GST: Change of Use

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Change in the Use of Your Property May Trigger GST

From the Government of Canada’s website, “Changes in the Use of Your Property: When there is a change in use of a property you have, you may be considered to have sold all or part of your property even though you did not actually sell it. The following are some sample situations:

  • “You change all or part of your principal residence to a rental or business operation
  • “You change your rental or business operation to a principal residence
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BC Home Flipping Tax

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BC Home Flipping Tax Affects Non-Residents and Residents

As previously announced in British Columbia’s Homes for People plan, the intention of the tax is to discourage short-term holding of property for profit. The BC Home Flipping tax is subject to legislative approval. Meaning, that all the details have not yet been finalized by the BC Government, so many questions about this tax have no answers.

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Tourism Whistler (TW) Fees

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What are Tourism Whistler (TW) Fees?

If you own a property located in the Benchlands, Whistler Village, or the Whistler Mountain base at Creekside, you will notice on the listing data sheet there are TW fees. To categorize these properties, we say that they are “on Resort Land”. This terminology does not relate to First Nations or Aboriginal Lands. It was a term created by the council of the day back in the eighties and has stuck.

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BC Assessment

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The Purpose of BC Assessment

BC Assessment’s business is to provide a stable and predictable base for real property taxation in British Columbia. The corporation determines ownership and tax liability and classifies and values each property in British Columbia. In other words, the BC Government is legally required to know the value of all the properties within the Province. However, it does not directly affect your property taxes.

How Are Properties Assessed?

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Strata Insurance FAQ

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What You Need To Know About Strata Insurance

Understanding what the strata insurance covers and what your obligation as an owner in a strata is an important topic. The insurance coverage for the strata development must be included in the strata documents. Then as an owner, you take this document to an insurance brokerage and get your owner’s insurance. It is essential to get all the coverage you need so that between the strata corporation and yourself you are fully covered. The content of this post has been provided by Acera Insurance Services Ltd.

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