Real Estate
Notice of Security Interest (NOSI) ban effective June 6, 2024
The Ontario Government has passed Bill 200, the Homeowner Protection Act, 2024, in the Legislative Assembly of Ontario, which received Royal Assent on June 6, 2024. The Personal Property Security Act was amended to specify that a notice of security interest (NOSI) may not be registered in a land registry office with respect to collateral… Read More »
Categories: Real EstateVacant Home Tax: Is your client buying or selling?
Several regions in Ontario have introduced or are contemplating the introduction of a vacant home/unit tax (VHT). The failure to file a declaration of occupancy status (“VHT declaration”) has led to complications for both sellers and buyers. If homeowners fail to submit the VHT declaration by the stipulated deadline, the property is presumed vacant. This… Read More »
Categories: Real EstateCRA’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 Estate