Is your Non-Resident Client or Counterparty on the Hook for Withholding Taxes?
By Emily Yeow, Associate Lawyer, Real Estate, Corporate, and Estate Planning *This information and all references included below are intended for real estate professionals and licensed realtors although purchasers and sellers of Canadian residential property may find this helpful. When you represent a seller or buyer in a residential real estate transaction, you should consider […]
When is GST Payable on the Sale of Residential Property?
Knowing and understanding when tax applies to your real estate transaction is a critical part of the entire process of buying or selling any home. The Excise Tax Act (the ETA”) is a federal statute that imposes taxes (GST) in connection with the sale or production for sale of certain goods, which also includes real […]
Con Artists and their Strategies: You are More VulnerableThan You Think
As a former prosecutor with experience putting con artists in jail, I wanted to share 5 insights into the techniques of con artists. Fraud is on the rise, and con artists are highly skilled at taking your family’s money. Hopefully, this helps stop at least one con artist from robbing one of our loved ones. […]
Federal New Housing Rebate Program
When it comes to real estate, GST applies to the purchase of a newly constructed or substantially renovated residential property. If you are purchasing a newly constructed or substantially renovated home, a way to reduce taxes paid/payable is through the GST New Housing Rebate program which is offered by the government via section 254 of […]
Upcoming Legislation Changes Affecting Foreign Real Estate Investors and Purchasers
New federal legislation known as the Prohibition of the Purchase of Residential Property by Non-Canadians Act will begin taking effect on January 1, 2023 and this aims at prohibiting non-Canadians from directly or indirectly purchasing residential property within Canada.[1] This country wide ban will be in effect for a two-year period, commencing January 1, 2023, […]
Are You Renting Your Property? Landlord Insurance and Why You Need It
In a recent residential tenancy dispute decision, Millars Lawyers had a resounding victory in favour of the tenants that lived in a leased unit. The case concerned property damage caused by piping issues within the condominium unit that caused a significant flooding event. Ultimately, no one was at fault for the damage caused. The landlords […]
Don’t Let a Strength Become a Weakness – Tailor Your APS to Each Transaction
A strength of a standard form contract like the Alberta Real Estate Association/Ontario Real Estate Association agreement is that it saves the realtor time and makes sure that key areas of a contract are covered. But a standardized template will not include everything required to protect your client in every transaction. Agreements for purchase and […]
Verify Your Listings In Advance – Why It Matters and How to Do It (Part 1 – For Realtors)
The closing of a real estate transaction with the promise of a commission may remind you of why you got into the business. But in the action of dealmaking, a realtor could forget to verify whether someone, including the realtor, is misrepresenting the property either intentionally or unintentionally. That is why Canadian law places obligations […]
Beware! A Serious Caution for Purchasers of New Build Residential Housing
Greed has Changed the Market #housing Every new home purchaser must be very aware that some builders who sold pre-construction homes instruct their lawyers to find any way to get out of the deal. For the first time in my career of watching thousands of deals close, builders are not giving any extensions when bank […]
