More info on HST for the properties not intended to move in.


http://www.rcllp.ca/condo/hst-rebates-on-new-housing-including-rebates-for-rentals/

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Growing Old Is Mandatory ..Growing UP is Optional

I had a little time at my disposal to contact two banks and one of them, 'TD' has a Financial advisor in a few Branches and you can obtain a Booklet and some guidance on TRUST ACCOUNTS and Estate Planning from them. I am sure they will be glad to help you with it even if you are not one of their Account Holder. So, Please get in touch with them and follow it up further and get a little more detailed information from them on TRUSTS.
Good Luck.

FH.

I also picked up a whole series of Booklets from RBC and they are invaluable to me. See also their availability in your neck of the woods. fh

Thanks Everyone.

Builder allow me an option to declare as an investment property anytime prior to 60 days from closing date. So, I have lot of time for it.

I know legally I should declare as an investment property but I would like to know all advantages/disadvantages of declaring as investment property.

What is an impact at the time of sale in terms of capital gain?
Rebate will be added into capital gain?
etc...

Paying full HST in front and then asking for rebate is not an issue for me. I am taking it as positive because it will allow me to take more mortgage from bank and when I will get rebate, I can use those money for investing somewhere else.

I really appreciate your help for sharing your experience and views.

Thanks

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Success is Never Ending and Failure is Never Final.

Hi meitsme,

Do you mind telling in which area and name of builder? Friend's son works in Ottawa and he is thinking of buying house there.
thanks.

Builder Monarch take over by Mattamy now..
Area Stittsville...
That deal is no more exist...

There are many other builders around the city building new communities..
He should compare for his choice and budget...

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Success is Never Ending and Failure is Never Final.

Hi Guys,

I have bought the residential property from the builder and have plan to rent it out. It is still under construction. Closing date next year May 2017.

How far in advance I can sign the lease with tenant? (I talked to Landlord and Tenant board and they said there is no restriction from L&T board point of view)

Is it valid to have lease for longer time (i.e. 2 years or 3 years)?

Is it valid to sign lease while property is still under construction with the builder? I have firm agreement with builder. (I am not expecting to change in closing date but I can make sure the clause added in lease in case of any change in closing date from the builder side)

I am asking all these questions because I have client who is ready to sign long term (3 years) lease with an option to buy property at any time during the lease. I have $25000 to spend in upgrades with builder and design appointment will be in couple months. He wants me to consider his choice of upgrades in design appointment and I have no problem with it (I will consider his choice but ultimate it will be my decision) if he is signing lease agreement with an option to buy.

I would like you to share your comments/suggestions/experience though at the end I will definitely go through the lawyer.

Thanks

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Success is Never Ending and Failure is Never Final.