Creating a Canadian incorporation to hold a property involves several steps. You can hire a lawyer, accountant or do-it-yourself to create an incorporation in Canada to hold a property. Regardless who is doing the actual registration of the corporation, here's an overview of the process:Choose a name for your corporation or use a number company: If you want to pick a name for your corporation, it...
There are several factors to consider when deciding whether to own a property under a personal name or a corporation name. Here are some benefits of each:Benefits of owning a property under personal name:Simplicity: Owning a property under a personal name is a simpler process than setting up a corporation, which involves more legal and administrative work.Tax benefits: If you own a property under your...
Zoning laws and regulations are laws that govern the use of land within a certain area. They specify how a particular piece of land can be used, what kind of buildings can be constructed, how tall they can be, and where they can be located. Zoning laws are put in place to ensure that land use is organized and planned in a way that benefits the community as a whole, and to prevent any negative effects of...
There are several creative ways to finance a home purchase. Here are a few options:Rent-to-Own: This option involves renting a property with the option to purchase it at the end of the rental term. A portion of the rent payment goes towards the down payment on the property. This can be a good option for those who may not have enough money for a down payment but want to eventually own a home.Bridge Loans: A...
Designing a home is a highly personal and subjective process, and the latest trends can vary depending on the region and culture. However, there are some general principles and current trends that you may find helpful when designing your home:Open Floor Plans - Open floor plans that create a spacious, light-filled environment are still popular. This design allows for natural light to penetrate more of the...
Property management can be approached in two ways, each with its own pros and cons.Hiring a Property ManagerOne approach is to hire a property manager who will handle all rental-related tasks. This includes renting out the property, collecting rent, addressing tenants' concerns, arranging for maintenance or repairs, and cleaning the unit between turnovers. The fee for a property manager varies depending on...
Investing in your primary residence can be a wise choice since any profits made from the sale of the property are tax-free. This is one of the best ways to earn money in real estate without having to share it with the government. If you live in a growing city with a constant influx of people, companies, and jobs, your home will most likely appreciate in value naturally. However, if you want to increase...
Househacking is a popular way to earn passive income through real estate, and it involves renting out a part of your living space. This approach is ideal for those who own a home and want to offset expenses or pay down their mortgage. The good news is that you can househack regardless of your housing type, whether it's a house, condo, or any other type of property. Here are some options to consider:Rent...
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The Canadian Federal government has introduced the Underused Housing Tax Act (UHT) to prevent foreign buyers from purchasing residential properties and leaving them vacant. The act came into effect on January 1, 2022, and the filing requirements and forms were recently released by the Canada Revenue Agency (CRA). Note that this is not the same as the Toronto Vacant Home Tax. It is important to note that...
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