One-time Investment Calc. Rate of Return Calculator Retirement Planning Calc. Retirment Asset Allocation RRSP Graphing Calculator RRSP Tax Savings Calculator After-Tax Returns Calc. After nearly a decade in the dumpster, real estate is on a roll again. According to Canada Mortgage and Housing Corporation, spending on home renovations outpaced the new home market every year during the 1990s.
Most people know a building permit is needed before construction begins.
Or that a minor variance must be issued by the local Committee of Adjustment, if the proposed work will encroach into yard setbacks. Construction liens are another story. If you're planning to upgrade a kitchen or bathroom, finish a basement or build an addition, make sure you understand the law on construction liens. Under Ontario's Construction Lien Act, payments to a general contractor must be based on the value of the work done, not time spent on the job. As construction progresses, more money can be advanced following the same formula.