DON McASKIN
Broker of Record
Realty Executives of Simcoe Inc. Brokerage
MLS #30718033
Price: $629,900
Located on the Main Street of Washago. Cottage & Lake country.
Selling a Building with a Residence ( upstairs) and Business (Main floor) all in one. Owner wanting to retire. Great opportunity? Live and Work, get away from the busy city life.
Upstairs is a Full Apartment/Residence, updated and rebuilt over the last 4 years. Main floor features Cafe/baked goods, and Retail Business. (Chattel List available)
Established Cafe/bakery/retail sales have been increasing every year. Very Busy downtown area. Quick Hwy access to the year round and summer residents. Great Summer retreats. Area surrounded by Lakes and Bays.
Check out Washago, a small community located north of Orillia close to Highway 11 in the Township of Severn. Home Hardware and several other business's make up a vibrant and Active Washago downtown. Its downtown includes great local restaurants and stores which typically source local products! The downtown is also in close proximity to the Green & Black Rivers, and northern Lake Couchiching with access to the Trent-Severn Waterway. Washago is a great place to plan a stop to enjoy a leisurely stroll and visit the shops and dining locations. Washago founded in 1906, read the history of a community with a great location to grow.
Full List of Inclusions with the Purchase.
Listen to Residents describe why they live in Washago!
Many Options with this Property, Investment Property in Washago, Live and Work.
Print A Feature Sheet for 3383 Muskoka Street, Severn ON
As of May 26 2020, applications will be accepted through the Canada Mortgage and Housing Corporation (CMHC) website.
Here is the website to start your application:
https://cecra-apply.ca/account/login
The CMHC expects a large number of applications.
To manage this volume, the intake of applications will be staggered based on the size and location of the commercial property. Property owners can submit their applications according to the following timetable:
This program is for small business tenants that are paying less than $50,000 per month in gross rent, with annual consolidated revenues of less than $2 million, and that have experienced at least a 70 per cent drop in pre-COVID-19 revenues. It will also be available to non-profit and charitable organizations.
Rent Reduction Agreement, Property owners must enter into an agreement with each tenant to confirm the reduction in accordance with the program terms and conditions.
Tenant Information, tenant information needed includes: contact details, registered business name, number of employees, consolidated revenues, lease area and the monthly gross rent for the period of April, May and June 2020.
To Qualfiy, impacted small business tenants are businesses that:
I Currently Registered to give my Commercial tenants rent relief and went to the page, registered on the First day. I did receive a username! by email....that worked.
Still waiting for my password that was suppose to be text to me? Never came.
Call me if you have more details, or know more!
The perfect time to sell your Home is NOW!
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As you probably guessed, The Home Buyers Plan (HBP) only applies to first-time homebuyers, but that doesn't mean that you can't ever use it if you or your spouse has owned a home. If you have already bought one within the last four years, you do not qualify for the benefits, but if you lived in a house for 5 or more years ago, sold it and have been renting ever since, you do! View more information on HBP here
In order to continue with HBP, you need to have a Registered Retirement Savings Plan (RRSP). An RRSP is a provision by the Canadian Government that encourages Canadians up to the age of 71 to save money for retirement. RRSPs are a fantastick way to save for retirement as they offer tax benefits. RRSP's allows you to make contributions and withdrawls. Under the Home Buyers' Plan, the rules are somewhat relaxed and you can withdraw a certain amount of money without incurring tax as long as it's repaid in time.
When the time comes to request an HBP withdrawl, you need to confirm that the amount you are wishing to withdraw has been present in your RRSP account for at least 90 days. If you do, your withdrawl would not qualify for an RRSP deduction.
The HBP will allow a first-time home buyer to withdraw up to $25,000 once in a lifetime. This is done without a tax penalty from your RRSP. It is tax-free, but the HBP does insist that you use the entire amount to pay for any expenses related to your home purchase (down payment, closing costs, renovations, etc).
HINT: Are you married or in a common-law relationship? Is your partner also a first-time home buyer? You can double your HBP. Your partner can withdraw from their RRSP $25,000; so now you have up to $50,000 of tax-free funds available to put towards your home purchase! YAY!
Before you begin the process to withdraw funds from your RRSP account, you have to get a written agreement to buy/build a home with the condition that your final withdrawl under the HBP can be no later than 30 days after the closing date. Withdrawls after that period would be included in your income tax and therefore be subject to tax.
Form T1036
Once you are a confirmed Canadian resident or citizen, a first-time home buyer, have an RRSP account and a written agreement... you need to fill out Form T1036 - Home Buyers' Plan Request to Withdraw Funds from an RRSP as per the steps outlined by the government. Your RRSP issuer will then send you Form T4RSP - Statement of RRSP Income, showing you the withdraw amount unde ther the HBP. You will then attach this slip to your income tax return.
NOTE: You must fill out a new T1036 for each withdrawl you make.
In order for your RRSP withdrawl to succeed, you must confirm your intent to move into your home as your principal place of residence withone 1 year after building or buyer it. Failing to do so within the time limit, may result in financial penalties.
The money you have withdrawn from your RRSP account is in fact your own, however, it is actually a loan that you have taken against your retirement fund and must be paid back
The Government of Canada has outlined the payback procedure as such: payback begins after a two-year grace period with annual installments that can stretch up to a maximum of 15 years. You can also pay back the entire sum at once or in larger sums, as long as you don’t miss payments. If you default on your repayment, then the CRA will treat your RRSP withdrawal as an income, and will tax you for it.
Be prepared to show you have complied with various HBP requirements. This includes: proof of purchase and closing date, withdrawn your funds from your RRSP within 30 days of the closing date etc.
Happy House Hunting! View properties for sale in Barrie under 400K
**information provided by Realtor.ca**
