Everything Tax to factor when Buying or Selling a Property Part II

In part II, we will discuss property tax, capital gains tax and business income tax which are taxes levied against the owners or sellers of property in Ontario.

1.  PROPERTY TAX

Everything Tax to factor when Buying or Selling a Property

If you’re purchasing a real estate property in Ontario, you’re probably wondering how much tax you will have to pay over and above the purchase price. You likely want to know what type of tax you will be paying while you own the property and what your tax liability will be when you sell the property. 

Are you thinking about buying a pre-construction condo? Here are the main expenses you’ll need to consider.

Q: What is an Assignment Sale? 

A: An assignment sale is the sale of the contract for a newly built or still under construction condo unit or home. 

Q: Why do Assignment Sales Occur? 

First-Time Home Buyer Incentive

The Incentive enables first-time homebuyers to reduce their monthly mortgage payment without increasing their down payment.

The COVID-19 outbreak has created a new reality for all of us, at least temporarily. Chances are you’re dealing with many new challenges, both personally and professionally. We all are.

Now, it’s up to each of us to do our part so we can get through this as quickly as possible. Remember, we’re all in this together. Stay positive and know that things will get better.