbitration setup. Everyone must agree in writing to the rules that will apply before the arbitration proceeds. Why Arbitration? In my opinion, we are facing an unprecedented problem in our Court system. There are far too many matters, not enough Judges, a shortage of Sheriffs and Correctional Officers. Too much is being asked of Judges. At times when we attend Chambers, there are 10 plus hours on a list when there are only 4 hours of Court availability. Lengthy matters get put down on the list as the list proceeds by time estimates. Unfortunately, far too often, we simply cannot proceed. Quite often, we book dates well in advance only to learn the morning of that we cannot proceed. A client spends a significant amount of time and money preparing for Court. More than the money is the desire to move your life forward, especially in family law. The matter usually relates to children and finances. These issues being left open create conflict and uncertainty. One of the hardest conversations I have with clients is to tell them that we booked a date 3-4 months before, we expended their funds on preparation for the hearing and we will not be proceeding because we cannot have a Judge for that day. Arbitration allows an alternative. Two parties can agree to conclude their matter by way of Arbitration. The advantages are that you can select a person with significant family law experience, the lawyers can work with the Arbitrator to craft how the proceeding will proceed and then dates can be set with the availability of all involved. Simply put, the matter will proceed on the dates set. As opposed to Court, the parties have to pay the costs of the Arbitrator. They pay their counsel. It has been argued that Arbitration can be more expensive. I disagree. The amount of money spent on waiting in Chambers or not getting on for previously scheduled dates are far more expensive and emotionally draining. Maybe it’s time to consider a Notice to Arbitrate within Family Law. Call us if you are interested in Arbitration.

Alter Ego and Joint Partner or Spouse Trusts #FamilyTrusts #EstatePlanning #JointSpousalTrusts

Challenging Estate Law Stereotypes I do not blog often as my experiences in life have taught me to keep certain opinions to myself. Saying that, I feel compelled to write this blog in defense of the South Asian culture that I belong to. Recently, I have seen advertisements in magazines related to Estate Law suggesting that South Asian women are being disproportionately disinherited (or receiving significantly reduced values) of their parent’s estates. While I acknowledge that this happens – this is not a phenomenon in the South Asian community alone. I have seen, in my eyes, some cringe worthy video advertising that made me shake my head in almost disbelief. I, for one, am not ok with the suggestion that our community is anti-women when it comes to distribution of estates. I was raised by an amazing South Asian female. The managing partner of my office is a strong, independent and fierce South Asian woman. My sister is a beast within her vocation. One of my associates blows my mind with her abilities. She will be far greater than myself in this profession. To see that this is not a phenomenon linked to South Asians alone, a quick google search on this area of discussion will yield results that range across all cultures. I am a strong proponent for our culture and the advancements made by the generations that came before us. I do not feel it appropriate to allow a narrative that subverts, in my mind, the significant work done by our forefathers and mothers in getting us where we stand today. I am not ok with people making money on a false narrative. It diminishes us. While I appreciate that marketing is part of any business – that marketing should always keep in mind what it does to us culturally. I struggle with the idea of marketing in a general sense. I believe your reputation in what you do should be the largest factor in how you get business. The Wills, Estates and Succession Act allows for a spouse or children to seek variation of a will if that will does not make adequate provisions for a spouse or children. This act is meant to ensure that a spouse or children will not be disinherited without adequate cause. The above raises a question for me: What could be deemed adequate cause? An example could be longstanding conflict or abuse. A parent may want to distance himself or herself from the child. Each case will depend on its own facts. I am not an Estate Lawyer. If you feel you have been treated improperly within a will, call a lawyer that deals with these types of matters. -Sumit Ahuja  

We are proud to announce that Origin Law Group is now a member of the esteemed Alliott Global Alliance®! This membership signifies a pivotal advancement in our journey, expanding our horizons and embedding our firm within a network of top-tier legal, accountancy, and wealth management professionals across the globe. As we join this prestigious alliance, we look forward to leveraging shared knowledge and resources to enhance our services and offer our clients in British Columbia and beyond the most sophisticated and comprehensive legal solutions available. #GlobalAlliance #LegalExcellence #OriginLawGroup #TogetherAsOne

0994660 B.C. LTD. v Vanier #RealEstate #Contracts #PropertyLaw