Taxes

What if the property’s INTENT OF USE changes?

Estimated reading time: 6 minutes

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Changing the intended use of a property can trigger GST obligations.
If you rent out a property and exceed $30,000 in gross revenue, you must register for a GST number.
Consult a knowledgeable accountant to navigate GST implications of a change of use in Whistler properties.
Examples illustrate how even short-term rentals can enact changes in use affecting GST.
Always seek professional advice before altering property use to understand potential consequences.

Estimated reading time: 5 minutes

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The article discusses two types of flipping tax: the BC Flipping Tax and the Federal Flipping Tax.
The BC Flipping Tax imposes a penalty of an additional 20% on property gains sold within 365 days, gradually decreasing to 0% by 730 days.
The Federal Flipping Tax, effective January 2023, treats gains from properties sold within 365 days as business income, fully taxable at the individual’s rate.
Starting January 1, 2025, a new BC home flipping tax will target short-term property sales, adding to the existing federal tax.
It’s crucial for property sellers to consult a Whistler accountant to navigate these complex tax implications and potential exemptions.

Estimated reading time: 4 minutes

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TW fees were introduced to fund tourism marketing in Whistler, specifically for properties on resort land.
There are two types of TW fees: commercial fees for nightly rentals and common fees for residential properties.
Annual payment for TW fees is due by March 31st, and owners can split payments into 10 monthly installments.
The calculation of TW fees varies by property type, with specific billing units and rates for residential and commercial accommodations.
Buyers of properties on resort land must consider TW fees during the purchase process, as these fees transfer with the property.

Estimated reading time: 8 minutes

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FINTRAC is Canada’s financial intelligence unit, aiming to prevent money laundering and terrorist financing through strict identity verification procedures.
Real estate agents must verify clients’ identities and the source of funds, with serious consequences for non-compliance.
As of October 2025, realtors are legally responsible for collecting information on unrepresented parties in transactions.
When buying through a corporation, directors must provide documents like certificates of incorporation and corporate bylaws for compliance.
The lawyer does not collect FINTRAC information, making realtors the sole data collectors for this purpose.

Estimated reading time: 4 minutes

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When buying property in Whistler with included furniture, PST applies to the furniture’s value, typically 7%.
Buyers need to document the value of the furniture in the Contract of Purchase and Sale to avoid tax complications.
Mortgage companies do not finance furniture, often requiring its value to be deducted from the sale price.
Buyers must pay PST on the furniture if financing is not used, leading to potential audits for unpaid taxes.
Contact Marion Anderson for assistance with buying real estate in Whistler.