FAQ

faq

Frequently Asked Questions

What is the difference between an Enduring Power of Attorney and a Representation Agreement?

An enduring power of attorney allows your attorney to make financial and legal decisions for you if you become mentally incapable because of accident or illness. But your attorney cannot make health care decisions for you. To deal with healthcare decisions, you must make what is called a representation agreement.

What is an affidavit?

An affidavit is a written statement confirmed by oath or affirmation, for use as evidence in court.

What is an attorney?

An Attorney is a person appointed to act for another in business, financial or legal matters.

What is capacity?

Capacity is the ability to understand the nature and consequences of one’s actions.

What is a committee?

A Committee is a person or persons appointed by the court to make decisions for someone assessed as being incapable of managing his or her own affairs.

What is conveyance?

Conveyance is the legal process required to transfer a property from one person to another. It includes other changes like registering a home equity line of credit or making other legal changes to a property.

What is an executor?

An Executor is a person or institution appointed to carry out the terms of a will.

What is a notary public?

A Notary Public is someone who is legally empowered to witness signatures and certify a document’s validity and to take depositions.

What is a power of attorney?

A Power of Attorney is a legal document that gives someone the legal power to take care of financial and legal matters for you. It ends when you lose capacity – become incapable.

What is a representation agreement?

A Representation Agreement is a legal document that authorizes someone to assist you or to act on your behalf for healthcare and personal care matters. It can also authorize someone to conduct routine financial and legal affairs on your behalf.

What is a trustee?

A Trustee is an individual or institution that manages the property as provided by the terms of the document that created the arrangement.

 

What is the difference between Joint Tenants and Tenants in Common?

One of the main differences between the two types of shared ownership is what happens to the property when one of the owners dies. When a property is owned by joint tenants, the interest of a deceased owner automatically gets transferred to the remaining surviving owners. When the property is owned as tenants in common, the interest of a deceased owner gets transferred to its beneficiaries in accordance with that person’s will.

Does my executor need to be a Canadian Resident?

No, it could be anyone in the world. However, each country would have its own rules about taxation for this situation. Currently, Canada does not charge taxes for executors that reside in Canda and are receiving an estate in order to execute it.

What are the qualifications for the 1st Time Homebuyer benefit?

To qualify as a first time home buyer and avoid paying the PTT, you must meet the following criteria:

  • You have never owned an interest in a principal residence anywhere in the world at any time
  • You’re a Canadian citizen or permanent resident
  • You have resided in BC for 12 consecutive months immediately before the date you become the registered owner, or you have filed two income tax returns as a British Columbia resident within the prior six years of becoming the owner
  • To obtain a full exemption, the purchase price must not exceed $500,000. You can get a partial exemption on homes valued between $500,000 and $525,000
  • You must move into the property within 92 days of registering your purchase and reside there for at least one year
  • You might be eligible for a pro rata exemption if your property exceeds 0.5 hectares or a portion of the property is not residential (i.e., commercial lofts), yet yhe purchase price of entire property must not exceed the price limitations.

These criteria may change at any time, for confirmation on the current ones, please visit the government’s website at: http://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/understand/first-time-home-buyers/current-amount#current-exempt

Why do I need a Will in Canada?

When do I need to update my will?

For Wills done after April 2014 (new legislation – WESA), you don’t have to update your Will unless there was a major change in your situation. The most common example is when someone wants to change the beneficiaries on their estate. For Wills done prior to 2014 (Prior to WESA) is more complex and any change could have afected the validity of your Will. It is advisable to check about your situation with a legal professional.

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