If you are buying Canadian real estate it is important to know whether the seller is a “resident” of Canada or not. If the seller is a non-resident of Canada, you may be required to make a withholding from the payment of the purchase price to the seller, and to remit the amount withheld to […]
Common Issues in Waterfall Calculations in Commercial Real Estate
Real Estate Professionals (the “Sponsor”) commonly create Real Estate LP/GP Structures as a tool to facilitate the acquisition of real estate assets and structure these acquisitions with multiple investors. These structures provide investors (“Investor”) with an opportunity to invest in large real estate acquisitions that they may otherwise do on their own. The Sponsors leverage […]
2021 BC Residential Real Estate Tax Update
A reminder of some important due dates and key updates: Vancouver The Vancouver Empty Homes Tax declaration is due Tuesday February 2nd 2021 Every residential property owner must make a declaration on whether or not the property is subject to the Vancouver Empty Homes Tax or whether it is exempt. For 2020, a 1.25% tax […]
Buyers and Sellers Beware: Tax Rules for the Sale of U.S. Real Property
Are you a resident of Canada thinking about selling your U.S. real property? Whether you hold the property for investment, rent it out, or use it as an escape from Canadian winters, you should be aware of the rules outlined in the Foreign Investment in Real Property Tax Act (FIRPTA). Sellers If you are a […]
How long should you keep your business tax records in Canada?
According to the Income Tax Act, you need to keep business tax records for a minimum of six years from the end of the taxation year to which the records and books relate. If You Want to Correctly Keep Business Tax Records in Canada, You Should Have All: Sales Invoices Contracts and Guarantees Loan agreements […]
BC Speculation Tax – BC’s New Tax on Real Estate
If you own or are looking to own residential real estate in BC (a home, condo, or cottage) you should be aware of the BC government’s 30 Point Plan to address BC’s housing affordability. Do you own a 2nd home or vacation property in BC? Starting in 2018, the BC Speculation Tax, announced in the […]
