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HST Basics for Purchasers of Residential Real Estate

One of the first considerations when buying a new home is the applicability of GST/HST to your purchase. The tax can be incorporated into the purchase price in a number of ways which can add confusion to the home buying process – in particular, comparing prices of different properties and estimating closing costs.

Read the full version of this article to learn how GST/HST is incorporated into the purchase price of a new property and what impact it will have on your property purchase transaction. [Read more...]

Filed Under: Real Estate Law, Tax Law

Personal Real Estate Corporations

The Real Estate Services Act permits realtors to form Personal Real Estate Corporations (“PRECs”) to allow them to access the business advantages of incorporation.

This following summarizes some of the key benefits and costs of forming a PREC. [Read more...]

Filed Under: Real Estate Law Tagged With: corporation, incorporation, personal real estate corporations, real estate services act, realtor

Joint Tenants Vs. Tenants in Common

When buying real estate with a spouse or business partner you will be asked to choose between registering your interests as Joint Tenants or Tenants in Common. The key factor in this decision is determining who will acquire your interest in the house upon your death (otherwise known as Right of Survivorship). [Read more...]

Filed Under: Real Estate Law Tagged With: joint tenants, right of survivorship, tenants, tenants in common

Property Transfer Tax Basics for Residential Real Estate Transactions

Property Transfer Tax (PTT) is a land registration tax payable by the purchaser of residential properties. It must be paid when an application for changes to a certificate of title are made at a Land Title Office in British Columbia. [Read more...]

Filed Under: Real Estate Law, Tax Law Tagged With: land title, new house, property transfer tax, tax

GST/HST Rebates for Purchasers of New Residential Property

As a purchaser of new residential property you may be eligible for a rebate for a portion of the GST/HST payable on the transaction. The following represents a summary of the common rebates that you may be entitled to receive. [Read more...]

Filed Under: Real Estate Law, Tax Law Tagged With: HST, new housing rebate, rebate, tax

HST Basics for Builders & Developers of Residential Property

On July 1, 2010 the Harmonized Sales Tax (HST) came into effect with significant implications to builders of new residential property. [Read more...]

Filed Under: Real Estate Law, Tax Law Tagged With: builder, grandparenting, HST, real estate

Why Incorporate?

Of the various forms of business organizations, the business corporation is the most sophisticated and common form of business ownership for most Canadian business owners. The following represents an overview of the key benefits and costs of incorporating a business corporation. [Read more...]

Filed Under: Business Law, Tax Law Tagged With: corporation, incorporation, limited liability, ownership, tax

Legal Options for New Business Start-Ups

If you are planning to start-up a new business or you are planning to restructure an existing business, then you have a number of business organization options. [Read more...]

Filed Under: Business Law, Tax Law Tagged With: corporation, general partnership, incorporation, limited liability, limited partnership, partnership, proprietorship, sole proprietorship

HST Basics for Purchasers of New Residential Property

On July 1, 2010 the Harmonized Sales Tax (HST) will come into effect with significant implications to purchasers of new residential property. The HST will have a combined rate of 12%, which is comprised of a federal component of 5% and a provincial component of 7%. [Read more...]

Filed Under: Real Estate Law, Tax Law Tagged With: HST, tax