In Canada, there are a number of laws surrounding the taxation of capital gains of an individual’s principal residence. When you sell your home, you may be required to pay taxes on any realized capital gains. Generally, individuals are exempt from paying taxes on...
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Underused Housing Tax Act
Part 2 of Bill C-8 is the Underused Housing Tax Act (“UHTA”), which is the first federal statute targeting vacant homes and foreign owners. The UHTA applies to residential real estate that is owned directly or indirectly, in whole or in part, by non-permanent...
Defamation Laws in Canada
Defamation is a tort action in which the plaintiff claims that its reputation has been harmed. The defendant is accused of "defaming" the plaintiff by spreading incorrect information. In layman's terms, the plaintiff claims that the defendant injured their reputation...
Toronto’s Short-Term Rental Regime
The following article is a summary of the City's short-term rental laws. The new system allows short-term rentals in any owner's or tenant's primary house in residential and mixed-use zones, subject to several restrictions designed to balance several conflicting...
Vacancy Tax in Toronto
The City of Toronto is planning to start taxing unoccupied houses in order to discourage real estate speculators from buying up homes and leaving them empty as locals struggle to find affordable accommodation. While the federal government has revealed plans to...
An Overview of Partnership Taxation in Canada
Types of Partnerships A partnership is a business arrangement between two or more people who do business together for profit (section 2, Partnerships Act, R.S.O. 1990, c. P.5). Notably, a partnership is not a separate legal entity from its partners. Certain...
Forced Sales of Property Under the Partition Act
A lot of people own land. It might be a place to live, a location to invest, or both. Land can also be held by many people. Land can be co-owned in one of two ways: as joint tenants or tenants in common. Each joint tenant owns 100 percent of the land in undivided...
How Escalation Clauses Function in Agreements of Purchase and Sale
Prospective buyers and their realtors are frequently disappointed in today's competitive real estate market when their offer is not accepted by sellers. Too frequently, buyers and their agents are left wondering how close their offer was to the winning bid and whether...
LAND TRANSFER TAX IN ESTATE TRANSFERS
What is Land Transfer Tax (LTT) and Who Pays LTT? Land Transfer Tax (LTT) is a tax payable to the government upon the closing of a transaction for the purchase of either land or an interest in land.[1] Who Pays LTT? In Canada, every province except Alberta and...
Blockchain and Cryptocurrency Taxation in Canada
Government Attitude and Definition The federal government of Canada is experimenting with blockchain technology in many sectors. The National Research Council is testing blockchain to disseminate real-time research award and financing information.[i] The Canada Border...
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