What sources can a transferee use to determine whether a house is “new” or not?
Information sources that can be used to determine whether the property qualifies as “new” under the Newly Built Home Exemption include, but are not limited to:
What happens if the transferee claims the newly built home exemption and they discover the house is not new?
If a transferee claims the newly built home exemption when they register a taxable transaction, but the property is not a qualifying property, the transferee becomes liable for the amount of property transfer tax that would have been payable at the date of registration, had the exemption not been claimed. The tax payable is due immediately in order to avoid additional interest accruing on the account.
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