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Proposed in the Federal Budget of 2022, and passed in June of 2022, the Government of Canada has enacted the Prohibition on the Purchase of Residential Property by Non-Canadians Act[1] (the “Act”). As is made clear by the title, the Act prohibits the purchase of Canadian residential property by non-Canadians, directly or indirectly. ‘Indirectly’ refers […]
Read MoreWith over 250,000 lakes and vast expanses of countryside, Ontario is home to thousands of cottages and other rural properties. Buying a rural property is often an exciting time for purchasers. However, whether you are looking forward to sipping your morning coffee by the lakeside or are interested in buying an investment property on a […]
Read MoreIntroduction The COVID-19 Pandemic has only complicated the real estate market in Canada. With lower lending rates accompanied with the highest inflation rate in over 30 years, residential dwellings in Canada have risen by over 20% since 2021. The national average of a home is now nine times more than the average household income. Both […]
Read MoreConsidering purchasing a business by way of shares and unsure of where to start? This article will outline some of the main issues to consider when deciding to proceed with such a transaction. Purchasing the shares of a business is when a purchaser opts to buy all the voting shares of the corporation(s) that own(s) […]
Read MoreThe rules surrounding vacant land in Ontario can be complex. Various factors determine whether HST on vacant land purchases applies, especially when buying, selling, or subdividing land for sale in Ontario. Understanding Ontario land transfer tax, HST implications, and exemptions can help buyers and sellers avoid unexpected costs. When is HST Applicable to Vacant Land? […]
Read MoreWhether a buyer can terminate an Agreement of Purchase and Sale due to a difference in property dimensions in the MLS listing and its actual size depends on how material the misrepresentation is. This is demonstrated in two recent cases Lamba v. Mitchell, 2021 ONSC 1612 (CanLII) and Issa v. Wilson, 2020 ONCA 756. Lamba […]
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