By Sam Billard of Aird & Berlis LLP
The Grant Estate case [312 D.L.R. (4th) 366 (R.S.O. 1990 C.L.15)] is, on its face, a decision relating to the Limitations Act (R.S.O. 1990 C.L.15) of Ontario which has since been replaced and so is of little interest. However, it is a sensible commercial judgment by the Ontario Court of Appeal of the sort we like to see. It makes a couple of points that affirm assumptions many have made about how the law works or should work, and is of some interest for that reason.
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This site earned a first-column mention in the March-April issue of CGA Magazine, distributed by the national association to about 68,000 members and students. Have a look: http://bit.ly/CGAMagazine
Thank you, readers!
By Norman I. Kahn of Aird & Berlis LLP
Introduction
Following and sometimes in anticipation of a default by a borrower, the mortgage lender must decide whether to proceed to enforce its rights under its security as soon as its right to do so has crystallized, or whether to work with the borrower to attempt to resolve the pending or actual crisis in their relationship. Unless the lender is prepared to waive the default entirely, some positive action is almost always recommended to the lender by its legal counsel.
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By Mark E. McElheran of Stikeman Elliott LLP
The 2010 Canadian federal budget was delivered on March 4, 2010. The budget contains a number of interesting developments and implications for the Canadian structured finance market.
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I have now posted the newly released Superintendent’s Standards for surplus income for 2010. I have also updated the Sample Surplus Income Calculation.
The Superintendent’s standards are derived from the Low Income Cutoffs (LICO) released by Statistics Canada. The Superintendent of Bankruptcy uses the before-tax LICO for urban areas with 500 000 people or more.The 2010 standards are updated by adding to the 2008 LICO the 2009 Consumer Price Index (CPI) of 0.26 percent, plus a 1.7 percent adjustment reflecting the 2010 CPI expectation. Because the actual and expected changes in CPI are currently so low, there has been very little change in this year’s standards.
Managing an accounting firm can become overwhelming when you are juggling personal life, office management, and business matters on top of your accounting practice. Some accountants may have trouble letting go of control when they have been trained to do everything for themselves both in school and in the early years of their practice. Learning to ask for help can help you mitigate stress, and it can be key to your financial success because delegating work to the least expensive competent worker will increase production and profits.
Learn how to ask for help and what projects to delegate by following these tips:
- Don’t wait until you are angry and frustrated with too much work before you consider bringing in reinforcements. Waiting will just create stress, and can even lead
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Stewart Hall of HSBC Securities Canada issued his comments on today’s Bank of Canada interest rate announcement. [See all of his comments on other economic matters in our Stewart Hall Archives.]
He concludes from the Bank of Canada announcement that, “A policy change is coming, but it is looking like evolutionary change rather than revolutionary… We continue to forecast a rate hike in September of 2010.”
Given the record levels of Canadian consumer and mortgage debt, as interest rates increase many debtors will find their own “tipping point”, where monthly minimum payments exceed monthly maximum earnings.
“Now” is always a good time to sell over-leveraged assets. Including houses…. Ancient wisdom: Greed blinds.
[See all of his comments on other economic matters in our Stewart Hall Archives.]
