Property Purchase Tax Act

Rental Clause #201

Legally Speaking

By Gerry NeelyB.A., LL.B. Sometimes a simple clause such as the one which follows conceals problems which lead to litigation. “Vendor may retain all rental monies collected from tenants prior to completion date, and purchaser may retain all rental monies collected from tenants on or after completion date.” A dispute arose between the parties as

Property Purchase Tax Act Amendments #174

Legally Speaking

By Gerry NeelyB.A., LL.B. A number of amendments have been made to the Property Purchase Tax Act, but those which will affect the largest number of licensees and purchasers are the amendments made to the principal residence exemption. A principal residence is defined as follows: “Principal Residence: A principal residence is a parcel of land that does

Property Purchase Tax Act – Continued #116

Legally Speaking

By Gerry Neely B.A. LL.B The tax return which is filed under the Property Purchase Tax Act with transfer documents has been amended to require a purchaser to disclose the value of machinery, furniture, equipment and fixtures, which are included in the purchase price of non-residential property. “Fixture” is very broadly defined but does exclude

Property Purchase Tax Act, Bill 60 #115

Legally Speaking

By Gerry Neely B.A. LL.B The Property Purchase Tax Act became law in March of 1987, and amendments to it were made in December, 1987, by Bill 60, mainly to close loopholes or to remove ambiguities in the Act. One loophole was found by developers in the definition of an Agreement for Sale. The definition

Property Purchase Tax Act and Other Odds and Sods #104

Legally Speaking

By Gerry NeelyB.A. LL.B. The Property Purchase Tax Act, although it has only received first reading, is here to stay. The amendments to the Bill published in the Orders of the Day of May 19, 1987, primarily remove ambiguities from the Bill as originally drafted. They do remove the original perceived inequities that would have