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Amendments to the Prohibition on the Purchase of Residential Property by Non-Canadians Act
Amendments to the Prohibition on the Purchase of Residential Property by Non-Canadians Act On January 1, 2023, the federal government implemented the Prohibition on the Purchase of Residential Property by Non-Canadians Act and regulations (together, the “Act”) barring non-Canadians from...
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Vacant Unit Tax
On May 11, 2022, The City of Ottawa (the "City") instituted a new By-Law related to vacant residential properties. The By-Law includes three key components that every residential homeowner should be aware of: The City has made the determination that, moving forward, a homeowner should...
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A homebuyer’s guide to home inspection reports
Congratulations! You have just purchased a property and it is conditional on inspection by a home inspector. What happens when you receive your home inspection report and there are one… two… ten… fifty things wrong with the property? What do you do? ...
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Federal Budget 2022: Ottawa to Implement Canada-Wide Anti-Flipping Tax
The 2022 Federal Budget introduces a new deeming rule to ensure profits from flipping residential real estate are subject to full taxation. The proposed Anti-Flipping Tax would affect homeowners who sell a principal residence that they have owned for less...
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The Federal Home Equity Capital Gains Tax
As federal and provincial government deficits skyrocket due to COVID-19 support payouts such as the CERB, governments at all levels will be searching for new revenue sources in the not-so-distant future to try and balance budgets. One way to accomplish...
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