Blog

How does Ontario’s HST housing rebate work? To qualify for Ontario’s HST housing rebate, your new home must be your primary residence, or the primary residence for a close blood relative. While proving your primary residency may not be required when applying for your rebate, CRA may ask for proof at some point. When applying for a rebate, CRA allows two years to make a claim. The two years...

Landlord Fees that are Tax Deductible In general, you can deduct most reasonable expenses that are related to your rental income. The Canadian government defines these expenses as either current or capital. Current costs reoccur on a regular basis, such as painting the exterior of a building or cleaning eavestroughs. Capital expenses occur less frequently but provide a lasting benefit, such as...

What is the Non-Resident Speculation Tax? In 2017, the Ontario Government began implementing a 15% tax on foreign nationals who were purchasing a residential real estate property. The tax was designed to “cool down” an otherwise overheated real estate market in the GTA (Greater Toronto Area). The 15% tax applies specifically to individuals who are not Canadian Citizens or Permanent...

General Tax Deductions on Rental Properties By following the guidelines in our Landlord Tax Guide for 2019, property investors can create optimum conditions for tax savings. Clearly, the aim is to submit every possible tax deduction on a rental property - from insurance, to interest, to utilities (all supported by properpaperwork). Property insurance premiums can be deducted for the entire...

When Your Landlord Is Selling The Property You Live In When the property you live in is being sold, the new buyer is required to let you stay as long as you want – UNLESS the new buyer (or immediate family member) is planning to move in. In the event that the buyer (or family member) wants to move in, special paperwork must be filed. As a tenant, if you suspect that a new buyer (or...

How the GST/HST new housing rebate application for owner-built houses works You are also eligible for a GST/HST rebate if you’ve built a major addition to your house, or if you’ve converted a non-residential property into a residential property. While the GST/HST new housing rebate application is accessible from Canada Revenue Agency, some individuals find it valuable to hire tax...

Ontario’s new housing rebates require specific eligibility requirements in order to qualify: you must be purchasing a newly built home or a newly built condo you must hire a builder to build (or substantially renovate) a home you must undertake a major addition or renovation to a home (or rebuild a home) you must alter a non-residential building into a residential building With...

Condo flippers should understand what defines a real estate flip Be aware "condo flippers" if you’re planning to sell a condo that you’ve recently bought as an investment, be aware that CRA is watching carefully – especially if you’ve never moved in. Indeed, CRA has become ever more watchful when it comes to reporting capital gains. As a real estate investor, you should be avoiding any...