Residential Property Flipping Rule Residential properties which are sold after December 31, 2022, and which were owned for less than 12 months, will be deemed to be business income. This means the entire profit is included in one’s income. The capital gains treatment, and the Principal Residence Exemption are not available under these circumstances. There […]
As of March 30, 2022, the Non-Resident Speculation Tax (NRST) rate is 20 per cent, and applies to residential property purchases which contain at least one and not more than six single family residences. The tax applies to anywhere in Ontario if one of the purchasers is a foreign national, a foreign corporation, or a
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Probating a Will What does it mean to probate a Will? Probating a Will means that a court is being asked to give a person the authority to act as the estate trustee of an estate; or confirm the authority of a person named as the estate trustee in the deceased’s will formally approve that
Non-Resident Sellers of Houses and Condos If you are a non-resident of Canada for income tax purposes, and you sell a house or condo, there are certain steps that you need to take to fulfill your tax obligations. Within ten (10) days of the final closing date, you must notify Canada Revenue Agency of the
Non-Resident Sellers of Houses and Condos Read More »
Foreign Homebuyers Tax Rebate Some purchasers who are subject to the Foreign Homebuyers Tax in Ontario (formally known as the Non-Resident Speculation Tax Rebate) are eligible to apply for a rebate of this tax. The rules surrounding applying for a Foreign Homebuyers Tax Rebate can be technical. There are three distinct rebate categories: (1) Rebate
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HST Housing Rebates Purchasers of pre-construction houses and condos can qualify for two types of rebates: the rental property rebate, and the owner-occupant rebate. The actual names for these rebates are more technical (New Residential Rental Property Rebate, and New Housing Rebate). HST Rental Property Rebate There are several basic criteria for the HST Rental
GST/HST Rebates for New House or Condo Purchases Read More »
Hi All, Welcome to the launch of the TrevorKLaw website! I have been operating my law practice since October 2019, and it is exciting to be launching a website. The purpose of this blog page is to provide brief articles with updates on the various areas of the law that I deal with on a
Welcome to the TrevorKLaw website! Read More »