Assignments Explained In Simple Terms

Sunday Apr 12th, 2020

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In this blog I will try to explain basics of assignments, the general terms apply to any region in Canada, some specifics will be related to Ontario and more specifically GTA. What is an assignment. Assignment is when the seller sells the interest in the property (contract with the builder) before they actually own the property (before the seller’s name is on the title). In real estate transaction the assignments can happen for preconstruction and resale, in practise it is very rare... [read more]

Residential Property Flipping Rules – January 1, 2023.

Sunday Dec 4th, 2022

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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]

POTL - What is that?

Friday Oct 7th, 2022

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What is POTL. The term is associated with certain types of properties, in this short blog we will explain what it means as well as how it affects some properties. POTL is short for A Parcel of Tied Land. The most common forms of ownership of properties are freehold (detached or semi-detached homes, freehold townhomes) and Standard Condominium Corporation (your typical condo apartment, condo townhomes). POTL in the context of GTA residential real estate ownership refers to a... [read more]

HST rebate on new construction – 1 year rule internet legend.

Sunday Nov 13th, 2022

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Since in this blog we are discussing tax rules, I would strongly suggest you to get the advice from a qualified tax specialist. What prompted us to write a blog on the subject is frequent misinformation posted on various popular online forums stating that one must reside in the property for 1 year or more in order to qualify for the hst new construction rebate. Before we get to it let’s quickly recap what is the new construction hst rebate, and how it works in Ontario. A... [read more]

Condos Allowing Short Term Rentals DT Core

Tuesday Oct 27th, 2020

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People who are interested in living in or investing in DT condos are often asking which building do, and which once don’t allow short term rentals. The truth is the majority of the condos don’t permit short term rentals and it is stated in their bylaws, of the buildings who are not allowing them there are some who enforce it strictly, and others that don’t. City of Toronto at the end of 2019 implemented new rules and regulations for short term rentals, there are certain... [read more]

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