Important Message from CCLA Real Estate Lawyers Committee
April 20, 2017
Please see the documents below explaining mandatory changes the Ontario Ministry of Finance is making to the Land Transfer Tax statement which come into effect April 24th, yet the form is only available as of April 22nd. Teranet Express is separate from Teraview and not accessed through Teraview.
Below is a short summary from FOLA:
There will be at least 6 new statements that lawyers will be required to make, including (but not limited to):
- the type of dwelling (detached, semi-detached, condominium, cottage, etc.);
- whether the property, in part or in whole, is intended to be leased out;
- residency, citizenship and permanent resident status, if the person who purchases or acquires the land is an individual;
- information about incorporation, ownership and control, if the purchasers are corporations, and;
- information about beneficial owners, if the person who purchases or acquires the land is acting as a trustee, nominee or in a similar capacity.
This information is to be submitted in a form on Teranet Express, and a confirmation number will be provided via Teranet Express. That confirmation number is then entered into a statement in the LTT section of Teraview.
The required form will not be available on Teranet Express until Saturday, April 22, 2017.
The confirmation number from Teranet Express will be required to be included in most residential Transfers starting on Monday, April 24, 2017.