British Columbia leads in real estate sales numbers

On Behalf of Porter Ramsay LLP | Dec, 30, 2019 | Real Estate Law

Real estate numbers are up in the country thanks, in part, to the west coast. A recovery in the real estate market in British Columbia has increased overall numbers across the country. The Canadian Real Estate Association (CREA) statistics for November show a marked hike in property sales. CREA says most of the good news can be attributed to a rallying market after last year’s dismal numbers. Those buying properties are increasing in volume. All major markets across the country — save for three — saw encouraging numbers at this point over the same time last year. CREA said, overall, there were more... View Article

Real estate: British Columbia to increase speculation tax

On Behalf of Porter Ramsay LLP | Dec, 16, 2019 | Real Estate Law

Stricter rules are set to come into effect regarding the west coast speculation and vacancy tax. British Columbia is expected to raise the tax from 0.5% to 2% before the new year. The tax affects foreign owners of real estate, satellite families — those who don’t report the bulk of their income on Canadian tax returns. The provincial finance minister said the provincial tax was introduced on Dec. 31, 2018, to offset what was then considered to be a real estate crisis in British Columbia.  Statistics show the tax has been working as it was intended to work — taxing those... View Article

Wills and estates: Taking digital assets into consideration

On Behalf of Porter Ramsay LLP | Dec, 03, 2019 | Wills And Estates

There are many things to think about when writing an estate plan. When British Columbia residents take some times to think about their wills and estates, they need to pay some attention to their digital assets as well as physical and monetary ones. Digital assets could include social media accounts, email addresses, digital photos, social media pages, online accounts like PayPal and cryptocurrencies like Bitcoin.  Canadians who want their social media pages deleted after they’ve died need to leave instructions for an executor to do so. In fact, instructions should be written in a will as to what to do... View Article

Differences between personal injury claims and lawsuits

On Behalf of Porter Ramsay LLP | Nov, 19, 2019 | Personal Injury Law

An individual who is hurt due to the carelessness of another has options when it comes to possible compensation. It is good, however, for British Columbia residents to understand the differences between a personal injury claim and a personal injury lawsuit. The law in Canada says an individual can claim monetary compensation for a personal injury in two ways: file a claim to negotiate a settlement or file a lawsuit. Family members also have the option of seeking compensation if a loved one dies as a result of an injury that was not his or her fault. The obvious difference... View Article

Personal injury: ICBC facing court challenge

On Behalf of Porter Ramsay LLP | Nov, 07, 2019 | Personal Injury Law

Changes to British Columbia’s auto insurance industry has many residents up in arms. The changes would also affect the personal injury claims of many residents since the Insurance Corporation of British Columbia (ICBC) is trying to curb its losses. Trial lawyers have begun two challenges to ICBC reforms, indicating in one instance that the $5,500 cap on pain and suffering claims for minor injuries and the move to direct disputes under $50,000 to the Civil Resolution Tribunal are out of line.     The B.C. Supreme Court already sided with lawyers in its ruling that it is unconstitutional to limit the number of expert reports... View Article

What does an executor do?

On Behalf of Porter Ramsay LLP | Oct, 24, 2019 | Uncategorized

Generally speaking, an executor winds up the estate of the deceased and administers gifts and inheritances to beneficiaries. However, this responsibility is easier said than done. The executor, also called the estate trustee, may have had a discussion with the testator about the process of winding up an estate. However, if further clarification is needed, it’s best advised to consult with an experienced estates lawyer. He or she will be able to help the estate trustee put into motion all the steps that need to be completed in order to administer the will. If the estate trustee should so wish,... View Article

International students play large role in real estate market

On Behalf of Porter Ramsay LLP | Oct, 23, 2019 | Real Estate Law

It seems that students who come to the country from abroad for their educations are having an impact on the housing situation. Many international students flock to British Columbia and the latest data regarding real estate deals shows their pull on the industry. Each student pays about $12,000 a year for housing with foreign student enrolment in the province skyrocketing 300% over the last decade.  Canada tops the list of destinations for foreign students and apparently 95% of them who study here recommend the country to their friends. These students spend about $8 billion every year in various locations in... View Article

British Columbia family law: Mortgage options during a divorce

On Behalf of Porter Ramsay LLP | Oct, 09, 2019 | Family Law

One of the most nerve-wracking and emotional experiences in life is going through a divorce. Family law in British Columbia makes the rules under which divorce falls. These rules also cover the family home. Some couples may wonder what happens to the home — especially when there is a mortgage involved. The first question that needs to be answered is whether the home will be sold or whether one person intends to stay; but the decision hinges on whether the individual choosing to stay would be able to qualify for a mortgage on his or her own. Both parties should... View Article

Personal injury: People hurt, 2 dead in boating incident

On Behalf of Porter Ramsay LLP | Sep, 25, 2019 | Personal Injury Law

Those who are injured in accidents when someone else is at fault have the right to discuss their options with a lawyer, and the family members of those who are killed, have the same right. Personal injury law in British Columbia outlines the options those people have under a definitive set of guidelines. The people who were hurt — and the families of those who were killed — in a recent boating crash involving Canadian TV personality Kevin O’Leary have the option of launching personal injury lawsuits. The drivers and owners of the crafts involved in the incident could be faced with lawsuits... View Article

Family law: Proposed legislation aims to clarify CCB payments

On Behalf of Porter Ramsay LLP | Sep, 11, 2019 | Family Law

Thousands of benefits could be at risk with the revamping of the term, shared-custody parent. The federal government recently introduction draft legislation that would change family law regarding what shared custody means. British Columbia parents could be affected by the legislation since a shared-custody parent would have to live with his or her children at least 40% of the time every month.  The legislation is aimed at giving clarification to the Canada Child Benefit (CCB) which gives low and middle-income families monthly, tax-free funds to help defray the costs of raising their kids. It is hoped this legislation might mitigate the... View Article