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Canadian Government Sets Its Sight On Predatory Lending

Jul 17, 2024 | mondaq.com | Aman S. Bindra

Effective January 1, 2025, the federal government will lower the criminal interest rate from 60% effective annual rate (EAR) to 35% annual percentage rate (APR), which equals about 42% EAR, in order to combat predatory lending. "Interest" includes all charges and expenses, including fees, fines, penalties, or commissions, associated with a loan. Commercial loans under $10,000 will have the new interest rate limitations.
Kane Shannon Weiler

Jul 8, 2024 | mondaq.com | Fiona McFarlane |Aman S. Bindra |Kane Shannon Weiler |Courtney Burnett

CONTRIBUTING SINCE AUGUST 2023 Kane Shannon Weiler POPULAR TOPICS Employment and HR Litigation, Mediation & Arbitration Real Estate and Construction Family and Matrimonial Corporate/Commercial Law
Surrey Slashes Building Application Fees To Accelerate Housing Construction Near Rapid Transit

Jul 5, 2024 | mondaq.com | Aman S. Bindra

The City of Surrey is slashing many building and development application fees through a new rebate program called the Rapid Transit Development Incentive Program. The program aims to incentivize real estate developers to accelerate the construction of new condominium near rapid transit stations.
BC Government Restricts Short-Term Rentals To Curb Ongoing Housing Crisis

May 20, 2024 | mondaq.com | Aman S. Bindra

In order to address the affordability crisis and provide for more long-term rental housing, the BC provincial government has introduced new regulations targeting short-term rentals such as Airbnb's. Starting May 1, 2024, the provincial government has passed new laws which will limits short-term rentals to the host's principal residence, plus one secondary suite or accessory dwelling unit, in many BC communities.
The New Tax For Short Term Property Sales

Apr 14, 2024 | mondaq.com | Aman S. Bindra

In order to target real estate speculation and address the affordability crisis, the BC provincial government has introduced a new law taxing profits from short-term property sales. The government introduced the new "home-flipping" tax in its 2024 budget, stating that its aim is to discourage speculators from driving up prices. Under the proposed new law, the government will implement a "sliding-scale" tax on profits made from properties which are re-sold within 2 years of being purchased.
Foreign Home Buyer's Ban Extended By Another 2 Years

Mar 31, 2024 | mondaq.com | Aman S. Bindra

Earlier in February, the federal government announced they will extend the existing ban on foreign ownership of Canadian housing by 2 more years. The restriction, which intends to increase the amount of housing available to Canadians, will now last until early 2027.
Fighting Back Against Predatory Lending

Feb 20, 2024 | mondaq.com | Aman S. Bindra

The federal government intends to lower the criminal interest rate from 60% effective annual rate (EAR) to 35% annual percentage rate (APR), which equals about 42% EAR, in order to combat predatory lending. "Interest" includes all charges and expenses, including fees, fines, penalties, or commissions, which are associated with advancing a loan. In January 2024, the government indicated certain commercial, pawn, and payday loans will be exempt from the new restrictions.
More Small-Scale And Multi-Unit Housing In The Works For BC

Jan 11, 2024 | mondaq.com | Aman S. Bindra

To increase the supply of housing and address the affordability crisis, the BC provincial government has introduced 3 new laws which could result in the most significant housing reforms in decades. Once enacted, these laws will allow up to 6 units on single-family lots, increasing density near transit hubs, and streamlining how cities collect fees from developers.
Renters Across Canada May Be Able To Look Forward To More Affordable Rents In The Near Future

Sep 28, 2023 | mondaq.com | Aman S. Bindra

After years of requests from real estate developers, the federal government announced on September 14th that it will exempt new rental apartment buildings from paying 5% GST on construction costs. The intention is to incentivize developers to proceed with constructing rental apartments, which should increase the availability of rental units and ideally bring down rent prices.
Your Company's Autobiography - Shareholders - Canada

Sep 4, 2023 | mondaq.com | Aman S. Bindra

Most people who run their own business operate through a corporation or a company as it's commonly known. A company is a separate legal entity that acts independently. As an entity, it can do things like enter into contracts, own property and sue others. A company's activities are tracked in its minute book.