What is inheritance tax? It should be noted that there is NO inheritance tax in Canada as of 1972, however a provision on capital gains was added. What CRA does is it treats the estate as a sale, unless the estate has been inherited by a living spouse or common-law partner. And of course, there…
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Attention all homeowners! Do you qualify for the home owner grant? When it comes to property taxes in Vancouver there are a myriad of things to be aware of that could qualify you for tax exemptions. We have covered in detail the new taxes that have come out in the past year regarding Speculation Tax…
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*UPDATED CAPITAL GAINS TAX INFORMATION FOR THE 2024 YEAR* Starting June 25, 2024, significant changes to the capital gains tax rules will come into effect in Vancouver, as part of the federal government's Budget 2024. Here are the key points you should be aware of: Increased Inclusion Rate: For individuals, the inclusion rate for capital…
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Information for Foreign Sellers and the Taxes that are included... The tax rate for homeowners in Vancouver has drastically gone up over the past several years. We have another blog post which you can view here, that touches on the new Speculation Tax & Empty Homes Tax. In this post we are going to specifically…
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Tony Spagnuolo, President of Spagnuolo & Company Real Estate Lawyers explains what you should look for when reading a title search in British Columbia. How to read a Title Search “Today we're going to talk about how to read a title search, what the information is that's on there that's common anyway, we're going to…
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Reading Strata Docs Continued... Let's continue on where we left off. Reading strata docs can be challenging and hopefully this information will help to guide you smoothly through this process to ensure that you are making an informed decision when buying a condo. Title Search Next up we have title searches, they're pretty hard to…
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Reading Strata Minutes and Form B Hi everyone, thanks again for tuning in. In this blog we are going to talk about strata documents and form B. This means condos, town home developments, really anything over four units, we are going to call a strata. When you are looking to buy a home you do…
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The planning process for the development of the 90-acre Jericho Lands is the subject of a pair of open houses set for early March. This large parcel of land in Jericho known as 'The Jericho Lands', was acquired over the course of several years in two large packages. In 2014, 3 First Nations partnered with…
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Are you aware that there is a new tax called Speculation Tax? This is different than empty homes tax, and requires you to apply in order to be exempt. If you do not, you will be automatically charged 0.5% for Residences and 2% for non-Residences. There are a number of qualifications that you must meet…
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Our Top Three Tips When Dealing with Low Ball Offers Today's topic is dealing with low ball offers. We are going to go over our top three tips when dealing with a low ball offer here in Vancouver real estate and in all markets. This is happening as the market as gotten a little slower,…
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