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Archive for February 10th, 2017

Ontario Land Transfer Tax

Posted on: February 10th, 2017 by BK Law

Every person who has acquired a beneficial interest in the land by completing a registration of conveyance is liable to pay Land Transfer Tax under the Land Transfer Tax Act. Land Transfer Tax is payable on each transfer/conveyance of land in Ontario unless exempt under the Act. It is usually calculated based on the value of consideration. According to the Act, any conveyance completed on or after January 1 2017, tax will be calculated in the following manner at the rate of:

0.5% of a total consideration of the conveyance upto $55,000.00

1% of a total consideration of the conveyance that exceeds $55,000.0 upto and including $250,000.00

1.5% of a total consideration that exceeds $250,000.00 upto and including $400,000.00

2% of a total consideration that $400,000.00

2.5% of a total consideration that exceeds $2,000,000.00 and the conveyance of the land that consists of one and not more than two single family residences.

 

Benefits of Family Law Mediation

Posted on: February 10th, 2017 by BK Law

Here are some of the reasons why one should opt for family law mediation over litigation. Court process is stressful and expensive. Mediation is a dispute resolution process facilitated by the neutral and impartial third party.

Family Law Mediations is a voluntary process. The parties meet face to face (with or without their respective lawyers) with the mediator. The parties have control over the mediation process. It is the party’s decision to participate and to continue the mediation process. If they are not happy with this process, they can terminate it at any time.

Mediation is an informal process and removes the adversarial atmosphere found in the court process and litigation. There is no win and lose situation in mediation. Problem solving is the key where parties have the priority to negotiate the terms of their separation.

Mediation is confidential and private. It gives the parties a platform to communicate and have an open discussion to arrive at a mutual settlement. The mediator facilitates this communication between the parties and helps them make decisions for themselves. The mediator does not make decisions, the parties make decision.

Mediation process focuses on settlement of all the issues between the parties and in the interest that is common to both parties. In this process the parties and the children are the priority.

It is cost effective. Parties share the cost of the mediator. Of course party pays for their own lawyers, if they have one, but since the purpose is to settle the matter, the costs are usually kept low. This is not so when the matter is in court or out of court negotiations.

If you require family law mediation, Call me @ 905-290-7205 for more information.