Do I have to pay tax if I win a showhome?
No. Lottery winnings in Canada are considered windfalls.
Do I have to live in the home for a year if I win it?
No. The moment you take title of your new home, it’s yours to do with as you wish. You can move in, sell it, rent it – whatever you choose.
If I win a showhome. What do I have to pay for?
Absolutely nothing. As a Princess Margaret Home Lottery Showhome winner, you are awarded your new home/condo free and clear of any encumbrances.
What about land transfer taxes? Real estate fees? Legal fees?
We want our Showhome winners to be happy, so land transfer taxes, real estate fees and legal fees for title transfer are paid for by the Princess Margaret Home Lottery.
What are my costs after I take possession of my new home?
After you take the title of your new home, you would be responsible for the usual costs associated with home ownership.