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Trusts: Facts and fiction

May 2011

The use of trusts by a business owner for tax or estate planning is still misunderstood. It is important to study the different aspects of a trust to determine whether it could be the appropriate vehicle to hold some of your assets. The tax and other advantages that come from setting up a trust should be considered as a whole with a mid to long-term perspective. In order to benefit fully from these advantages, we recommend obtaining the advice of an expert as early as possible in the corporate life of your business. This advice should not be limited only to the creation phase of a trust but, throughout your business' growth and even up to its sale, purchase of assets or even in the event of a death.

Beware of the Words "Final Payment" on a cheque

March 2011

The general principle is that cashing a cheque, bank draft, money order or other instrument bearing the words "final payment" or accompanied by a letter indicating that the cheque constitutes final payment creates a presumption of fact that the debt is extinguished by the payment.

Les clauses de non-recours insérées dans les documents d'appels d'offres sont-elles valides?

March 2011

In the case of Tercon Contractors ltd. v. British-Columbia (Ministry of Transportation and Infrastructure), the Supreme Court of Canada states that the province of British-Columbia overlooked the basis of its own call for tenders and, in doing so, disrupted the balance amongst the bidders by awarding the contract to a business that was ineligible to bid. The court struck down the exclusion clause incorporated into the call for tender documents and upheld Tercon’s claim regarding loss of profits. (Available in French only)

De Grandpré Chait 2010 Annual Review

January 2011

Our firm is proud to present its 2010 Annual Review, which highlights some of our clients’ accomplishments over the past year and is a tribute to their confidence in De Grandpré Chait’s ability to help them reach their goals.

Québec Business Corporations Act

January 2011

The Québec Business Corporations Act will come into force on February 14, 2011. How will this "new" statute affect companies previously incorporated under the Québec Companies Act? This article provides a summary of the principal provisions and their potential impact on your company.

The new property assessment rolls for the agglomeration of Montréal

January 2011

January 1, 2011 marked the coming into force of the new property assessment rolls for the 16 municipalities forming the agglomeration of Montreal. These rolls will be used as a basis for levying municipal and school taxes for at least the next three years. That value can only be contested during the first year of the roll, before May 1st. After that time, the owner will have to live with the value assigned to his property for at least three years, until the next rolls are deposited.

Precision drafting: Making the clauses reflect intent

November 2010

The types of agreements real estate lawyers typically draft or review, such as leases, mortgages, reciprocal contractual easement and operating agreements and development agreements, are often long term contracts. The longer the duration, the less likely the original negotiators will be available to explain intent when an interpretation dispute arises.