If you are a non-resident of Canada, you are not able to sell your property located in Canada
False, however, you will be subject to a non-resident withholding tax
How long is the cooling off period for purchaser's who have bought a new build condominium unit in Ontario?
A) 5 days
B) 7 days
C) 10 days
D) 0 days (no cooling off)
C) 10 days
Non-resident, Canadian citizens buying property in Canada are subject to additional tax on top of the purchase price of the property
False - even if a Canadian citizen is living outside of Canada, they are still able to purchase property in Canada and are not subject to the "Foreign Buyer's Ban"
What does the abbreviation "PIN" stand for?
A) Parcel Identification Number
B) Property Identification Number
C) Parcel Index Number
D) Property Index Number
B) Property Identification Number
When a lender forecloses on a property, they must reimburse the owner the difference between the value of the property and the outstanding loan
False, only under a power of sale would the lender be required to provide any excess funds from the sale to the owner
You can force a tenant to leave if you are selling a rental property, if:
A) you give a minimum of 60 days notice
B) the buyer decides to live in the property
C) the tenant is at the end of their lease or month-to-month
D) All of the above
D) all of the above; you cannot evict a tenant due to sale of the property unless they are in a month-to-month situation, the buyer will be living in the unit, and at least 60 days notice is provided.
Only Canadian citizens and permanent residents can purchase property in Canada based on the Foreign Buyer's Ban, which was implemented in 2023
False - although the Ban restricts some foreign individuals from purchasing property, there are exceptions, including spouses of citizens, people purchasing property larger than a 3 plex, people purchasing in rural areas outside of a census metropolitan area etc.
The sale of land is subject to HST:
A) when the land has subdivided into more than 2 parts and a parcel is sold
B) when the land has been used for personal use
C) when the land has been used as hobby farm
D) all of the above
A) when the land has subdivided into more than 2 parts and a parcel is sold