We have blogged on issues relating to cottage ownership several times in the past and thought it would be helpful to those considering the purchase of a cottage during COVID-19 to have the links to many of these blogs in one place.
What could be more beautiful than a Thanksgiving weekend in Canada? Our maple trees are truly spectacular during this “Fall Rhapsody” time of year. And what could be more Canadian and fall-ish than a battle over a maple tree?
A recent case (Allen v. MacDougall) before the Ontario Superior Court of Justice involved two neighbours in a dispute over a maple tree. The tree in question was growing on the shared boundary line between the neighbouring properties.
As a buyer, Closing Day is the day when you finally receive the keys to your new, or ‘new to you’, house, and when you provide the funds for the amounts owing towards the purchase of the house. As a seller, Closing Day is associated with moving out of the place you called your home for some period of your life and receiving the equity you have built up and possibly paying off one or more mortgages secured against the property.
For both sellers and buyers, Closing Day, and the days leading up to the big day, can be confusing.
In a recent video posted to the Financial Post, Phil Soper, president of Royal Lepage, explained why he believes Ottawa is currently Canada’s hottest real estate market. For most of us, our home is our most valuable…
The Senators in the playoffs, temperatures in the twenties, and tulips beginning to bloom…we think it is safe to say that spring has finally and truly arrived in Ottawa (although our friends to the west who have yet to put away their snow shovels may not agree). Another sure sign of spring is the bustling spring real estate market. This brings to mind changes to the principal residence exemption which were announced by the federal government last fall.
Generally speaking, when a capital property such as a home or cottage is sold, an individual is taxed on the increase (or ‘gain’) in the value of the property. The gain is calculated from the date it was acquired by the individual to the date it was sold. However, if the property disposed of qualifies as the individual’s principal residence, he or she can take advantage of the principal residence exemption to reduce or eliminate any taxes owing on the capital gain.