An important part of preparing for a real estate transaction is making sure that you have sufficient identification documents to satisfy the requirements of your realtor, lawyer and mortgage lender.
Each of these professionals will require that you provide documents to verify your identity.
The usual requirement is two pieces of valid and unexpired identification documents, one of which must be photo identification. Examples of acceptable photo identification are an Ontario drivers licence, an Ontario Identification Card, or a Canadian Passport. The second piece of ID could be one of the foregoing, a Canadian Social Insurance Card or a credit card issued by a major Canadian financial institution. Your lawyer will document the details from the required I.D, and will also make note of your occupation and the name, address and telephone number of your employer
The Non-Resident Speculation Tax imposes a 15% tax on the purchase or acquisition of an interest in residential real estate by non-residents of Canada in the Greater Golden Horseshoe Region (GGH). This includes the following geographic areas:
- City of Barrie
- County of Brant
- City of Brantford
- County of Dufferin
- Regional Municipality of Durham
- City of Guelph
- Haldimand County
- Regional Municipality of Halton
- City of Hamilton
- City of Kawartha Lakes
- Regional Municipality of Niagara
- County of Northumberland
- City of Orillia
- Regional Municipality of Peel
- City of Peterborough
- County of Peterborough
- County of Simcoe
- City of Toronto
- Regional Municipality of Waterloo
- County of Wellington, and
- Regional Municipality of York.
In order to be exempt from this tax individuals must provide evidence that they are Canadian citizens or Permanent Residents of Canada. Your lawyer will require that you sign a sworn declaration to this effect, and you may also be required to provide proof of your status in the form of a Canadian passport, Canadian citizenship card or Permanent Resident Card.
Prior to entering into a contract to buy or refinance real estate, you should consult with a lawyer and make sure that you have all the documentation required to satisfy the requirements of your realtor, lawyer and mortgage lender.
At Devry Smith Frank LLP , we are well-equipped to handle your real estate transaction. We provide promptness, precision and understanding to all our clients, engaging with you from the beginning stages of your purchasing journey to the closing of your dream property. We pride ourselves on our ability to clarify vague or unclear legal terminology, and to communicate with our clients in clear and simple terms.
For experienced assistance with both commercial and residential real estate, contact:
Louis Gasbarre at 416-446-3318 or by email at email@example.com or
Robert Adourian at 416-446-3303 or by email at firstname.lastname@example.org
“This article is intended to inform. Its content does not constitute legal advice and should not be relied upon by readers as such. If you require legal assistance, please see a lawyer. Each case is unique and a lawyer with good training and sound judgment can provide you with advice tailored to your specific situation and needs.”