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]

For 2024 taxation year the Toronto Vacant Home Tax is set to increase from 1% to 3% annually of the assessed property value. In addition to the increase of the tax rate the following changes have been approved: Change to payment due dates. Change to the definition of the current value assessment. Clarification of the six months period which means 183 days. Expansion of the definition of the tenant to include business tenant in situations where the property is assessed as residential... [read more]

RRSP HBP withdrawal limit increased from $35,000 to $60,000. As of April 16th, 2024, the qualified first time home buyers can withdraw up to $60,000 from their RRSP as part of the RRSP First Time Home Buyer Plan. The 2024 federal budget approved the increase from $35,000 to $60,000. Please click on the links above to learn more about the RRSP HBP and the increased limit, and let us know if you have any questions. [read more]

In the past we have written a blog providing a basic insight into the condo fees to explain why condo fees are so expensive. Before we dive into more details let’s recap some aspects of the condo fees: The fees for condo apartments are typically much higher on a per square foot basis than condo town homes as long as the town homes are not attached to the condominium building. Units with parking and locker will have higher fees than identical units in the same condo corporation... [read more]

Another municipal land transfer tax Increase for properties purchased at over $3M. On April 1, 2026 the buyers of residential properties in Toronto valued at over $3M will be faced with increased land transfer tax. As of January 1, 2024, the City of Toronto introduced initial increase of the land transfer tax for luxury properties. The second tax increase will work on a graduated scale as follows: Homes valued between $3 million and $4 million would see a 0.9 per cent change... [read more]