Are you up-to-date with the Assignment Tax Rules?
With respect to residential housing transactions, the purchaser (assignor) enters into an agreement of Purchase and Sale with the builder and then sells (assigns) their “rights and obligations” in the agreement of Purchase and Sale to another person (assignee).
In this episode, I share some important pointers that will answer your questions related to paying the actual taxes to the CRA. Listen to this episode till the end to know all about the Assignment Tax Rules so that it does not create any more confusion. I hope you love the episode.
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