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]

In this blog we post a seminar by our lawyer of choice Greg Weedon on the subject of the buyers’ real estate contract breaches. The seminar is fairly lengthy at about an hour and twenty minutes, to help navigate the video we have posted topic timeline below and we suggest watching the video along with the summary prepared by Greg and posted here. The seminar is designed for the real estate agents, but we think anyone interested in the process would find it interesting, there are... [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]

In the hot real estate market we almost never hear of an escape clause because the properties are often sold in multiple offers situation and without conditions, in the slower markets the escape clause happens more often. The escape clause in not limited to real estate and can happen in any type of contract.  Essentially the escape clause means that a party to a contract can escape or get out of the contract without a penalty. The clause can be used be either buyer or... [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]