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Tax liens Form: What You Should Know
Tender Form Search Tool at City of Victoria Website. 2. If I buy a tax sale property do I need to pay the GST /HST on the purchase price? The property is not considered taxable in the Province of Nova Scotia until it's Taxable Property status has been reached. That is, you do not have to pay GST/HST once the property has been Taxable Property. 3. Should I use my own money or borrow against my property? The CRA recommends that you borrow against your property if you choose to do so. Do not use your own money to pay for a tax sale property. Instead, use the cash you currently have available to you. Selling Property and Credit Insurance Coverage What are my obligations when I sell property? Generally, you must file or renew a certificate of sale within two years of the date you buy the property. When can you file a certificate of sale in your name using the Canada Revenue Agency website? The term Certificate of Sale does not refer to any specific date, but rather refers to the document by which you declare that all the facts and circumstances necessary to support your claim for relief from the tax payable on the purchase sale of a real or personalty, real or personalty property have been established. It has been determined that the sales tax on real property in the City of Victoria and the municipality of Oak Bay is due to be repealed. It is the intention of the Government to provide a transitional period wherein the sales tax remains in place, but this is subject to being amended. If I am a tenant, tenant's insurance does not cover the property against loss of its value unless the insurance policy has a property specific exclusion. Sale of Residential Property with an Exemption What is a Sale of Residential Property with an Exemption, and how can I find out my rights? To qualify for an exemption, a property must be exempt from the sales tax on the first 200,000 of gross sales income. Exemption means that the exemptions and credits available for residential property in an individual's name apply to the unit that is subject to that individual's tax assessment. Residential properties are subject to the sales tax in accordance with the Sales and Use Tax Act (SUVA). If a purchaser is using a registered purchaser exemption with respect to a purchase of a residential property at any time and the property's assessment is to be reduced in one of the following ways, that purchaser is not exempt.
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