vacanthometax

In this episode of The Real Estate Podcast with me, Nico James-Bock, a Broker at Royal LePage Signature Realty in downtown Toronto, we delve into the intricacies of 6 Canadian real estate taxes, focusing on the major taxes involved in a typical residential transaction. Whether you're a first-time homebuyer, a tenant looking to jump into home ownership , or a seasoned investor, understanding these taxes is crucial for making informed decisions in the Canadian real estate market, in general, and more specifically, in the GTA.

This is not a comprehensive list nor is it tax advice. For tax matters, always seek professional advice from an accountant/tax specialist/lawyer.

Here are the 6 Taxes

1. Harmonized Sales Tax (HST)
2. Land Transfer Tax (LTT) + 
    Non Resident Speculation Tax (NRST)
3. Property Tax and Assessments
4. Capital Gains Tax + Income Tax
5. Foreign Buyer Taxes
6. Vacant Home Tax +
    Underused Housing Tax

Host: As we wrap up, it's important to remember that taxes are an integral part of the real estate landscape in Canada. By understanding the major taxes involved in a residential transaction, you can make informed decisions and navigate the process with confidence.

Host: That concludes today's episode of "Navigating Canadian Real Estate Taxes." Thank you for tuning in. Be sure to subscribe for future episodes, and if you have any questions or topics you'd like us to cover, feel free to reach out. 

Ciao ciao

Helping you increase wealth through #realestate
https://nico.royallepage.ca/
https://www.facebook.com/RealEstateWithNico
https://www.linkedin.com/in/nicojamesbock/
https://www.instagram.com/nico_realestate/
https://twitter.com/Nico_RealEstate

Welcome to another episode of The Real Estate Podcast with Nico James-Bock, a Broker with Royal LePage Signature Realty in Downtown Toronto.  

The City of Toronto's Vacant Home Tax came into effect on Jan 01 2023.  All Toronto residential property owners must submit a declaration of their property’s 2022 occupancy status by February 2nd 2023. 

Keep in mind that a property is considered vacant by the City of Toronto if it was NOT used as the principal residence by the owner(s) or any permitted occupant(s), or was unoccupied for a total of six months or more during the previous calendar year. 

This podcast recording is available on YouTube:
https://youtu.be/BPUwyjqDlBU

#vacanthometax
#cityoftoronto
#torontorealestate

Helping you increase wealth through #realestate
https://nico.royallepage.ca/
https://www.facebook.com/RealEstateWithNico
https://www.linkedin.com/in/nicojamesbock/
https://www.instagram.com/nico_realestate/
https://twitter.com/Nico_RealEstate