Have You Signed a Leaseback Purchase Agreement on a Condo? You Might Owe the CRA Thousands of Dollars!
[vc_row triangle_shape="no"][vc_column][vc_single_image image="12062" img_size="full"][/vc_column][/vc_row][vc_row triangle_shape="no"][vc_column][vc_column_text]Buying a condo unit with the intent to rent it out seems like a wise decision and many condo buyers opt for this. However, if you are among those individuals who signed a leaseback agreement with a company or directly with the builders, then you might now be owing thousands of dollars in taxes, according to the Canada Revenue Agency (CRA).In Canada, builders are selling their condo units to buyers, while also giving them an offer for a “guaranteed rental” incentive. Becoming a condo owner with a certain guaranteed amount for two to 10 years, as...Continue reading