If purchasing a property in Ontario from a Non-Resident, the transaction will involve a unique set of tax concerns. It is important to have an understanding of your obligations, and to have them provided for in the Agreement of Purchase and Sale in order to avoid personal tax liability.
Does Buying A Cottage Also Mean You Buy The Property Shoreline?
GST/HST Rebate for New Housing
Purchasing a new build home is a process that differs from traditional home buying in many ways. When purchasing a traditional, preexisting home, the Agreement of Purchase and Sale will normally provide that taxes (GST/HST), are included in the purchase price. However, this is not the case when purchasing a newly built home. These homes will have taxes applied to the purchase price, adding thousands of dollars to the overall cost of the transaction.
Canadians Need More Than Basic Housing Market Knowledge
Alternative Approaches To Purchasing A Cottage
As the summer of 2021 quickly approaches many Ontarians revisit considerations of investing in recreational and cottage properties. Many individuals have been deterred in the past from diving into this market due to concerns surrounding winterization, and various other maintenance demands involved in cottage property ownership. Prospective buyers who may have found themselves in this camp in the past may find attractive the increasing trend in this area of real estate, a move towards condominium and time share approaches to cottage country living. These alternative approaches present their own unique set of benefits.
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What can happen when a home buyer defaults on their offer
We have heard countless horror stories of home buyers backing out of a purchase after the Agreement of Purchase & Sale has been signed. With the real estate market in its current state, this could be due to any number of reasons. The Ontario courts are now creating precedents and making examples of those who unable to fulfill their end of the contact