In 1351231 Ontario Inc. v. The King (2024 TCC 37), the Tax Court of Canada (TCC) held that a condo initially used for long-term rentals but later listed on Airbnb did not qualify as a โresidential complexโ under the Excise Tax Act (ETA), making its sale subject to HST. The corporation had purchased the unit in 2008, treating it as … Read More
Why Buying Pre-Construction in Toronto Can Be a Smart Move
Thinking about buying a pre-construction condo or home in Toronto? Learn the top advantages of investing early in new developments across the GTA. ________________________________________ Why Buying Pre-Construction in Toronto and the GTA Makes Sense Torontoโs real estate market continues to evolve, and buying pre-construction has become an increasingly popular option for homebuyers and investors alike. Whether you’re looking for a … Read More
Looking to Sign a Commercial Lease in Toronto? Take a Look at These Tips Before You Do
Signing a commercial lease in Ontario is a significant step for your business, and itโs essential to ensure that the lease terms align with your needs and protect your interests. Here are some important tips to keep in mind: 1. Understand the Lease Term โข Length of Lease: Commercial leases can vary in length, typically ranging from 1 to 10 … Read More
Why Specificity in Your Purchase Agreement Could Save Your Deal (or Your Wallet)
In the world of real estate, whatโs not written in your Agreement of Purchase and Sale (APS) can cost you. Whether you’re buying a home in Toronto, an investment property in Vaughan, or a commercial unit in Mississauga, vague or poorly defined conditions or amendments can lead to disputes, delays, or lost deposits. It is unbelievable the number of Agreements … Read More
Is Your Condoโs Reserve Fund Ready for the Future?
A reserve fund for a condominium in Ontario is a pool of money that is set aside by the condominium corporation to cover the cost of future major repairs, replacements, and maintenance of the common elements and assets of the building or complex. These common elements can include things like the roof, parking garage, elevators, HVAC systems, and the building’s … Read More
Looking to Cut Trees in Ontario? There are Certain Rules You Need to Know.
In Ontario, cutting trees is subject to various rules and regulations to protect the environment, preserve natural habitats, and ensure sustainable forestry practices. Whether you’re removing a tree on your own property or on public land, hereโs a breakdown of what you need to know: 1. Private Property (Your Own Land) โข No General Provincial Law for Cutting Trees on … Read More
In Condominium Ownership, What is a Special Assessment?
A special assessment for a condo owner in Ontario is a one-time extra charge imposed by the condominium corporation to cover unexpected or extraordinary expenses that go beyond what the regular monthly condo fees can cover. This typically happens when the condominiumโs reserve fund is insufficient to pay for major repairs, maintenance, or improvements that are necessary for the common … Read More
Should you get a Will? – The Key Differences between having one and not having one
In Ontario, the key differences between dying with a will (testate) and dying without a will (intestate) are related to how your estate is distributed, the process of handling your affairs, and who is in charge of managing your estate. Hereโs a breakdown of the differences: 1. Distribution of Assets โข With a Will (Testate): o You get to decide … Read More
What is a โStatus Certificateโ in Condominium Purchases?
Many people are unaware that a status certificate is a very important document when looking to purchase a condominium unit. The status certificate will be prepared by the condominium corporation or by the property management if they service that building. The purpose of status certificates is to allow potential buyers of condo units to have as much information as possible … Read More