Changes to Real Estate
DID YOU KNOW THERE HAVE BEEN CHANGES TO REAL ESTATE TRANSACTIONS?
Non Resident Speculation Tax
During the end of 2017, Liberal Government introduced a new tax called the “Non-Resident Speculation Tax”, for foreign entities buying property in Greater Golden Horseshoe Region. This Non-Resident Speculation is to be paid prior to the closing, if you are considered a foreign entity and are buying property in the GGH. For more information on Non-Resident Speculation Tax please do not hesitate to contact my office and I would be happy to provide you information on whether your transaction is subject to this NRST tax.
You can visit the Ministry of Finance website at www.fin.gov.on.ca/en/bulletins/nrst/ for further information or contacting the Minister of Finance at 1-866-ONT-TAXS ( 1(866) 668-8297).
Standard Lease Agreements
Effective April 30, 2018, Liberal Government introduced Standard Lease Agreements to Real Estate Leasing Transactions. The objective of the government is to ensure transparency, and full disclosure to both parties entering into the leasing agreement. If you are entering into a leasing agreement and need a professional to help you understand the terms and conditions attached to the Standard Lease agreement, Feel free to contact my office and I would be happy to assist you in this regard.
You can read about the standard lease agreements in Ontario at www.thestar.com/business/real_estate/2018/02/13/what-tenants-need-to-know-about-ontarios-standardized-lease-agreement.html.
Prescribed Information for the Purposes of Section 5.0.1
Effective April 24, 2017, it became mandatory to for purchasers to advise the Ministry of Finance on the details of their purchase and their property their purchasing. The new form to be completed prior to closing, is called the Prescribed Information for the Purposes of Section 5.0.1 form. To see if you are exempted from filling out this form, contact my office and I would be happy to assist you in this regard. You can find out more information about this form by visiting the Ontario government website at www.fin.gov.on.ca/en/tax/ltt/prescribedinfo.html or contacting the Minister of Finance at 1-866-ONT-TAXS ( 1(866) 668-8297).
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