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QAFP > Family And Business Law > Flashcards

Family And Business Law Flashcards

1
Q

Tort law

A

Allows injured person to obtain compensation from person causing it
- must prove duty of care

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2
Q

What branch of Canadian government is parliament

A

Legislative branch

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3
Q

What makes up legislative branch of government 3

A

Governor General
Senate
House of Commons

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4
Q

How do bills become law

A
  • Senate and House of Commons pass bill

- royal assent given by Governor General ( always has to grant it)

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5
Q

Undivided property ownership

A

All owners have equal rights to use and enjoy

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6
Q

Divided property ownership

A

Each owner does not have full access to use property

I.e. interest is limited to their share

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7
Q

Filial support

A

Support parents

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8
Q

2 entities that create law in Canada

A

Federal, provincial and territorial government legislatures

Federal,provincial and territorial courts

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9
Q

What laws do federal, provincial and territorial government legislatures make

A

Statutory laws, forbid or require actions

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10
Q

What laws do federal, provincial and territorial courts make

A

Case or common law

- laws made on previous decisions and rulings by judges

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11
Q

4 purposes laws serve

A

Maintain order
Framework to resolve issues
Safety
Social policies

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12
Q

2 major types of laws in Canada

A

Public

Private

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13
Q

Purpose of public law

A

Rules concerning relationship between individuals and society

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14
Q

3 division of public law

A

Criminal
Constitutional
Administrative

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15
Q

What is constitutional law

A

Defines relationships between branches of government

Limits government powers I.e. human rights

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16
Q

What is administrative law

A

Deals with actions and operations of government

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17
Q

Another name for private law

A

Civil law

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18
Q

What is the purpose of private law

A

Sets rules between individuals, settles disputes

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19
Q

3 areas of private law

A

Tort law
Family law
Estate and trust law

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20
Q

What legal system applies to all provinces except Quebec

A

Common law

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21
Q

What legal system applies to Quebec

A

Civil law

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22
Q

2 meanings of civil law

A
  • legal system in Quebec

- matters of private law

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23
Q

2 meanings of common law

A
  • legal system of most provinces

- case law made by courts

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24
Q

Areas that are responsibly of federal government

A 
Inter provincial trade
National defence 
Criminal law 
Money
Patent 
Postal service
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25
Q

Areas that are responsibility of provincial government

A 
Hospital 
Prison 
Education 
Health 
Marriage 
Road regulation 
Property 
Civil rights
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26
Q

Each federal and provincial government has 3 branches of government

A

Executive branch
Legislative branch
Judicial branch

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27
Q

What does the executive branch of federal/provincial government do

A

Decision making

Queen of England- Governor General, prime minister and cabinet

28
Q

What does the legislative branch of federal/provincial government do

A

Makes statutory law

Federal level is parliament ( Governor General, senate and House of Commons)

29
Q

What does the judicial branch of federal/provincial government do

A

Independent courts interpret and apply government laws

30
Q

Two main categories of property

A

Real and personal

31
Q

What is real property

A

Land and things attached to land

32
Q

What is personal property

A

Anything owned that is not real ( land or attached to land)

33
Q

Two main types of personal property

A

Tangible and intangible

34
Q

What is tangible property

A

Something your client owned that can be viewed and handled

35
Q

What is intangible property

A

Property that can not be viewed

I.e. intellectual property

36
Q

How can you protect intellectual property

A

Patent for a period of time
Trademark to protect words, sounds, design
Copyright to protect right to publish, print for a period of time

37
Q

Property can have two different types of owners

A

Legal

Beneficial

38
Q

Legal ownership of property

A

Holds title

39
Q

Beneficial owner of property

A

Entitled to use or benefit of property, do not necessarily hold title

40
Q

Legal ownership can be further divided into two categories

A

Sole

Joint

41
Q

Two forms of joint ownership

A

Joint tenancy

Tenancy in common

42
Q

Definition of joint tenancy

A

Each owner only owns portion on property

43
Q

Definition of tenancy in common

A

All owners have equal interest in entire property

44
Q

Who governs the ownership of property

A

Provinces

45
Q

Four specific rights that a property owner may have

A

Right to own, use and enjoy
Earn income from property
Sell, dispose of, or gift property during owners lifetime
Dispose of property at death

46
Q

What does the right to own, use and enjoy property mean

A

For multiple owners there could be restrictions

How they use the property
When

47
Q

What does earn income from property mean

A

Multiple owners splitting income can affect taxes payable, is income split with percentage ownership?

48
Q

What does sell, dispose of, or gift during owners lifetime mean

A

Can people sell their portion without others consent?
For property all owners must sign
Some joint I.s. Bank need only one signature

49
Q

Restrictions on rights of ownership by provincial and municipal laws. 2

A

Zoning can restrict use

Provincial laws - family laws require spouses consent to sell matrimonial home

50
Q

Benefits of joint ownership 4

A

Simplicity
Assistance in managing property
Income splitting - except if attribution rules apply
Avoiding probate

51
Q

Risks of joint ownership. 6

A 
Loss of access or control for normal use
Loss of control for estate planning 
Litigation 
Tax liability 
Division of property 
Claims by creditors
52
Q

What factors court consider when establishing a client intention 5

A

Relationship between transferor and receiver of property- assume gift to child
Whether transfer of property was gratuitous- assume resulting trust
Control of property - one person controls
Use of property - used equally
Paying taxes
Purchase or other funding of property- each contribute

53
Q

Advantages of partnerships 4

A

Easy and cheap
Shared start up costs
Tax advantage- shared income

54
Q

Disadvantages of partnerships 4

A

No legal difference between business and each partner
Unlimited liability
Suitable partner
Conflict

55
Q

Advantages of incorporating 6

A 
Limited liability 
Transferable ownership 
Continuous existence 
Separate legal entities 
Easier to raise capital 
Lower business taxes
56
Q

Disadvantages of incorporation 5

A 
Closely regulated 
More expensive 
Documents 
Conflict 
Residence and citizenship of director need to be proven
57
Q

What is a cooperative

A

Owned and controlled by association of.members
Can be for profit or non profit
Least common form of business

***all are incorporated

58
Q

Characteristics of cooperative 4

A

Provide product or service
Processes and markets products or services
Provides employment
Serves needs of shareholders

59
Q

Advantages of cooperative 4

A

Owner and controlled by members
Democratic- one member one vote
Limited liability
Profit distribution to members

60
Q

Disadvantages of cooperative 5

A 
Hard decision 
Needs all to participate 
Conflict 
Extensive record 
Less incentives to invest more
61
Q

What is a non profit

A

Society, club
Not a charity
Exempt from tax
***May be incorporated or not (separate entity from members)

62
Q

To be non profit it must have a particular purpose 5

A 
Social welfare 
Civic improvement 
Pleasure 
Recreation 
Any other that’s not profit

I.e. sports group

63
Q

What is a Registered charity

A
  • charitable organization or foundation created and resident in Canada
  • Separate legal entity
  • **. Exempt from taxes
64
Q

A registered charity must have a charitable purpose 3

A

Relieve poverty
Advance education or religion
Benefit community

65
Q

Advantages of registered charity 4

A

Tax receipt
Exempt from tax
Can receive grants
Favourable public perception

66
Q

Disadvantages of registered charity 6

A

Onerous report
Detailed records and annual return
Meet disbursement quota
Restrictions to just charitable activities
Restrictions on political activities
Restrictions on disbursement of donations

QAFP (12 decks)

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