After six month of debate, finally I bought a house in Brampton (near Hurontario /Steeles)
Its two story detached house with basement separate entrance.
I have couple of questions in mind and I would like to have some advice from CD’s
- I hv paid welcome taxes already, is there any other expenses (other government fees)?
- What is the good way to advertise for basement rent?
- if I rent it out do I need to sign any legal lease agreement ?
- End of the year is it consider as income?
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I am buying my first house in Ontario so I don’t have any idea about rules – regulation or the process… Any tips would be helpful
Also, I would like to know if any handy person around that area who can help me fix little stuff on my house.

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'Some goals are so worthy, it's glorious even to fail.' (Param Vir Chakra awardee Lt. Manoj Pandey)

when is the big party or when is house warming? Hope you are inviting all of us to celebrate with you.

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The best way to find yourself is to lose yourself in the service of others.”
Mahatma Gandhi

Reply to questions are given below to the best of my knowledge.
1-You are required to Pay Property Taxes to the Brampton. ( I assume you are in Brampton City). They should be around 1.15% per month of your purcahse price.
2-You can put your advt. in Canadian Desi - I assure you will get good response.
3-Yes, It is always better to sign legal lease agreement.
4- Yes, rent will be counted as your income & you are required to pay taxes on that. You can offset your expenses against rental income.

PS- Most of the Basemant Apartment are not Legal Basement Apartment.

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Driller the thriller

Congrats Blue Peafowl ... good going !!

D_D : If a basement apartment is not legal , can one sign a lease as a landlord ?

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Fido.

Fido,
If Basement Apartment is not Legal, You can not rent it ( By Law ) & hence can not sign the Lease. In Brmapton , only 4000 Odd Houses has legal basement apartment. You can check city of Brmpton website for the list. Any house built after 1996 can not have a legal basement apartment. All new houses after 1996 are single family dwellings.( Though Many New Houses has seperate side enterence etc, , Enterance built by Builder etc. - but strictly speaking they are not legal basement apartment for Rent )

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Driller the thriller

Thanks D_D, Fido and GP


I guess i should be ok without renting....


GP about party lets wait till full summer... i hv good back yard so i will organize small BBQ with CD's , CD has been very useful forum for me and specially some folks are really nice, i would like to meet them so i will definetly like to meet them , and BBQ party is the best to start with

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'Some goals are so worthy, it's glorious even to fail.' (Param Vir Chakra awardee Lt. Manoj Pandey)

Congratulations..... Blue_Peafowl for house.

all the best.......