Counsel for John notes that John`s primary objective in purchasing the unit was to sell his interest in the unit to a third party. John lives and works in Toronto and is married with four children. The condo he bought from Builder X is located in the heart of Uptown Waterloo, a superb 600 Sq Ft studio. Although John did not build the unit for GST/HST purposes, he is considered a contractor because « he intended to sell the property, have an interest in it or lease the property. » John does not see how he can change his circumstances to support another intention. John then asked himself whether he should continue with this divestment transaction, as his profit margin was declining rapidly. On the other hand, if an individual originally offered to buy a condo (being rebuilt by a contractor) with the main intention that the unit to be purchased would be used (for example) by: The process of « connecting » an interest to a purchase and sale contract is a relatively new concept in the Waterloo area and it is rapidly gaining traction. The problem is that the average buyer does not understand the intricacies of what this entails to successfully yield an interest in an agreement with minimal tax impact. Another problem is that the form of the transfer agreement is quite complex. The purpose of this article is to break down an assignment transaction into a scenario often encountered by lawyers and real estate agents. « If, in the GSP, the alleged beneficiary, the person obliged to pay the consideration, is considered a « buyer, » little more than a unilateral direction with respect to the title is necessary to supplant compensatory, reciprocal agreements, patent files, logical findings and legal obligations in the GSP. »  10) HST on PURCHASE OF COMMERCIAL PROPERTIES (new commercial real estate or firm for sale after July 1, 2010, no matter when an offer was signed) That`s not all.
Bobs liability for the payment of the property transfer tax (« LTT ») is also increased. In addition to paying LTT on the initial purchase price of $300,000.00, Bob will also have to pay LTT for the transfer fee as part of the transfer agreement. Now Bob is very unhappy. In the case of an assignment, the assignee must report the benefit of a sale of assignment during the fiscal year in which the right was transferred. Earnings are considered either fully taxable business income or income from capital gains, of which only 50% is taxable. The question is whether the facts or circumstances of the rating agency indicate that the co-ownership was originally purchased by the owner for the principal personal use, instead of buying the unit solely for a potential profit with the intention of awarding or reversing the agreement. When a buyer buys two new units or a company buys a dwelling unit, it is more difficult (perhaps impossible) to explain to the rating agency that the primary purpose of the purchase by the owner was to acquire the unit for personal use as a home for an immediate family member. In determining the primary purpose of acquiring a stake in a new home, all relevant factors should be taken into account when determining the primary objective of acquiring a stake in a new home.