4 things to think about this time of year

The beginning of a new year is a time of hope, love, charity, family, potential and the promise of a better tomorrow.

As a senior lawyer with more than 40 years of experience, I often reflect this time of year on how I can best help people. When my children were small, when asked what a lawyer does, they responded “lawyers help people.” Helping people and guiding their growth has always been our motto.

As we begin a new year, here are some things for people to consider.

Get your house in order

Get your Will done, regardless of your age. If you have children, you want to make sure they are taken care of – financially and in terms of guardians, if they are young – in the event of tragedy. If you don’t have a Will, controversy is almost guaranteed, and no one needs that. In the end, Wills and Powers of Attorney are musts. Everyone – single, married, divorced, rich or poor, young or old – needs a Will and Powers of Attorney.

Meet with your lawyer or accountant

Early in the New Year is a good time to meet with your lawyers and accountants to discuss your affairs. Start with a view to exercising the best tax and succession planning you can achieve, to minimize taxes now and in the future.

Plan your homebuying strategy

If you are looking to buy a home in January to March, this period may provide many opportunities to take advantage of the market. See your financial institution and pre-qualify for a mortgage, and then set your sights on what you can afford. And be picky as, for a change, it is a buyers’ market. Find the right real estate agent and lawyer in advance. Remember, hire an agent who knows the area where you wish to buy, and do your due diligence and reference checks. A good agent is a blessing; a bad one is a curse. Find a lawyer who specializes in real estate, not someone who just dabbles in it as part of their practice.

Consider incorporation

If you own a small business, consider incorporating, as it may be advantageous from a liability perspective and for tax minimization. If you have a company, remember, you need a minute book and one that is up to date. Every corporation is required to have a book filled with bylaws, resolutions and minutes, and these need to be maintained, as Canada Revenue Agency will not be happy if you don’t have an up-to-date minute book on a spot audit. Your corporate lawyer and counsel is responsible for doing this, so this is a great time of year to ensure it’s being managed properly.

On behalf of Schwarz Law Partners LLP, I wish you all a happy, healthy and prosperous New Year.