Liberal’s Proposed “First Home Savings Account“ The election platform for the Liberal party included a new tax measure called the “First Home Savings Account” (FHSA). Although the Liberal government did not win a majority in the recent election, it is likely they will pursue this new tax measure to help first-time homebuyers save for a […]
Tax Considerations When Purchasing Canadian Real Estate
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 […]
Personal Real Estate Corporations (PRECs)
This article is from the quarterly Canadian Overview, a newsletter produced by the Canadian member firms of Moore North America. These articles are meant to pursue our mission of being the best partner in your success by keeping you aware of the latest business news. Are you in the real estate industry who is interested […]
CRA to Start Review of U.S. Real Estate Transactions by Canadians
This article is from the quarterly Canadian Overview, a newsletter produced by the Canadian member firms of Moore North America. These articles are meant to pursue our mission of being the best partner in your success by keeping you aware of the latest business news. On June 25, 2020, the CRA posted a tender notice […]
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 […]
Buyers and Sellers Beware: Tax Rules for the Sale of Canadian Real Property
Are you a non-resident of Canada thinking about selling real property located in Canada? Whether you hold the property for investment, rent it out, or use it as a vacation home, you should be aware of the Canadian tax rules that will apply when you sell the property. Sellers If you are a non-resident of […]
Empty Homes Tax: Audits and Appeals
Empty Homes Tax – Audits and Appeals If you are a City of Vancouver residential property owner, you may be subject to an audit of your 2017 Property Status Declaration. The City of Vancouver may also have recently denied your request for an exemption to the Empty Homes Tax (EHT). This post outlines how to […]
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 […]
