What If I Win?

Prize homes must be accepted as awarded. There is no cash alternative available for prize homes. 

No. The prize home is awarded free and clear of all encumbrances. There are no legal fees to the prize winner associated with the title transfer. These costs have been paid by The Princess Margaret Cancer Foundation (PMCF). However, if a winner retains their own counsel, which is their option, this is at their own expense. 

The closing date will be discussed with you by the lottery’s legal counsel. This will require that you fully cooperate with the Foundation's lawyers to provide the documentation required within their specified timelines. 

No. You may decide whose name will appear on the title. 

You are responsible for insurance, property taxes, utilities, common expenses (if applicable) and all the other normal costs of home ownership as of the closing date. You are required to set up account to arrange for the payment of the realty taxes, common expenses, property insurance and utilities prior to the closing date. 

No. You can opt to "sell" or "move in" – but title must be taken before property can be listed for sale. There is no requirement a winner move and occupy a prize home for any time period. 

No. Lottery winnings in Canada are not taxable. For other questions, please confer with your accountant. 

The retail value as described in the lottery brochure is calculated at the purchase date and includes full HST. - i.e. Replacement Value. Market value should be determined by an appraiser. For example, if a prize home is listed in the brochure with a value of $300,000 and you sell the home and realize $350,000, PMCF will not look to you for the difference. Similarly, if the home is listed in the brochure with a value of $400,000 and you sell the home and realize $380,000, you may not look to PMCF to cover any difference. Your prize home may also be furnished, and the cost of those furnishings is part of the retail value. 

Winning real estate is considered a lottery prize, not a capital gain. Lottery winnings are not taxable in Canada. If the prize winner is fortunate enough to subsequently sell the property for more than the value expressed in their Transfers from The Princess Margaret Cancer Foundation there may be a capital gain applicable. We recommend that you contact a tax or legal professional with specific questions. 

The value of the prize home, as marketed, is indicative of the entire replacement cost of the prize home. If you sell the prize home, what you realize for it in terms of a selling price may not be the value as marketed. As with all real estate, the selling price of this prize home may be influenced by a number of conditions, including real estate market fluctuations. Further, the brochure (replacement) value of this prize home reflects the costs for: land purchase, existing home demolition (if applicable), site preparation, permits, surveys, home construction, material purchase, labor, architectural drawings, landscaping, carrying costs, furnishings, decorating, all taxes applicable including full HST. 

The PMCF does not sanction any realtor. You may be approached by realtors to sell your prize home. These realtors have no relationship with the PMCF. 

Customarily there would be a walk through of the prize property to complete the pre-delivery inspection . This will be discussed further with you by both the builder representative and lottery lawyer. You may also be required to provide documentation to the lottery lawyer such as utility forms, pre-authorized payment forms for condominium fees and/or post-dated cheques and proof of insurance. 

If you have any further questions, please contact the lottery management office at: 416-450-1817 or Andrea White, legal counsel for the PMCF whose contact info is contained in your prize notification letter. Our legal counsel maybe working remotely for the majority of the time so if your call is not answered please leave a message with your contact information.