BC and Federal Home Flipping Taxes

Do I pay tax when I flip my house? Yes! The days of buying and flipping property in Whistler now have tax consequences imposed by both the BC and the federal governments. These are two separate flipping taxes with different criteria and consequences. The BC Government carries a penalty of an additional 20% on gains in the first 365 days and then the penalty decreases to 0% by 730 days. The federal government tax applies 365 days after purchase resulting in full taxation at the individual’s tax rate. There are many exemptions and who knows you might be lucky enough to find one that works. .

Tourism Whistler (TW) Fees

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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.

Non-Resident: Witholding Tax on Capital Gain

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Non-Resident Witholding Tax on the Sale of a Property

When a non-resident decides to sell their property, it is important to consider the tax implications. This post provides an overview of the complex process, it is a simplified version. If you are selling your property, it is recommended you read the full version on the Non-Resident: Selling page. Note: this blog was written by a realtor, not a tax accountant. The purpose of this post is to give you a sense of what you will need to know when you decide to sell your property. It is always recommended to speak with your Canadian accountant.

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.

Multiple Offers

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Disclosure of Multiple Offers

With limited supply and increasing house prices, multiple offer situations are becoming more prevalent, and buyers are getting frustrated with the home buying and selling process.

The following information was provided by the Real Estate Board of Greater Vancouver (REBGV). It explains why seller’s agents are required to complete the new Disclosure of Multiple Offers Presented (DMOP) form and communicate to each buyer’s agents who participated in a multiple offer situation.

Whistler Ski-in/Ski-out Real Estate For Sale

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