Assignment of a Right to a Property and the Tax Implications That Follow Part 2

Posted on September 12th, 2014 | 0 comments.
Assignment Sale
In the first part of this article, we discussed how the CRA may view an assigned property, specifically the possibility that they may view the assignor of a property as a builder, and examined the related HST implications that follow. The article can be found here. If you have ...

Assignment of a Right to a Property and the Tax Implications That Follow Part 1

Posted on September 3rd, 2014 | 0 comments.
With the strength of the preconstruction market over the past decade, many have chosen to reap the benefits by purchasing property on plan from a builder and subsequently selling the rights to the property, with a markup, to another buyer before closing. Selling a construction property prior to closing is ...

So I’m a First Time Home Buyer, What Do I Need to Know?

Posted on August 25th, 2014 | 0 comments.
First Time Home Buyer
Congratulations, you are on your way to purchasing your dream home, here is what you should know about the biggest investment of your life. Purchasing a home in this day and age is an expensive proposition, one must be mindful of available government incentives and initiatives designed to reduce the financial ...

Clarifying the Home Buyers’ Plan RRSP withdrawal process

Posted on September 19th, 2013 | 1 comment.
Home Buyers' Plan
You can find a brief summary of the Home Buyers Plan (HBP), and associated credits on my website here:  For this posting, I will focus on the HBP RRSP credit, specifically as it pertains to clarification of the process as well as associated conditions and qualifications for exceptions. The maximum allowable withdrawal ...

Tuition, Education & Textbook Amounts

Posted on June 26th, 2013 | 0 comments.
Tuition, Education & Textbook Amounts
Tuition, Education & Textbook Amounts  Students often fail to claim tuition credits when filing their tax returns for those years in which they are attending a post-secondary institution. These are important credits that not only yield immediate returns, but may also derive benefits in future years. A salient aspect of tuition credits ...

The Healthy Home Renovation Tax Credit

Posted on June 18th, 2013 | 1 comment.
The Healthy Home Renovation Tax Credit
Since the Home Renovation Tax Credit came and went in the 2009 taxation year, my clients consistently inquire about writing-off their renovations. The Ontario government has in fact brought back a semblance of the Home Renovation Tax Credit, with some key differences, this time calling it the Healthy Home Renovation ...

How important are RRSPs?

Posted on March 6th, 2013 | 0 comments.
Well it's hard to answer that question without knowing the individuals future goals. But I can tell you one thing if you don't work for a company that offers you any sort of future pension you need to consider that CPP and OAS will not be enough cash flow in ...

What does the HST Rebate mean for home or condo purchases from a builder and why is the government asking for money back from investors?

Posted on March 6th, 2013 | 2 comments.
HST Rebate
What is the HST Rebate and what are the differences when applied to the purchase of a principal residence or investment property? The HST Rebate has been around now since mid-2010 when the CRA introduced the HST system in Ontario. The purpose of the rebate is to discount a portion of ...