ONTARIO HOME BUYERS MUST NOW PROVIDE CITIZENSHIP INFORMATION
2017-05-02 | 10:19:17
Regulatory changes now require home buyers in Ontario to provide comprehensive information regarding their citizenship and place of residence, as the province has initiated the use of the “Prescribed Information for Purposes of Section 5.0.1 Land Transfer Act” Form.
The form will accompany the documents involved with the land-transfer tax payment process. The provincial government stated that the launch of the form is part of its drive “to support evidence based policy development with respect to Ontario's real estate market,” CBC News reported.
The use of the form took effect on Monday April 24, 2017 and will become mandatory on Friday May 5. During the 2-week transition period, any incomplete information or errors and/or omissions made on the form will not affect the registration of the transaction or incur any penalties.
The rules, which were announced along with the economic statement last fall, will be applicable to anyone who purchases either agricultural land or property that hosts between one and six single-family homes/units.
Information required for the new form includes:
- The type of dwelling (detached, semi-detached, row-housing, condominium, cottage etc.);
- Whether the home is a principal residence or an investment property;
- Property buyer’s residency, citizenship, and permanent resident status;
- For purchases involving a numbered company, information on the identity of the corporation’s owner; and
- For purchases involving a person buying a property on behalf of another individual, information about the beneficial owners.