Legal Alerts

New Corporate Requirement to List Real Property Holdings
Under Ontario’s new Forfeited Corporate Property Act, in force December 10, 2016, corporations are subject to new record-keeping obligations requiring the maintenance of a registry of the corporation’s ownership interests in Ontario land. The changes stipulate deadlines for establishing the registry and impose penalties for non-compliance.

Change in Land Transfer Tax Rates
For certain commercial real estate transactions closing on or after January 1, 2017, the provincial Land Transfer Tax (LTT) rate on consideration over $400,000 has been increased to 2%, up from the former 1.5%. The LTT on certain single-family residences has also been increased from 2% to 2.5% on any consideration above $2 million.

New Larger Land Transfer Tax Rebate for First-Time Buyers
Effective January 1, 2017, the rebate of Provincial LTT for first-time homebuyers has been increased to $4,000.