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FAQ

  • 2. Can I draft my own will?
    Not a great idea, as legal advice is recommended to ensure the document complies with all Alberta regulations. A self-made will might not be enforceable if it doesn’t meet legal requirements.
  • 4. Do I need an executor, and whom should I choose?
    An executor, now referred to as a Personal Representative, administers your estate upon your death, managing assets, debts, and distributions. Choose someone trustworthy and capable, as the role involves time and responsibility.
  • 1. Why do I need a will?
    Having a will ensures your assets are distributed as you wish, helping avoid disputes among beneficiaries and ensuring that your children are cared for as per your wishes.
  • 5. How often should I update my will?
    Major life events, like marriage, divorce, or the birth of children, should prompt a review of your will to ensure it aligns with your current situation and intentions.
  • 3. What happens if I die without a will?
    Dying intestate means Alberta’s intestacy laws will decide asset distribution. This could result in a distribution plan that doesn’t align with your preferences.
  • 5. Can I convert agricultural land to residential or commercial use?
    Land use conversions require rezoning and approval from local authorities, often involving environmental and community impact assessments.
  • 4. What taxes are applicable when selling agricultural land?
    Capital gains tax and, in some cases, GST may apply to the sale of agricultural land. Consult a tax advisor to understand specific tax liabilities.
  • 1. What should I know before buying agricultural land in Alberta?
    Consider soil quality, zoning, water access, and potential land use restrictions. Evaluate long-term investment potential based on local development plans.
  • 3. What financing options exist for purchasing agricultural land?
    Buyers may explore traditional loans, agricultural-specific financing, and government assistance programs tailored for rural investments.
  • 2. Are there restrictions on foreign ownership of agricultural land in Alberta?
    Alberta restricts non-residents and foreign-controlled corporations from owning more than 20 acres of agricultural land.
  • 1. What is estate administration, and why is it necessary in Alberta?
    Estate administration involves managing and distributing a deceased person's assets according to their will or Alberta's intestacy laws. It ensures assets are distributed fairly and debts or taxes are paid.
  • 3. How long does estate administration usually take in Alberta?
    Estate administration can take several months to years, depending on complexity, asset types, and any disputes. Typically, simple estates take 6 to 12 months, but probate or legal challenges may extend this timeline.
  • 2. What are the main duties of an executor in Alberta?
    Executors, now referred to as Personal Representatives, manage the estate’s financial affairs, including paying debts, filing taxes, and distributing assets to beneficiaries. They must follow Alberta's legal requirements and act in the estate's best interest.
  • 5. What happens if someone dies without a will in Alberta?
    When someone dies intestate (without a will), Alberta’s Wills and Succession Act determines how their assets are distributed among relatives, such as spouses, children, and potentially other family members.
  • 4. What taxes are involved in estate administration in Alberta?
    Canada doesn’t have estate taxes, but final income taxes are due on the deceased's income and gains. Executors may need to file multiple tax returns, including the final and trust returns for the estate.
  • 2. What are the key responsibilities of directors in Alberta corporations?
    Directors in Alberta have fiduciary duties, including acting honestly, avoiding conflicts of interest, and ensuring financial accountability. They must act in the best interests of the corporation, which includes adhering to provincial and federal laws.
  • 3. How is a shareholder agreement beneficial for Alberta businesses?
    A shareholder agreement outlines each shareholder’s rights, responsibilities, and share transfer rules. It’s essential for preventing disputes and providing a clear framework for governance, especially in closely held corporations.
  • 4. What are the differences between provincial and federal incorporation in Alberta?
    Provincial incorporation limits business operations to Alberta, while federal incorporation allows businesses to operate nationwide. Each option has distinct benefits regarding business reach, regulatory requirements, and name protection.
  • 5. What is the process for dissolving a corporation in Alberta?
    Corporate dissolution requires board approval, filing dissolution documents with the Alberta Corporate Registry, and resolving any outstanding liabilities or taxes. Proper dissolution helps avoid future legal and tax obligations.
  • 1. What are the steps to incorporate a business in Alberta?
    Incorporating a business involves choosing a business name, completing the Articles of Incorporation, filing with the Alberta Corporate Registry, and fulfilling initial organizational requirements. Consulting a lawyer can help streamline the process and ensure compliance.
  • 4. What are the key responsibilities of a commercial landlord and tenant in Alberta?
    Commercial landlords and tenants must comply with lease terms regarding rent, maintenance, insurance, and repairs. Lease agreements often outline who is responsible for specific building repairs, including structural components.
  • 3. How do non-compete clauses work in Alberta?
    Non-compete clauses restrict a former employee or business partner from competing within a specific area and timeframe. Alberta courts assess the reasonableness of these clauses, balancing business protection with individual employment rights.
  • 2. What should be included in a commercial contract in Alberta?
    Essential components include a clear description of services or goods, payment terms, dispute resolution processes, and termination clauses. Precise terms help prevent misunderstandings and protect both parties in the event of a dispute.
  • 5. What are the legal steps to enforce a commercial contract in Alberta?
    Enforcing a contract typically involves negotiation, mediation, or litigation if necessary. Alberta law requires that both parties act in good faith, and a lawyer can assist in determining the best approach for enforcement.
  • 1. What is the difference between a commercial lease and a residential lease in Alberta?
    Commercial leases often provide less statutory protection than residential leases and are more flexible in terms of negotiation. Business owners should review terms like lease duration, rent increases, and maintenance obligations carefully before signing.
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