SALE OF MIXED USE REAL PROPERTY PROBLEMATIC
ONTARIO COURT IDENTIFIES CHALLENGES OF SELLING RESIDENTIAL / COMMERCIAL PROPERTY
Most real property owners in Canada are aware that their tax obligations may differ depending on whether a property is used for residential (such as renting as a home or apartment) or for commercial purposes (such as renting for business use).
A recent Ontario Superior Court decision identifies problems that can arise from poorly drafted Agreements for Purchase and Sale (“APS”) and highlights the need to obtain proper GST/HST advice before signing such agreements.
Tagged in:
Agreement for Purchase and Sale
Canadian Property Owner
GST/HST
Input Tax Credits (ITCs)
Real Property
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