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 an effort to minimize the deficit the municipality of Toronto is introducing or proposing multiple measures to combat the deficit, one of them will be additional thresholds of the land transfer tax for residential properties selling at $3M or more starting January 1, 2024. Residential properties affected by it are defined as single family residences with no more than 2 residential units. The graduated municipal land transfer  for high value residential properties will be as... [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]

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]

We have been asked on many occasions about the RRSP Home buyers plan and thought it would be a good idea to explain the details from the beginning to the end of how it works, and what to do. What is Home Buyers Plan. A home buyers plan allows you to withdraw up to $35,000 per person (if you are a couple you can withdraw up to $35,000 each, for a total of up to $70,000) for the purchase of the qualifying home for yourself or for a related person with a disability. You can only withdraw... [read more]