Thursday, August 29, 2013

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

Wednesday, June 2, 2010

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.


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.

Tuesday, May 4, 2010

Tax Harmonization: Frequently Asked Questions

Friday, February 5, 2010

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!