Short answers to frequently asked questions about purchasing and owning lakeshore property on Lake of the Woods.

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• What other costs are there when purchasing property?
• There is a land transfer tax of slightly less than 1% of the purchase price (up to $250,000.00). When the purchase price is over that amount there is a surtax added to the amount over the $250,000.00.
• There is goods and service tax of 7% of the purchase price paid for newly created lots and also on cottages sold by developers. (GST is not paid on the purchase of previously owned cottages.)
• Provincial sales tax of 8% is paid on the value attributed to chattels in the purchase agreement.
• There are legal expenses in having an attorney, licensed in the province of Ontario, represent you in the purchase of the property.
• Insurance on the cottage property and contents.
• Do I own the land right to the waters edge?
• In some locations the land patent does go right to the high water mark along the shore. In other locations there may be a 66 foot Shore Road Allowance or a 66 foot Crown Reserve. If so then you do not own that section of land and there may be municipal bylaw and zoning implications. Application to the local Township or the Ministry of Natural Resources can be made to purchase this section of land. In all cases make sure you understand the situation as it is important.
• Can Americans own property in Canada?
• Yes. Non-residents of Canada can purchase property and hold title in the same manner as Canadians. There are no differences in the taxes either. Non residents selling property must pay the Capital Gain tax before the final completion of the transaction or some funds will be withheld, in escrow, pending tax clearance.
• Where can I get financing?
• Locally the Lakewood Credit Union is active in financing, with approved credit, the purchase of recreational and residential property. There are several branches of major banks in Kenora and Fort Francis.
• Lake of the Woods?
• What an awesome lake! What do you like? Scenic beauty, quiet coves, great fishing, classic sunset scenes, great boating waters be it cruisers or kayaks, rocky points for that great Canadian shore supper, remote wilderness, quiet evening boat cruise to one of several Lodges offering fine dining, historical sites, beautiful beachs, a quiet evening at your own lake cabin or the warm friendship of neighbors or guests who share the same values you do. With the 65,000 miles of shoreline and over ten thousand islands Lake of the Woods has it all.