When an individual dies owning real estate, their interest in the property will pass into their Estate (subject to rights of survivorship). Estate transfers under the Land Titles system require the Estate Trustee of the will to apply for and receive a Certificate of Appointment.
The Forfeited Corporate Property Act, 2015 (“FCPA”) came in to force on December 10, 2016, and with it were introduced new record-keeping requirements for Ontario corporations. The changes to the Ontario Business Corporations Act (“OBCA”) brought about by the FCPA now impose a requirement for corporations to prepare and maintain a register of ownership interests in land, likely intended to include both legal and beneficial interests.
Rising prices in the Toronto residential real estate market are making it harder for first-time buyers to acquire that new home. Beginning January 1, 2017, the government of Ontario will be increasing the maximum Land Transfer Tax rebate for first-time homebuyers from $2,000 to $4,000. This means that no provincial LTT will be payable on the first $368,000 for qualifying purchasers. For homes in excess of $368,000, eligible purchasers will receive the maximum refund of $4,000.