Real Estate
CRA’s new trust reporting requirements
[Updated March 28, 2024] This year’s tax filing season may be looking different for some people and corporate entities due to new trust reporting rules. These changes, while presenting challenges, also offer legal professionals an opportunity to educate their clients. Overview Previously, trusts were only required to file a T3 Trust Income Tax and Information… Read More »
Categories: Wills & Estates, Real Estate, Family Law, Corporate LawGovernment announces two-year extension to ban on foreign ownership of Canadian housing
The federal government has announced that it is extending the non-Canadian purchase prohibition for another two years to January 1, 2027. See more details here.
Categories: Real EstateOntario Updates Rules for Real Estate Agents and Brokerages
The second phase of legislative and regulatory changes under the Trust in Real Estate Services Act, 2020 (TRESA), formerly known as the Real Estate and Business Brokers Act, 2002 (REBBA), came into effect December 1, 2023. There are several changes including seller approved sharing of non-confidential information in an offer of purchase and sale, disclosure… Read More »
Categories: Real EstateNotice of fees increase for real estate transactions
As of November 6, 2023, the Ministry of Public and Business Service Delivery is increasing the fees of certain land registration services, which are adjusted annually by an amount equal to 50 per cent of the Consumer Price Index. The most common fee, for the registration or deposit of an instrument or plan in electronic… Read More »
Categories: Real EstateFifteen tips for real estate lawyers from Sid Troister of Torkin Manes
The Law Society’s 2023 Real Estate Summit recently took place, and Sid Troister of Torkin Manes identified fifteen important tips and observations taken from speakers and program materials. These are useful for all real estate lawyers to read, and were included in Mr. Troister’s email newsletter. 1. The solicitor client relationship obligations are still with… Read More »
Categories: Real EstateImportant Reminder: Update to Non-Resident Speculation Tax
Effective October 25, 2022, the Non-Resident Speculation Tax (NRST) rate was increased to 25 per cent from 20 per cent. It applies to the purchase or acquisition of an interest in residential property located anywhere in Ontario by individuals who are not Canadian citizens or permanent residents of Canada, or by foreign corporations or taxable… Read More »
Categories: Real EstateTips for When a Client Dies
It is a difficult experience when a client dies. However, the right to confidentiality does not end with death and you have continuing professional duties. Our new tip sheet explains the steps to take upon learning that a client has passed away, depending on whether the matter involved litigation, wills or real estate, as well… Read More »
Categories: Wills & Estates, Real Estate, Civil LitigationFree LAWPRO CPD: Video replay of Tips for Real Estate Lawyers
The real estate market is shifting, and so are the risks. LAWPRO is seeing a range of real estate claims and new dangerous real estate frauds. Join our panel featuring leading real estate lawyers and LAWPRO counsel who will share practical tips about key risk areas and how to effectively manage them. Download the materials… Read More »
Categories: Real Estate