The Canada Revenue Agency (CRA) continues to intensify its focus on Ontario’s real estate sector, targeting both investors and homeowners. With new legislative measures, enhanced enforcement, and advanced data analytics, the CRA is addressing tax compliance in property transactions, rental activities, and ownership structures. If you’re buying, selling, or renting property in Ontario, several major […]
Owning a secondary property can be an appealing investment or a lifestyle choice, but it comes with financial and tax responsibilities that should not be overlooked. Whether you are considering a vacation home or an income-generating rental property, understanding the implications of ownership is essential. This article will explore key considerations, tax consequences, and the […]
The Canada Revenue Agency (CRA) has significantly ramped up its scrutiny of the real estate sector, with a particular focus on Ontario and the Greater Toronto Area (GTA). This heightened attention stems from the sector’s critical economic impact and its potential for tax non-compliance. Here is what you need to know about the CRA’s activities […]
The real estate landscape is ever evolving, especially for investors, condominium enthusiasts, and “home flippers”. As taxation rules adapt, understanding the ramifications concerning property flipping becomes critical. 1. What is property flipping? Property flipping involves buying residential property in Canada, primarily with the intention of a quick (less than one year) resale for profit. It […]
Hello again to our valued readers. We are back with another installment in our GBA-LLP.ca education series, ‘Special Tax Topics.’ This time, we’ll explore a subject that’s becoming increasingly important in today’s changing real estate landscape: the GST/HST implications on short-term rental properties. What We Know: Short-Term Rentals and GST/HST Firstly, let’s clarify what we […]
The cost of owning a house is getting increasingly high, so many Canadian homeowners opt to invest in income properties to cope with the costs and potentially earn a return in the long run. According to research conducted by CIBC, 15% of homeowners are landlords, while 11% have started renting a part of their primary […]
