Residential Property Flipping Rules – January 1, 2023. As of  January 1, 2023 new rules are being implemented to ensure profits form residential properties flipping are subject to full taxation as business income.   The old rules. Under the old rules there was a lot of room for interpretation and there wasn't a specific time of ownership of 12 month required of owing the property (many people thought this was the requirement, but that’s not the case). The... [read more]

UPDATE: the filing deadline for 2023 VHT is February 29, 2024. The declaration portal is up and running. By now every homeowner of a residential property in Toronto should have received a letter notification from the City of Toronto about filling out the questionnaire regarding the status of their property for the purpose of the Vacant Home Tax reporting. If you have not received the notice, you will still need to file the declaration or face fines. The filing is mandatory for every... [read more]

February 2024 update. The 2 year foreign buyer ban originally introduced in 2022 has been extended until 2027. Original post. As we are nearing the end of 2022 we will be faced with new regulations coming to life as of January 1, 2023, one of them is a temporary 2 year foreign buyer ban. The temporary ban is introduced with the intent of making housing more affordable for Canadian residents. Any contractual obligations arising from the contracts signed prior to January 1, 2023 will... [read more]

In short title insurance is very important, before we explain why lets briefly summarize what title insurance is. What is title insurance? Title insurance is a policy that protects residential and commercial property owners and their lenders against the losses resulting from the property title or ownership. There are tow main types, owner’s policy and lender’s policy. Is title insurance mandatory? No, it is not. If there is a mortgage on the property the lender may... [read more]

First Home Savings Account (FHSA) was first announced in 2022 and is finally available as of April 1, 2023. In this article we will summarize the main aspects of this program and go into details further down, if you have a question that hasn’t been answered just drop us a line. As a general comment, the federal government has been recently introducing other programs such as The First-Time Home Buyer Incentive which flopped miserably and gained almost no traction, on the other hand... [read more]