FOUR PROGRAMS: Mortgage Math for Lawyers AND New Real Estate Programs: Statements Added to Land Transfer Tax AND Update on Mandatory Disclosure Rules AND How Limitation Periods Apply to Corporation Disclosure Requests

Mortgage Math for Lawyers examines three months’ interest in mortgage transactions through section 17 of the Mortgages Act and section 8 of the Interest Act. The presentation highlights how timing, maturity, default, redemption, and enforcement steps affect whether three months’ interest is treated as permissible compensation or a prohibited penalty, with practical guidance for mortgagees and mortgagors on preserving rights, challenging improper charges, and managing enforcement risk. 

New Real Estate Programs: Statements Added to Land Transfer Tax examines the First-Time Homebuyer land transfer tax refund and the new Teraview declaration requirements effective June 16, 2025. The presentation highlights front-end compliance, statutory eligibility definitions, co-purchaser issues, refund calculations, limitation periods, post-registration refund applications, and practical due diligence steps for protecting client entitlement and reducing registration risk. 

Update on Mandatory Disclosure Rules examines Bill C-47’s changes to Canada’s mandatory disclosure rules under sections 237.3 and 237.4 of the Income Tax Act, including reportable transactions, notifiable transactions, reporting obligations, solicitor-client privilege, and penalties for non-compliance. The presentation highlights the Federation of Law Societies of Canada’s constitutional challenge and the court order exempting legal professionals from the new reporting requirements pending resolution of the challenge, offering practical guidance for recognizing disclosure issues, assessing privilege concerns, and advising on tax-sensitive transactions. 

How Limitation Periods Apply to Corporation Disclosure Requests examines Lagana v. 2324965 Ontario Inc., 2025 ONCA 607, and the application of the Limitations Act, 2002 to corporate disclosure obligations under the OBCA. The presentation highlights how shareholder requests for financial information may engage limitation period analysis, how a statutory compliance request can qualify as a “claim,” and why the analysis turns on statutory interpretation and the nature of the underlying obligation being enforced. It offers practical guidance for requesting clients and corporate clients on timely documentary disclosure, accurate financial records, and reporting letters that address potential limitation period concerns.