The Federal Budget for 2022 has made amendments to Part IX of the Excise Tax Act (“ETA”). Effective May 7, 2022, all assignment sales in respect of newly constructed or substantially renovated single unit residential complexes or residential condominium units are taxable. For clarity, with respect to residential housing transactions, ...
Continue ReadingWhen buyers begin thinking about affordability, the purchase price is usually the number that receives the most attention. That makes sense, because it determines the size of the mortgage, the down payment and much of the monthly carrying cost. The difficulty is that the purchase price does not tell the ...
Continue ReadingHave you made capital gain? That’s great news, because this influx of cash from selling your assets will improve your financial health. However, these benefits may be taxed. Here, I answer seven common questions. 1. What is capital gain? Capital gain represents the profit you make when you sell, entrust, ...
Continue ReadingAssignment sales can create opportunities for both buyers and sellers, particularly in pre-construction condominium and investment transactions. They can also create risks that are easy to underestimate because the transaction may initially look similar to an ordinary resale. The difference is that an assignment buyer is usually not buying a ...
Continue ReadingAre you thinking about investing in real estate to earn rental property income? Whether you invest in a residential or commercial building, there are several things to consider to make sure the property will generate a profit. Here’s what you need to take into account to determine how profitable an ...
Continue ReadingBuying a business is rarely as simple as comparing revenue, asking price and location. Two businesses can look similar on the surface and still present very different opportunities once you begin to examine how they actually operate, how dependent they are on the current owner and whether the underlying business ...
Continue ReadingI recently revised my Home Buyers Guide Book. It’s a collection of how-to’s, checklists, and worksheets to help buyers understand what to expect during the real estate purchasing experience. Click here to get a free copy. Written by Rodney Harvey, Broker of Record at Konfidis, Brokerage providing advisory-focused commercial, ...
Continue ReadingIn addition to all the usual taxes residents have to bear owning real estate; all non-residents selling or buying Canadian real estate are required to undergo some additional tax burdens made to deter non-resident investors from speculating in the housing market and ensure governments collect their due taxes. Without proper ...
Continue ReadingInvestment real estate can be a powerful long-term wealth-building tool, but purchasing the wrong property — or purchasing the right property without proper due diligence — can create significant financial and operational challenges. In Oshawa and across Durham Region, investment activity has continued to attract: first-time investors, multi-residential buyers, assignment ...
Continue ReadingStarting June 25, 2024, the capital gains inclusion rate will be increased from one-half to two-thirds for capital gains of over $250,000 per year for Canadians, and on all capital gains for corporations and most types of trusts. Four Key Federal Budget Capital Gains Measures 1) Increase in Capital ...
Continue ReadingPowered by IXACT Contact® Real Estate CRM Software
