Home for Sale in Markham's Finest Neighborhood For More Info Call Willia...

Home for Sale in Markham's Finest Neighborhood For More Info Call Willia...

4,200 Square Foot Home for sale in Cachet Estate, Markham For More Info ...

Home for Sale in Cachet Estate, Markham

Unionville Home For Sale

Sleek Home For sale in Unionville Ontario - Call William Karnasiotis 416...

Open House in Markham This Saturday 2-5PM!

Come See This Architectural Masterpiece In Prestigious Sought After Unionville This Saturday August 31st 2-5PM.

Stunning 1/2 Acre Of Land With Plenty Of Sun Exposure. Observe The Universe From The Custom Built Observatory. 4 Bedrooms, 3 On The 2nd Level And 1 Senior Friendly Main Floor Br. Expect The Finest Craftsmanship. Premium Hardwood Floors On The Main And 2nd Storey. Hand Carved Beams, Spindles And Railings. This House Is Rock Solid! Steps To Markville Mall. 
  

Extras: Minutes From Main Street Unionville. Quality At Its Finest! Hardwood Stairs With Custom Wrought Iron Pickets. Large Bay Windows Throughout The Main And Second Level. Commercial Zoning May Be Possible (To Be Verified By The Purchaser).

                                                               

Property Features

• Bedroom(s): 4
• Bathroom(s): 3
  • 5 piece : 1 total
  • 4 piece : 2 total
• Kitchen(s): 2
• Lot Size: 100.00 x 200.00 Feet
• Approx. square footage: 2500-3000
• Approx. age (years): 51-99
• Estimated annual taxes: $5,733
• Tax Year: 2013
• Basement: Fin W/O

True Value of a Real Estate Agent

The process of selling in Canada is effectively controlled by Multiple Listing Service. Over 80% of sales transactions take place though this medium.

Under MLS, the members of the service, share the information among each other to expedite the process of selling. The access to private data is not open to the public.
The process of selling a property through the services of MLS can be divided in 5 different stages.

Processing a MLS Listing:

This includes things like, collecting the pertinent information about the property, such as measurements, legal description, zoning, liens if any, Title, Insurance, property taxes and converting this to the format that the board accepts and then processing it through the MLS system. The important information about the property is then made available to the consumers by CREA’s on its website however, it does not carry the names of the owner, his contact information or any thing that would help the consumer to contact the seller directly. He must contact the broker representing the seller to get more information and to see the property.

Marketing the property:

This includes all those steps the broker takes to expose the property to the prospective buyers to bring in the sale. This includes, but is not limited to, activities like, advertising, in papers, sign on the property, holding open houses, face to face meetings with prospective buyers, sending flyers, advertising on the net, canvassing, etc. etc.

Servicing the Listing:

Encompasses answering questions and queries of consumers, brokers, lawyers, mortgage broker, building inspectors, appraisers, providing answering desk, making appointment and keeping a log of the activities to facilitate the sale and seeing it through the closing.

Representation and Negotiations:

This is the most important phase for the sale of the property. This is where the knowledge, expertise and experience of the agent shines and can have a huge impact on the final outcome. It includes representing the Seller in negotiations with the buyer / buyer’s agent. The goal here is to promote and protect the interests’ of the seller and maximize his returns from the sale of the property.

Consultation:

During any of the stages stated here above, there may be situation where the seller needs the advice concerning any issue effecting the sale of the property.

For More Information Contact Your Local Real Estate Specialist.

Tax Harmonization: Frequently Asked Questions

What is a Harmonized Sales Tax?

Ontario plans a major tax reform that will combine both the provincial and federal sales tax on products and services. The combined tax of five per cent GST and eight per cent Ontario sales tax won't change the price on most items. But many items that used to be exempt from sales tax will no longer be so.

What is no longer PST exempt?

Consumers are most likely to notice an increase in the price of gasoline and heating fuels. Electricity will no longer be exempt from provincial sales tax, nor will tobacco, personal services like haircuts, membership fees for clubs and gyms, newspapers and magazines, taxi fares and the professional services of lawyers, architects and accountants. Real estate commissions will also be taxed.

Will anything remain exempt?

Not a lot. Children's clothing and footwear, children's car seats and car booster seats, books, diapers and feminine hygiene products will remain exempt from the provincial portion of the single sales tax.
Basic groceries, rent, condo fees, prescription drugs, and medical devices remain exempt from both PST and GST.
Purchase of resale homes will remain exempt from PST, although real estate transaction fees will be taxed.

Why is Ontario doing this?

The province says implementation of the single sales tax would bring Ontario into line with "what is viewed as the most efficient form of sales taxation around the world." The finance ministry says the single sales tax would reduce the cost of goods that Ontario exports, making the province more competitive and boosting a sector of the economy that has been particularly hard hit by the economic downturn.
At the moment, businesses may not deduct the PST from the cost of materials and other products they buy; instead, they pass the cost along to consumers. But under harmonization, businesses may claim tax credits for those purchases, which some estimates suggest could save them $3-billion a year.
The Ontario Chamber of Commerce believes a fully blended system would cost consumers approximately $905 million in additional sales taxes per year, while the GST and PST bill for companies would fall by $1.6 billion annually.
The Canadian Federation of Independent Businesses says harmonization will save business $100 million a year in reduced red tape.
Businesses will save a further $500-million a year on the costs of administering a single tax instead of two, according to the budget documents.

Are all businesses on side?

Contractors, developers and homebuilders oppose the blending. Ontario's Building Industry and Land Development Association estimates that a blended tax would add more than $46,000 to the price of a $580,000 new home in Toronto.

Will household expenses rise?

Yes, although the province says it will offer $10.6 billion worth of tax relief over the next three years:

• Cash payments of up to $1,000 for in 2010 and 2011 for families earning less than $160,000 a year.
• A new permanent $260 refundable sales tax credit for low to middle-income adults and children.
• An enhanced refundable property tax credit for low and middle-income homeowners and tenants.
• New homes under $400,000 would be exempt from the new blended tax.
• $1.1 billion in personal income tax cuts

So what's the problem?

The provincial NDP says the single sales tax would leave families "feeling the pinch" from having to spend more on a range of goods at a time that many are already struggling to deal with job losses.
The Conservatives, while ideologically in favour of harmonizing, say this is no time to be raising taxes.
The Ontario Real Estate Association says merging the taxes will add more than $2,000 to the cost of a real estate transaction, hurting the resale home market and prolonging the housing industry's recovery from the economic doldrums.

Is Ontario alone in this?

All the Atlantic provinces except Prince Edward Island have a harmonized sales tax.

When does the new tax begin?

July 1, 2010.


Read more: http://www.cbc.ca/money/story/2009/03/27/f-tax-faq.html#ixzz0mzrQOPxJ

How condo owners can claim the Home Renovation Tax Credit

If the term "Home Renovation Tax Credit" brings to mind images of detached houses in the suburbs and not units in sky-high buildings, you're not alone. Many condo owners are paying little attention to the credit when they could be reaping the benefits.

In fact, there are many opportunities for condo owners to claim the credit, including some outside of their own units.

Condo owners can claim a portion of improvements made to their building between Jan. 27, 2009 and Feb. 1, 2010, as long as they were at least partially responsible for paying for the upgrades.


Here's how it works:
Assuming each condo owner pays a monthly fee to a condo corporation, repairs or renovations completed and paid for with that money should count toward the HRTC. The condo corporation is simply paying for these goods and services on behalf of all of the unit owners.
Condo corporations are unable to claim the credit because it is available only to individuals, so it's up to each person to claim his or her portion.

Therefore, on their 2009 taxes, condo owners can claim the credit for renovations to their own unit – similar to what would be done in a detached home, for example – as well as their share of any renovations to common areas paid for by the condo corporation.
This could include anything from new windows installed in your building to a redesigned lobby area or improved landscaping.

Add these shared costs with renovations you may have done to your individual unit (bathroom or kitchen upgrades, new fixtures, painting) and you could significantly increase your credit.
Canada Revenue Agency guidelines for condo owners indicate that improvements made to common areas will qualify if:

– You own your unit. Renters are out of luck, even if they pay similar monthly fees.
– "The expenses would be eligible expenses if the common areas were treated as an eligible dwelling" – if new furniture wouldn't count in a detached home, it won't count in a condo either.
– Your condo corporation has notified you of your share of the expenses.
As a reminder, the tax credit applies to renovation costs over $1,000 and under $10,000, so if you spent a few hundred dollars on your own unit and the condo corporation spent a few hundred more on your behalf, that may be the difference between getting a return or not.

What you'll need to make the claim:
Since you're not dealing directly with stores or contractors and won't receive original receipts or invoices, in order to claim your portion of building renovations you need documentation from your condo corporation. This can be in the form of a letter and must be signed.
Most condo corporations have a set of guidelines that help them determine the allocation of expenses for common areas. It is this documentation that will guide them in establishing each condo owner's contributions to renovations and therefore how much people can claim.
According to Canada Revenue Agency, the documentation "must clearly identify the type and quantity of goods purchased or services provided" and also include the following:
– The cost of the renovations
– Your portion of the expenses (exactly how much you are considered to have contributed)
– Contact information for the vendor or contractor (including GST/HST number, if applicable)
– A description of the work in question
– The date or dates the work was completed.
If you do not receive documentation for improvements to your building, it is worth asking about. It could mean a few more dollars in your pocket!