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  18 April

  Recent Changes to the Non-Resident Speculation Tax (NRST) Regulations

  • Created by Kormans LLP

  
  

   The “2024 Ontario Budget: Building a Better Ontario” announced changes to the Non-Resident Speculation Tax (NRST), which are effective March 27, 2024. As a refresher, NRST is a tax in addition to the general Land Transfer Tax (LTT) on the purchase or acquisition of an interest in designated land by individuals who ar...

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  01 February

  Attention Toronto Homeowners! A Reminder to Submit Your 2023 VHT Declaration

  • Created by Kormans LLP

  
  

  The real estate industry faced significant challenges last year. As we enter 2024, there's hope for a better year ahead. As many of us may not want to look back at a year of slowdown, this blog serves as a reminder for all Toronto homeowners to file their Vacant Home Tax Declaration for the previous year timely to avoid fi...

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  07 December

  Toronto’s “Luxury Land Transfer Tax” Takes Effect on January 1, 2024

  • Created by Kormans LLP

  
  

  In September 2023, the City Council of Toronto approved imposing a “Luxury Land Transfer Tax,” starting January 1, 2024. In addition to other revenue methods, such as removing the cap on $5/hour street parking and requesting the provincial government to implement a municipal sales tax or receive a cut from the existing...

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  19 October

  TRESA Phase 2 Comes Into Force on December 1, 2023

  • Created by Kormans LLP

  
  

  The time is nearing when the Real Estate and Business Brokers Act, 2022 (REBBA) will transform into Trust in Real Estate Services Act, 2002 (TRESA). The Government of Ontario informed that the Phase 2 of regulatory changes introduced under the new legislation will come into force on December 1, 2023. Which means we are les...

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  31 August

  Writ Happens, Moving on With Your Transaction - Writs of Execution 101

  • Created by Kormans LLP

  
  

  “What’s in a name?” – a question that Shakespeare would have never penned if Romeo & Juliet was about Ontarian real estate transactions. When it comes down to real estate and transactions, well, a lot is in the name. A registered owner’s name and date of birth, as registered on the title, are used to verify t...

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