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Selling a Home: Property Tax Adjustment
September 7th, 2023 by SNJ
Property taxes must be paid on all residential real property as charged by the city, town or municipality in which the property is located. The tax period for all properties is the calendar year, despite the fact that the due dates for the payments of taxes will differ depending on the city, town or municipality rendering the tax bill. It is the usual practice that… Read More »
Buying a Home: Property Taxes
September 7th, 2023 by SNJ
In a typical real estate purchase, an adjustment is usually made to the purchase price with respect to property taxes. This is due to the fact that property taxes are paid at different times of the year in the various areas of the province, but regardless of which area of the province the property is in, property taxes are always paid for the current calendar… Read More »
Why Make a Will?
August 25th, 2023 by Cassandra Bueckert
By: Bryan J. Peters & Cassandra Bueckert Most people know that making a Will is important, but oddly enough, only about half of all Canadians (55%) have a Will and even less (40%) have a Power of Attorney.[1] While Estate Planning rarely makes it to the top of one’s priority list, having a proper estate plan in place will provide you, your loved ones and… Read More »
Buying a Home: Interest
July 14th, 2023 by SNJ
If you are arranging for part of the purchase price to be paid by way of the proceeds of a new mortgage, the process of registering the transfer of land and the mortgage documents in Manitoba may require that the transaction be closed without the mortgage funds being available to the buyer. This may result in the proceeds not being available to the seller immediately… Read More »
Selling a Home: Interest
July 14th, 2023 by SNJ
When you sell a home, a typical offer to purchase provides that the purchaser is entitled to pay for part of the purchase price through proceeds of a new mortgage. If so, payment of the sale proceeds to you may be delayed by the time required to register the purchaser’s transfer of land and a new mortgage at the Land Titles Office. In that regard,… Read More »
Underused Housing Tax: The Impact on Some Residential Property Owners
July 4th, 2023 by SNJ
The Underused Housing Tax Act (UHTA) came into effect in June 2022 and may apply to residential properties owned on or after December 31, 2022. This affects many residential property owners who should be aware of the new annual responsibilities they may have under the Act.[1] The Underused Housing Tax is an annual 1% tax on the ownership of vacant or underused housing in Canada.… Read More »
