Property Transfer Tax Act

Property Transfer Tax – Multiple Buyers and Exemptions #277

Legally Speaking

By Gerry Neely B.A. LL.B A decision involving the Property Transfer Tax Act points to a way, when the facts are right, to reduce the amount of the total tax payable when there are multiple buyers. Three individuals bought one parcel of land in 1994 valued at $760,000, taking the fee simple title in their

Real Estate Act Section 28 – Disclosure by Licensee #237

Legally Speaking

By Gerry NeelyB.A., LL.B. Not every listing contract creates a fiduciary relationship, nor does every imperfectly completed Section 28 disclosure by a licensee give a seller a legal basis for refusing to complete the sale of the seller’s property to the licensee. An offer was made in the name of a licensee “and assigns” because

Property Purchase Tax Act (Continued) #107

Legally Speaking

By Gerry Neely B.A. LL.B On July 10, 1987, the Ministry of Finance closed the loophole referred to in the second example in Column 106 by an amendment to the PPTA, rather than by regulation. The first example given in that column of the purchase by a husband and wife was intended to illustrate the

Property Purchase Tax Act #106

Legally Speaking

By Gerry Neely B.A. LL.B We can expect publication in late July of regulations to carry out the intent of this Act. These regulations may: list transactions that are to be taxed even though the interest being sold is not capable of being registered in the Land Title Office, and try and tax the value