{"id":36110,"date":"2014-04-12T23:53:24","date_gmt":"2014-04-13T03:53:24","guid":{"rendered":"http:\/\/www.northeastmortgages.ca\/?p=36110"},"modified":"2021-02-06T02:14:51","modified_gmt":"2021-02-06T01:14:51","slug":"the-real-show-april-52014-listener-questions-sent-in-by-text-or-email","status":"publish","type":"post","link":"https:\/\/www.nordest.ca\/blogue\/en\/the-real-show-april-52014-listener-questions-sent-in-by-text-or-email\/","title":{"rendered":"The Real Show – April 5,2014 listener questions sent in by text or email"},"content":{"rendered":"

Radio Questions April 5, 2014<\/span><\/span><\/p>\n

1 I had to pay the welcome tax when I bought out my ex. <\/span>Was it because it was a duplex?<\/span><\/span><\/p>\n

Normally when you buy out a spouse or a property is transferred from a parent to a child then you do not have any welcome tax to pay. <\/span>You will have a $ 250 charge from the city for the transfer but that is all. <\/span>It is the notaries responsibility to make sure they advise the city that it was a spouse that you are buying out or that it is a parent transferring. <\/span>If they do not advise the city then you will have to pay tax. <\/span>This is regardless of if it is a Duplex or a triplex or a condo.<\/span><\/span><\/p>\n

2 It’s illegal, The tax assessment should be higher with an extra apartment even a bachelor<\/span><\/span><\/p>\n

Having a bachelor that is not registered is not illegal <\/span><\/span>
\nprovided that the revenues it generates are declared to the CRA and RQ. <\/span>Municipal <\/span><\/span>
\nTax assessments have nothing to do with the number of units in a property as a <\/span><\/span>
\nmatter of fact in some cases the more apartments you have the lower your <\/span><\/span>
\nmunicipal assessment will be. <\/span>You do however have to follow all of your municipality’s <\/span><\/span>
\nrules and guidelines to make sure that all zoning bylaws are followed.<\/span><\/span><\/p>\n

3 Do I have to pay the welcome tax again if I’m buying out <\/span><\/span>
\nmy ex?<\/span><\/span><\/p>\n

As mentioned in above answer. <\/span>No, however, please advise the notary <\/span><\/span>
\nthat you are buying out a spouse so that you do not accidentally get taxed,<\/span><\/span><\/p>\n

4 Would like to know where to take the real estate classes <\/span><\/span>
\nand how much?<\/span><\/span><\/p>\n

Real estate program can be taken at College Immobilier in Nuns Island <\/span><\/span>
\nor College Lasalle in downtown Montreal. <\/span><\/span>
\nCosts are I believe around $ 3k but I could be wrong please verify with the <\/span><\/span>
\nschool.<\/span><\/span><\/p>\n

5 Do you have to pay the welcome tax if you flip a house? <\/span><\/span>
\nsat<\/span><\/span><\/p>\n

Thank you, Sam, for putting your name in the text\u2026 In short <\/span><\/span>
\nyes you do. <\/span>In a flip, you must take this extra cost into account so that you <\/span><\/span>
\ncan properly calculate your cost of acquisition of the property. <\/span>As well you <\/span><\/span>
\nshould know that the municipality will always charge you the higher of either <\/span><\/span>
\nthe cost of acquisition or the municipal tax evaluation.<\/span><\/span><\/p>\n

Use the following as a way to calculate what you will pay.<\/span><\/span><\/p>\n

Based on 2012 rates, the amount <\/span><\/span>
\nof tax to be paid is calculated in the following manner:<\/span><\/span><\/p>\n