In an effort to close information gaps, increase transparency and strengthen enforcement in the real estate sector, the Province announced today that it will require developers to collect and report comprehensive information on pre-sale condo assignments. The Province intends to share this information with tax authorities to support compliance with federal and provincial taxes and to inform future housing and tax policies. The Province has yet to disclose the information it will require developers to collect and report, but it is likely that this will include the names and residency statuses of the assignor and assignee as well as the municipal address of the property and the amount of any consideration paid by the assignee to the assignor.
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