When purchasing a new home, you need to be aware of the Goods and Services Tax (GST). This blog includes some quick facts about GST and available rebates to get you familiarized with the tax. 1. GST is 5%. GST is quite straightforward. It is 5% of the purchase price. 2. The tax applies only…
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Foreign Buyer's Tax and What To Expect First of all what is Foreign Buyer's Tax? It is part of Bill 28, explained below. Bill 28, the Miscellaneous Statutes (Housing Priority Initiatives) Amendment Act, 2016, came into force on August 2, 2016. The law was introduced after calls urging the British Columbia provincial government to intervene in the…
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As the budget was announced we have learned that we will see more taxes in many areas of Real Estate. For some reason the government believes that to solve any Real Estate crisis the only solution is taxing the ones who have more money. Unfortunately we have seen that just does not work in the…
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Election time; Foreign Tax, Vacant Tax, Property Transfer Tax, Property Taxes up 40%, Tax, Tax, Tax.... The last 365 days in Vancouver Real Estate has seen quite some changes. This "crisis" as the politicians like to call has lead them to tax the heck out of Real Estate to "protect" the citizens. Really? Taxing Real…
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