Navigating the HST rules for farmland sales in Ontario can be tricky. While generally taxable, exemptions exist for sales to related individuals, farming business transfers, and when a residence is included. To clarify your specific situation, consider requesting an advance ruling from the CRA. Contact Carson Law for expert guidance.
Selling farmland involves navigating complex Harmonized Sales Tax (HST) implications. When farmland includes a principal residence, the sale is treated as two separate transactions: the sale of the residence itself is not subject to HST, while the remaining acreage could be. If the land was used as a hobby farm, no HST applies to that portion. However, if the land has been leased to a third party for farming, the sale will be subject to HST, as leasing is considered a business activity. Understanding these nuances is essential, and consulting a tax professional is recommended for personalized guidance.
A cohabitation agreement is an agreement signed by two unmarried individuals who are living together or intend to live together in the future. When a couple decides to live together, a cohabitation agreement can clearly set out the rights and obligations of each party, either in the event of a breakdown of the relationship or upon the passing of one of the partners.
With new mortgage rules and fluctuating rates, this has caused people to look at their mortgage and lending options. While there appears to be an increasing number of available lending sources entering into the market, there have also been agreements that have been forced into Power of Sale situations. So, what is Power of Sale, and how can one avoid it?
At Carson Law, we believe in a team-based approach, so you will interact with a few key players based on where your file is in processing. There is a lot of backend work that goes into successfully closing your real estate purchase. Understand our process from owner and president, Ryan Carson, so we can all work together to achieve a smooth closing.
At Carson Law, we believe in a team-based approach, so you will interact with a few key players based on where your file is in processing. There is a lot of backend work that goes into successfully closing your real estate sale. Understand our process from owner and president, Ryan Carson, so we can all work together to achieve a smooth closing.
Purchasing a condominium is an exciting milestone, but amidst the anticipation, it's crucial to consider the financial responsibilities that accompany this significant investment. One aspect that potential condo buyers in Ontario must be aware of is the concept of closing costs. These expenses, separate from the purchase price, can add up significantly and should be factored into your budget. In this article, we will delve into the details of closing costs associated with buying a pre-construction condo in Ontario, providing you with a comprehensive understanding of what to expect and how to plan accordingly.
Most people believe this to be the best approach with regard to making other arrangements around their closing such as scheduling movers, contractors, etc. However, there are a few other things individuals in such a situation should consider before arranging to buy and sell real estate on the same business day.
Most often believe this to be the best approach with regard to making other arrangements around their closing such as scheduling movers, contractors, etc. However, there are a few other things that individuals in such a situation should consider before arranging to buy and sell real estate on the same business day.
As of January 1, 2023, new legislation came into effect that may impact you. If you have purchased a property you are now looking to sell within the last 12 months, you may be impacted by this new legislation. To ensure you are aware of what your obligations are, we are recommending that you seek advice on your upcoming transaction from a professional accredited accountant.
One of the most common questions that clients have with regard to a real estate Agreement of Purchase and Sale pertain to what household items can be categorized as either a chattel or a fixture. Read this article to understand how to define these two items within the Agreement of Purchase and Sale.
With a shift in the market, it’s important for first time home buyers to know all the details of purchasing a home, especially Land Transfer Tax (LTT). The Land Transfer Tax is charged by the provincial government’s Ministry of Finance whenever a person buys or acquires an interest in a piece of land in Ontario, except in a few special circumstances. The tax applies to every method of conveying land ownership, whether the land is purchased, gifted, or obtained through other means.
A cohabitation agreement is an agreement signed by two unmarried individuals who are living together or intend to live together in the future. When a couple decides to live together, a cohabitation agreement can clearly set out the rights and obligations of each party, either in the event of a breakdown of the relationship or upon the passing of one of the partners.
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