What Insurance Will I need on my Condominium?

Both the unit owner and the condominium

corporation must have insurance. Specific

insurance requirements vary from province

to province.

The corporation may be responsible for insuring:

• Common areas and units;

• The corporation’s property, such as

furniture, equipment, vehicles, etc.;

• Personal liability—against claims for

bodily injury and/or property damage

occurring on the condominium property

or caused by some act or omission of the

condominium corporation;

• Boilers and equipment (for example,

elevators, HVAC systems, etc.);

• Directors and officers insurance—to

respond to claims made personally against

a director or officer of the condominium;

• All perils as per the condominium

governing documents.

The unit owner may be responsible for insuring:

• Personal property contents such as

appliances, furniture and jewelry,

and items stored in lockers.

• Improvements and betterments made

to the unit (for example, finishing

a basement, installing new cabinets).

Check your provincial legislation to find

out if insurance for improvements is your

responsibility.

• Personal liability.

Above material extracted from the Canadian Mortgage and Housing Corporation website. For more information please visit www.cmhc.com

Land Transfer Tax Rebates (Provincial and Municipal)

First-time home buyers of new and re-sale homes are eligible for rebates on the provincial and Toronto land transfer taxes. The maximum provincial rebate is $2,000 and the maximum Toronto rebate is $3,725.

Provincial LTT:

• The maximum rebate of $2,000 is equivalent to the LTT paid on a $227,500 property.
• Calculation of the LTT is as follows; 0.5% of the purchase price to $55,000, plus, 1% between $55,000 and $250,000, plus, 1.5% between $250,000 and $400,000, plus, 2% above $400,000

Toronto LTT:

• The maximum rebate of $3,725 is equivalent to the LTT paid on a $400,000 property.
• Toronto LTT is in addition to any provincial LTT.
• Calculation of the LTT is as follows; 0.5% of the purchase price to $55,000, plus, 1% between $55,000 and $400,000, plus, 2% above $400,000.

For an easy-to-use LTT calculator, visit www.nohomebuyingtax.com