The Vaughan Construction & Real Estate Boom: Navigating Joint Ventures plus GST/HST Rebates
Today, Vaughan City is currently experiencing some of the largest and fastest-paced growth with respect to both its real estate and infrastructure projects in the GTA area. Projects like the large multi-tower community known as Bravo at Assembly Park in the Vaughan Metropolitan Centre (VMC) have completely altered our skyline in this regard. In order to help spur on even more growth, the City of Vaughan recently took the unusual step of reducing all development fees to zero, saving developers upwards of $94,000 per new house built. This “fee holiday” opens up a lot of opportunities for local construction businesses, but also presents complicated tax issues for them. To maximize their profits, these local real estate professionals need to understand two main concepts: JVs and GST/HST Rebates. You can visit the best tax accountant in Vaughan . The Joint Venture Traps: Income Classification and Legal Structure Given that the capital needed is higher, most companies don’t develop alo...