Information About PLZ Law Blog
- Toronto’s Vacant Home Tax
As of 2022 Torontonians need to pay to keep their homes vacant, whether by choice or not! That’s right, the City of Toronto added Chapter 778, Taxation, Vacant Home Tax, to the City of Toronto Municipal Code. Beginning January 1st, 2022, if a dwelling unit in Toronto, being a self-contained residen … Read more »
- Does your occupancy period count towards your 12 month anti-flipping of property?
Bill C-32 makes a few simple changes to the Canadian Income Tax Act (the “Act”) that have drastic tax consequences for those who have “flipped property”. For dispositions that occur after 2022, “flipped property” is taxed as business income. The changes deem “flipped property” as inventory and not … Read more »
- Can a foreign buyer enter into a purchase for a Pre-Construction Condo that closes after the 2-year ban?
The simple answer, is no. Although not exactly clear, the language in the Prohibition on the Purchase of Residential Property by Non-Canadians Act (the “Act”), does not specify as a requirement that “ownership” be transferred, such as titled ownership by way of a deed, or “possession” be granted, s … Read more »
- My New Construction Condo Is Not What I Thought It Would Be?
Four years later (if your lucky depending how early you purchased your preconstruction condominium unit), you just finished your pre-delivery inspection (“PDI”) with a builder representative and realize that your floor plan is not exactly as illustrated in your agreement of purchase and sale, or tha … Read more »
- Foreign Buyer Ban and Anti-House Flipping Laws Implemented in 2023
The Foreign Buyer Ban If you have been trying to buy a house over the last few years, you may feel it’s impossible to get one for a reasonable price. Many investors are buying older houses and renovating them for a quick profit, and some foreign buyers can spend more money than many Canadians trying … Read more »