Hi,
A friend is purchasing a cottage and included in the price is the boat, snowmobile, furniture, etc... essentially everything that's currently in/at the cottage. The contents are not being priced/paid for separately.
I'm wondering how the Ontario land transfer tax supposed is supposed to be calculated in this case? Is it on the full purchase price or can it be adjusted to account for the fact that some of this isn't actually related to the property or cottage? Or would that require pulling the contents out of the purchase price such that its handled/paid for separately?
Thanks!
Ken
Newmarket, Ontario
A friend is purchasing a cottage and included in the price is the boat, snowmobile, furniture, etc... essentially everything that's currently in/at the cottage. The contents are not being priced/paid for separately.
I'm wondering how the Ontario land transfer tax supposed is supposed to be calculated in this case? Is it on the full purchase price or can it be adjusted to account for the fact that some of this isn't actually related to the property or cottage? Or would that require pulling the contents out of the purchase price such that its handled/paid for separately?
Thanks!
Ken
Newmarket, Ontario