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]

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]

Hello first time home buyers. The process of buying the first home is a very exciting experience, but it can be tasking and overwhelming. In order to encourage home ownership and lessen the financial burden various levels of governments offer credits and incentives for first time home buyer, and they can add up to fairly significant amounts. I would like to explain to you the credits, their benefits, what they are and how to apply for them. There are many requirements and rules that need... [read more]

The below write up concentrates on Ontario rules but some elements and principals can be applied anywhere. What is a Status Certificate. Status certificate is a document that provides essential information regarding the financial status of the unit and the condo corporation. What’s included in the Status Certificate. Financial statements, budgets, special assessments, liens, arrears, lawsuits, condo declaration, by-laws, reserve fund study, insurance policy and claims,... [read more]

Real estate around GTA has been a great investment for many decades, the prices have appreciated over time, if anyone was unlucky and purchased at the peak prior to a correction, given enough time they were able to recover and show significant gains, most people who invested in rental properties have accumulated significant wealth, in reality owning real estate in GTA equals wealth. Why GTA? Why invest in GTA? The answer is actually very simple: the populations is growing, it attracts... [read more]