Solicitor Bar Exam Ontario Exam
Questions with Correct Verified
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1. When advising a spouse regarding their interest in a Will a
lawyer should explain they may be entitled to what benefit? -
ANS ✓A spouse is entitled to an equalization payment if the spouse
does not gift 100% of their estate.
2. A testator owned his home valued at $200,000 and RRSP's with
no beneficiary, valued at $20,000. What is the amount of estate
administration tax payable in probate? - ANS ✓$5 per $1000 for
estates under $50,000; $15 per $1000 for estates over $50,000.
3. A bank accepts a power of attorney and relies on its validity
when releasing funds to the attorney however the power of
attorney has been revoked. Who has liability for the $5000
taken? - ANS ✓the bank is protected by s.13 of the SDA when
honouring a POA which they have not received notice of revocation
for.
4. Upon death a joint tenancy is owned by whom, the estate of the
deceased or the joint tenant-if different? - ANS ✓the impact of the
death of one joint owner may still leave beneficial ownership of some
or all of the property in the estate of the deceased joint owner
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5. What property categories are excluded from the calculation of
estate administration tax? - ANS ✓Real property outside of Ontario
is not considered in estate administration tax.
6. When does a continuing power of attorney become effective? -
ANS ✓a continuing power of attorney becomes effective depending
on the terms outlined in the document and remains active after
incapacity.
7. When would a 16 year old living in Toronto who is a student and
employee be capable of signing a continuing power of attorney?
- ANS ✓a grantor of a POA for property must be capable of
understanding their assets and obligations to dependants and the
value of their assets. 18 is generally understood to be age of capacity
but is not required for signing a POA.
8. BIA - ANS ✓Bankruptcy and Insolvency Act
9. What is a difference between an asset acquisition and a share
acquisition? - ANS ✓A share acquisition generally does not disturb
existing pension and benefit plans but an asset acquisition may.
10. Who may be eligible to receive payment under the wage
earner protection program act when a corporation declares
bankruptcy? - ANS ✓Former employees who are owed wages for up
to 6 months prior to the bankruptcy may qualify to receive payment
under the WEPPA.
11. What remedy is available to one but not the other where
there is a secured creditor of a bankrupt company and an
Solicitor Bar Exam Ontario
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unsecured creditor. - ANS ✓A secured creditor can seize assets
subject to the security without obtaining a court judgement.
12. Your client wants an opinion regarding his potential
purchase of a corporation. What would the client not expect to
be included in this opinion? - ANS ✓The client may be surprised to
read an assumption of liability by the lawyer of any work completed
by 3rd parties including accounting firms when providing an opinion
on a corporate purchase.
13. What is not a component of a corporate arrangement
pursuant to the OBCA? - ANS ✓OBCA corporations do not have an
automatic dissent right available to shareholders
14. OBCA application for continuance not required? - ANS
✓Under the OBCA an application for continuance is not required to
be authorized by an ordinary resolution of shareholders.
15. What is the best method for perfecting a security interest
in securities? - ANS ✓Perfection by control is the best method for
perfecting a security interest in securities.
16. GSA - general security agreement - ANS ✓A GSA will usually
contain representations and warranties and positive and negative
covenants. But a GSA cannot create a valid legal charge over real
property interests.
17. Is the OSC - Ontario securities commission - limited to
securities laws? - ANS ✓The OSC powers are NOT limited to the
enforcement of securities laws.
Solicitor Bar Exam Ontario
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