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]

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]

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]