Changes to the Property Transfer Tax (PTT) return are now in effect. These changes are expected to provide the BC Government with better tools to ensure property buyers are not evading taxes they owe and increase evidence of true real estate ownership. When making a real estate purchase through corporations or trusts, buyers and transferees
Vancouver, BC – January 18, 2018. As you know, the Real Estate Council of British Columbia is preparing to implement the rule changes to eliminate limited dual agency and require additional disclosures. Those changes take effect on March 15, 2018, and the decision to change the rules came from the Office of the Superintendent of
On December 13, the federal Minister of Finance announced a plan to simplify changes to the Income Tax Act. For the 2018 tax year, several categories of business owners will be exempt from the new rules on income sprinkling. Under the new rules, the following exemptions will apply: For business owners aged 65 or older, sprinkling
According to a recent study, purpose-built rental apartments often bring low returns, but these projects continue to be in demand. The Canada Mortgage and Housing Corporation (CMHC) researched the economics of developing purpose-built rental apartment buildings in six of Canada’s major markets, including Vancouver. The purpose was to better understand the factors that influence investors’
Are you interested in what’s going on with your profession? Do you follow the latest developments in real estate and talk to your fellow REALTORS® about leading our profession forward? If so, the British Columbia Real Estate Association is looking for you! We are looking for several REALTORS® to sit on our 2018/19 Board of
On November 22, the federal government released its new National Housing Strategy. The strategy commits $40 billion over ten years through federal funding, provincial and territorial grant matching and low-interest loans. Several commitments relate to BCREA’s housing affordability recommendations: Increasing supply: Up to 100,000 new housing units will be created, and up to 300,000 existing housing
Safety is important for all REALTORS®. The nature of the job means you work outside of regular hours, at many different locations and often alone. The real estate profession has always been quick to adopt new technology to help with sales and client relations, so it’s no surprise that technology’s also being used to improve
As of November 27, 2017, the BC Government will require a new version (version 29) of the Property Transfer Tax (PTT) return. The following new information will be collected by lawyers and notaries when completing the PTT return: From buyers: Date of birth Business Number (corporate transferee) Individual Tax Number (foreign buyer, if applicable) Provincial Nominee
In July 2017, the federal government announced far-reaching changes to the Income Tax Act that would affect private corporations. In response, thousands of individuals and organizations, including BCREA, expressed serious concern. BCREA joined the coalition spearheaded by the Canadian Federation for Independent Business, representing hundreds of thousands of business professionals across the country, urging the government to
On October 17, the federal Office of the Superintendent of Financial Institutions (OSFI) announced new restrictions on uninsured mortgages. The changes affect homebuyers and federally-regulated financial institutions. Effective January 1, 2018, all uninsured mortgages will require a qualifying stress test. A homebuyers with a down-payment of more than 20 per cent will have to qualify at