Trusted Tips and Resources

Trusted Tips & Resources

Trusted Regina Real Estate Lawyer Robert MacKay asks: Do you know what kind of mortgage you have?

MacKay & McLean provides the professional services of a large Regina law firm, with the intimate attention of a small firm. The legal process can be daunting and overwhelming, but it doesn't have to be. MacKay & McLean is with you every step of the way.

MacKay &  McLean are TRUSTED REGINA LAWYERS

When looking to buy, sell, or refinance a property, you need to hire somebody who is not a stranger to addressing the real estate needs of individuals and families. 

What an exciting time – the old house is sold, the new one is ready, and all that’s left is the move…..oh wait – not quite yet! There is all that legal “stuff” to deal with now….signatures….titles to be given…and pages and pages of documents that need to be signed before the key is in your hand!!! And to top it all off – who really knows a good real estate lawyer?

Do you know what kind of mortgage you have?

Hardly anyone pays attention to what type of mortgage they have. 


Sure, they know whether they have a fixed rate, a variable rate or an adjustable rate but few are aware that their mortgage will have a particular legal standing or why it is important.

When a market goes up, it's all roses and sunshine, at least if you already own your own home. Trying to buy in such a market can be a scary proposition. When the market goes down, well, that's scary too but for different reasons. 

Buying a house to find out it might be worthless in a year's time is not a fun proposition. However, we all still need a place to live and the markets will do what it will do.

In the event the downturn is significant or if you know what hits the proverbial fan, all of a sudden that legal distinction can be very important. 

Purchase Money Mortgage

For if you have what is known colloquially as a "purchase money mortgage", money borrowed to buy the property, then the bank's recourse is limited to the seizure and sale of the property.

So, if it sold for $1.00 but you still owed $1,000,000, well, the bank will be hoping its mortgage was insured, as they are not unable to chase you for any deficiencies under the mortgage.

This is an important consideration in a lot of foreclosures, as a lot of people have refinanced their property to consolidate debt or finance renovations. Luckily, the portion of the mortgage that related to the property's purchase is still protected.


Once you have committed to either buying or selling your property, simply tell your realtor and lender, as applicable, that Robert MacKay will be representing you and to forward the appropriate instructions to MacKay & McLean, attention "Robert MacKay". 

Robert MacKay's team provides professional, personalized service and with their assistance, you can rest assured that your real estate transactions will be handled with the utmost consideration and care.

They  provide a full range of legal services including:

  • Real Estate & Mortgages
  • Wills & Estates
  • Family Law & Divorce
  • Commercial & Corporate Law
  • Litigation & Personal Injury

ROBERT Mackay is your TRUSTED REGINA REAL ESTATE LAWYER!


Trusted Regina Lawyer Robert MacKay explains how having primary and secondary wills

MacKay and McLean provide the professional services of a large Regina law firm, with the intimate attention of a small firm. The legal process can be daunting and overwhelming, but it doesn't have to be. MacKay and McLean is with you every step of the way.

MacKay and McLean are TRUSTED REGINA LAWYERS


It is said that in this world, nothing is certain but death and taxes. Modern estate planning aims to assist individuals to navigate both of these unpleasant certainties.  Preparing double wills is an estate planning technique which minimizes the number of probate fees (estate administration taxes) payable on death by your estate.

Primary and Secondary wills 


Double Wills – Primary (Public Asset Will) and Secondary (Private Asset Will)
Depending on the nature of a person’s assets, it is often beneficial to have a “primary” Will to deal with real property and assets held in financial institutions (public assets) and a “secondary” Will to deal with assets held in a private corporation, personal effects, vehicles, the proceeds of life insurance policies payable to the estate and any other asset which does not require probate to pass to a beneficiary (private assets).
Probate is required in select circumstances, and when it is required for the estate trustee to effectively deal with one asset in a will then all assets governed by that will must be probated. In that event, the estate will be required to pay the estate administration tax on the combined value of all assets governed by the will. Savvy individuals can avoid this problem through the use of multiple wills and proper drafting.

The use of multiple wills received judicial approval in Ontario in Granovsky Estate v. Ontario, 1998 CanLII 14913 (ON SC). Therein the court considered the testator’s use of two wills: a ‘Primary Will’ and a ‘Secondary Will’. The Secondary Will exclusively governed the testator’s private company shares, amounts owing to the testator from said companies, and assets held in trust for the testator by said companies. In other words, the secondary estate consisted solely of those assets that the estate trustee could deal without needing probate. Whereas the Primary Will governed all of the testator’s other assets, for which probate was required. The court in Granovsky found that there was no prohibition in the applicable legislation which could prevent a testator from having both a primary and secondary will – a testator may plan his or her estate as she or he sees fit. Notably, the court held that there was no requirement to submit the Secondary Will to probate or pay the estate administration tax on the value of the assets governed by the Secondary Will.

Following Granovsky, Ontario has witnessed a marked increase in the popularity of multiple wills as a method for effective estate planning. Complimentary to the reduced tax liability are the added benefits of ease of administration of one’s estate and privacy, as a probated will is a public document. These combined benefits make preparing multiple wills a prudent investment for the common sense business owner.


For advice, Robert MacKay's team provides professional, personalized service and with their assistance, you can rest assured that your real estate transactions will be handled with the utmost consideration and care.

They  provide a full range of legal services including:

  • Real Estate & Mortgages
  • Wills & Estates
  • Family Law & Divorce
  • Commercial & Corporate Law
  • Litigation & Personal Injury

ROBERT Mackay is your TRUSTED REGINA LAWYERS!


Robert MacKay your Trusted Regina Real Estate Lawyer expert explains how CRA may penalize you if you fail to report it.

MacKay & McLean provides the professional services of a large Regina law firm, with the intimate attention of a small firm. The legal process can be daunting and overwhelming, but it doesn't have to be. MacKay & McLean is with you every step of the way.

MacKay &  McLean are TRUSTED REGINA LAWYERS


It’s an exciting time – the old house is sold, the new one is ready, and all that’s left is the move…..oh wait – not quite yet! There's all that legal “stuff” to deal with now….signatures….titles to be given…and pages and pages of documents that need to be signed before the key is in your hand!!! And to top it all off – who really knows a good real estate lawyer?

Robert MacKay your Trusted Regina Real Estate Lawyer expert explains how CRA may penalize you if you fail to report it.

Reporting the sale of a principal residence was unnecessary before 2016, the year the federal government announced a series of steps designed to slow the housing market down and close housing-related tax loopholes. Some people used the previous lack of scrutiny of gains from the sale of a home to their advantage, including investors flipping homes, and others who owned both a cottage and a house and weren’t conscientious about declaring which was a principal residence.

CRA says that if you forget to report the sale of a principal residence, you’ll need to amend your tax return for that year as soon as possible. Late reporting may be accepted in some cases, but it’s possible you’ll have to pay a penalty equal to the lesser of $8,000 or $100 for each complete month you’re late in reporting.

In most cases, you won't pay tax on the money you make from selling your home if it was your principal residence every year since you bought it.

If you sold property in 2017 or after that was, at any time, your principal residence, you must report the sale on Schedule 3, Capital Gains (or Losses) corresponding with the tax year and Form T2091(IND), Designation of a Property as a Principal Residence by an Individual (Other Than a Personal Trust). 

According to CRA here is why you must report the sale.

For the sale of a principal residence in 2016 and subsequent years, we will only allow the principal residence exemption if you report the disposition and designation of your principal residence on your income tax return. If you forget to make this designation in the year of the disposition, it is very important to ask us to amend your income tax return for that year. Under proposed changes, we will be able to accept a late designation in certain circumstances, but a penalty may apply.

Once you have committed to either buying or selling your property, simply tell your realtor and lender, as applicable, that Robert MacKay will be representing you and to forward the appropriate instructions to MacKay & McLean, attention "Robert MacKay". 

Robert MacKay's team provides professional, personalized service and with their assistance, you can rest assured that your real estate transactions will be handled with the utmost consideration and care.

They  provide a full range of legal services including:

  • Real Estate & Mortgages
  • Wills & Estates
  • Family Law & Divorce
  • Commercial & Corporate Law
  • Litigation & Personal Injury

ROBERT Mackay is your TRUSTED REGINA REAL ESTATE LAWYER!



Trusted Regina caterer Wallnuts Expressive Catering offers event management!

Wallnuts Expressive Catering offers full event management!



From small intimate gatherings to large and lavish affairs in Regina and around the province, Wallnuts is able to make your event as unique as you! If your event is an elegant cocktail reception, formal gourmet dinner or laid back afternoon barbecue, They will make your dream a reality.

Passionate about what they do, they strive to ensure all celebrations are exceptional. They work with the best in the business and together set trends rather than follow them.  They work with clients to exceed expectations and ensure that each celebration is personal and truly reflects who you are as individuals... they want to share your sense of values and style. 

    


Wallnuts works with you to design the entire experience and take care of all the details.Packages are entirely customized for you and your day. The goal is to make you a guest at your own event. Walk in awed and walk out thankful that you trusted them to deliver the perfect experience.

Wallnuts does much more than just cater, they can also provide bar services to match the theme and mood of the event. They work with the best decorators in town to manage the entire set up and tear-down and ensure your vision comes to life. 

Whatever is needed, they will take care of it. At the end of the night they clean everything up so you don't have to worry about a thing.

Check out Wallnuts Expressive Catering here to find out more and book them today!

Wallnuts are a TRUSTED Regina Caterer.