Real estate buying and selling involves a great deal of paperwork. It can be tough to go through all the forms and certificates and understand which details are most important. For people investing in condos rather than houses in Ottawa, there are some extra specific steps needed according to condominium law. A status certificate is one such consideration.
Many Canadians are looking for ways to live more environmentally-friendly lives. However, those living in a residence where condo bylaws apply may face challenges in doing so. When making lifestyle changes, such individuals must be considerate of the agreements for renovations and energy use. A resident of Ottawa learned this the hard way when she was ordered to pay extra for the hydro she was using to charge her hybrid electric car in the building parking lot.
Many people rent out part of their home as a way of paying for the many costs associated with home ownership. However, according to a survey of homeowners in British Columbia, Alberta, and Ontario, up to 17 percent of these secondary rental suites may not be legal. These suites fail to meet municipal standards, which can affect insurance coverage and other issues under real estate law.
Almost two years ago, the Protecting Condominium Owners Act, 2015 was passed by the Ontario legislature. This legislation enabled the creation of two new condominium administrative authorities: The Condominium Management Regulatory Authority of Ontario and the Condominium Authority of Ontario ("CAO").
The Condominium Act, 1998 (the "Act") stipulates that when a condominium owner accumulates arrears in respect of their required contributions to common expenses, the condominium corporation has a lien against their unit. The lien expires three months after the default that gave rise to the lien occurred unless a certificate of lien is registered within that time.
Condo boards can be an enormous asset or challenge for condo dwellers. Ontario lawmakers are seeking to improve the quality of condo boards by requiring those who sit on their building's board to be trained in the management and operation of the building. The new real estate rules also require directors and building managers to be specifically trained and licensed.
Owning a rental property in Ottawa can be a lucrative investment. However, becoming the owner of a rental property also involves a broad range of responsibilities. Those considering becoming a landlord should have a few resources in place before beginning this business venture.
When tax code changes are discussed, Canadian businesses are often a part of the conversation. Recently, they have come under discussion again, as new tax changes are being proposed by the federal government. Canada's Finance Minister posits that those who incorporate themselves draw income from their businesses, allowing them to pay lower corporate taxes. He is now proposing to close loopholes that allow these businesses to benefit from lower taxes. The proposed business law changes from Ottawa would address the growing number of incorporated professionals in Canada.