The end of June is "high season" for residential real estate closing As the school year comes to the close and the weather turns warmer, people want to get the "business of moving" done prior to enjoying summer holidaysThere are a couple of unique considerations for Kelowna Real Estate at this time of year, all of ...
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The GST at 5% would apply to a taxable sale of real property in British Columbia where, under a written agreement of purchase and sale, tax becomes payable after March 31, 2013In addition, the transition tax will apply (in addition to 5% GST) to sales of newly constructed or substantially renovated housing where: ...
Continue ReadingThe Province announced the HST Transition rules on February 17, 2012 as the Province transitions back to the PST/ GST system on April 1, 2013 For an overview see my post hereIf completion of New Residential Housing occurs prior April 1, 2013, the HST system with the new enhanced rebate will apply:For Primary Re...
Continue ReadingTogether, but unheralded with the recent HST Transition Rules are the new contract disclosure requirements in Contracts of Purchase and Sale for real estateGenerally the new tax regime can be briefly described as follows:HST: (12% less rebates) will apply where construction AND possession is transferred PRIOR t...
Continue ReadingThe Province announced the HST Transition rules on February 17, 2012 as the Province transitions back to the PST/ GST system on April 1, 2013Used Residential Homes (most resales) are, and remain, exempt from HST1 Under the current system, there is no additional rebate for new homes greater than $525,000 - Effec...
Continue ReadingCertain qualifying property owners can enter into an agreement with the Province of British Columbia to defer the payment of property taxes on the owner’s primary residence The program is primarily directed toward seniors and parents of dependent children who are facing financial hardship to assist them to stay i...
Continue ReadingProperty taxes are adjusted by your lawyer when a property is transferred Property taxes are charged to the property (as opposed to the owner), therefore if there is a property tax bill which remains unpaid from a former owner, the current owner is liable to pay itEach year property owners are liable to pay prope...
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