Legal and Financial

Tourism Whistler (TW) Fees

What are Tourism Whistler (TW) Fees?

What are Tourism Whistler (TW) fees? If you’re thinking about buying a property close to the ski-slopes or Whistler Village you’ll notice on the listing data sheet there are TW fees. In the eighties, major developments were being constructed in Whistler and these were residential developments with tourist accommodation zoning. The municipality realized it had to spend marketing dollars promoting Whistler to the tourists who would come and stay in those developments. So the TW fee was born. Now the TW fee is administered by Tourism Whistler. There are two types of fees, commercial fees for properties used for nightly rentals, and common fees for residential-only accommodation.

FINTRAC

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What is FINTRAC?

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada’s financial intelligence unit. Most countries have their version of FINTRAC. Their mandate is to prevent and deter money laundering and terrorist financing. To meet this objective, all real estate agents are legally bound to verify the identity of their clients and unrepresented parties in a real estate transaction. It is expected that this verification occur at the start of their relationship. No one buying or selling real estate is exempt from FINTRAC. Every real estate agent has a legal obligation to complete the FINTRAC forms and ask their clients questions as to the source of the funds.

Statement of Adjustments

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The Statement of Adjustments is a Legal Document

The Statement of Adjustments on a real estate transaction is a financial statement showing various debits and credits for both the Buyer and the Seller. Basically, it shows the final calculation of the monies the Buyer owes to the Seller in order to complete the sale.

In British Columbia, the Statement of Adjustments is prepared by the Buyer’s lawyer. There is one statement prepared for the Buyer called the Buyer Statement of Adjustments. In addition, the Buyer’s lawyer prepares a separate statement for the Seller called the Seller Statement of Adjustments.

Unauthorized Accommodation

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Unauthorized Accommodation Rental Suite

The topic of buying a Whistler property with unauthorized accommodation is expansive. Unauthorized means that the space was not identified in the original building plans. These plans were submitted to the municipality so that a building permit could be obtained. Obtaining the permit is a legal process.

This post will focus on unauthorized accommodation in the form of a rental suite. A rental suite within a residential property (house) is common in Whistler. The definition of such a suite might be: “A suite is a separate living area contained within a dwelling unit functioning as a self-contained suite, typically complete with its own kitchen, bathroom, and bedroom.” When the suite is unauthorized, the suite is colloquially known as an in-law suite, mortgage helper, nanny suite, non-conforming suite, and other similar descriptive names. Meaning that the suite is not on the original building plans.

Phase 1, Phase 2 and Tourist Accommodation

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Tourist Accommodation Zoning with Phase 1 and 2 Rental Covenants

In simplified terms for Whistler real estate, there is Residential Zoning and Tourist Accommodation Zoning, and a combination of both. Meaning that some residential properties that you can use as a residence can also have a rental covenant which you can activate or not. Properties with only Residential Zoning may not be marketed as available to tourists, for any length of time.

Under the Tourist Accommodation Zoning, there is a Phase 1 Rental Covenant or a Phase 2 Rental Covenant. To obtain a business license and market a property as Tourist Accommodation, the property’s zoning must list tourist accommodation or temporary accommodation as a permitted use.