Unpacking Ontario's Non-Resident Speculation Tax (NRST)   A Brief History of the NRST   Ontario first implemented the NRST in April 2017 to curb international investors from purchasing residential properties in the province, making homeownership more accessible for local residents. Initially, the 15% tax only applied to the Greater Golden Horseshoe Region (GGH) in Southern Ontario. However, it later expanded province-wide. On March 30, 2022, the NRST... [read more]

First-Time Home Buyer Tips   As a first-time home buyer in Ontario, the process of buying a house can be both exciting and overwhelming. To help you navigate this journey, here is a detailed guide outlining the steps you should take:   Assess your financial situation: Before starting your search, analyze your financial health to determine your budget. Calculate your income, expenses, debt, and savings. Use a mortgage calculator to estimate your mortgage payments and... [read more]

First-Time Home Buyers’ Tax Credit (HBTC)   First-Time Home Buyers' Tax Credit (HBTC) – Updates and Changes for 2022 and Beyond   Introduction The First-Time Home Buyers' Tax Credit (HBTC) is a non-refundable tax credit aimed at assisting first-time homebuyers in purchasing a qualifying home. The Canadian government has proposed changes to the HBTC for 2022 and subsequent taxation years, increasing the amount used to calculate the tax credit to... [read more]

Canada recently made some changes to the rules around the foreign home buyer ban . According to the Canadian Mortgage and Housing Corporation (CMHC), the amendments will "enhance the flexibility of newcomers and businesses looking to add to Canada’s housing supply." Enable more work permit holders to purchase a home to live in while working in Canada. The amendments will allow those who hold a work permit or are authorized to work in Canada under the Immigration and... [read more]

Comprehensive Guide to Estate Sales and Avoiding Probate in Ontario       Overview: This guide delves into estate sales and probate laws in Ontario, offering valuable information and tips on how to circumvent the probate process when possible. We cover the basics, answer common questions, and provide guidance on what steps to take and what pitfalls to avoid. So, let's dive right in.   Understanding Estate Sales: In simple terms, an estate sale... [read more]