Kelowna Real Estate Lawyer / Kelowna Property Lawyer / Kelowna Strata Lawyer
HST is often one of the most overlooked and underestimated factors in a residential real estate transaction. As a purchaser of residential real estate you need to consider carefully the application of HST to the transaction and ensure that HST issues are adequately covered in the purchase contract.
Read the full version of this article to determine if GST/HST is applicable to your purchase and to learn how to avoid GST/HST liability. [Read more...]
These bulletins have been provided by the Province of British Columbia to assist in the interpretation of the relevant legislation in relation to the basics of the Property Transfer Tax.
Property Transfer Tax Exemptions
First Time Home Buyers’ Program
Buying real estate in Kelowna is a complex and uncertain process for most people. Making sense of the industry jargon, myriad of financing options, and legal technicalities can be a daunting process. The following article provides some simple tips to navigating through some of the most common issues faced by Okanagan home buyers. [Read more...]
The Real Estate Services Act permits realtors to form Personal Real Estate Corporations (“PRECs”) to allow them to access the business advantages of incorporation.
This following summarizes some of the key benefits and costs of forming a PREC. [Read more...]
On July 1, 2010 the Harmonized Sales Tax (HST) will come into effect with significant implications to purchasers of new residential property. The HST will have a combined rate of 12%, which is comprised of a federal component of 5% and a provincial component of 7%. [Read more...]
As a purchaser of new residential property you may be eligible for a rebate for a portion of the GST/HST payable on the transaction. The following represents a summary of the common rebates that you may be entitled to receive. [Read more...]
Property Transfer Tax (PTT) is a land registration tax payable by the purchaser of residential properties. It must be paid when an application for changes to a certificate of title are made at a Land Title Office in British Columbia. [Read more...]
On July 1, 2010 the Harmonized Sales Tax (HST) came into effect with significant implications to builders of new residential property. [Read more...]
When buying real estate with a spouse or business partner you will be asked to choose between registering your interests as Joint Tenants or Tenants in Common. The key factor in this decision is determining who will acquire your interest in the house upon your death (otherwise known as Right of Survivorship). [Read more...]
RESIDENTIAL PURCHASE & SALE