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Showing posts from February, 2016

Property Transfer Tax

Understand the British Columbia Property Transfer Tax
You are charged property transfer tax in British Columbia when you make changes to a property'stitle, including: acquiring a registered interest in the propertygaining an additional registered interest in the propertybecoming the registered holder of a lease, life estate, or right to purchase for the property

The amount of tax you pay is based on the fair market value of the land and improvements (e.g. buildings) on the date of registration unless you purchase a pre-sold strata unit. The tax is charged at a rate of: 1% on the first $200,000,2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000, and3% on the portion of the fair market value greater than $2,000,000.

For example, if the fair market value of a property is $850,000, the tax paid is $15,000.
Estimate Tax Payable with Fair Market Value: $850,000.00
1% on $200,000 or less:   $2000 2% of remaining balance up to and including $2…

Property Transfer Tax

Understand the British Columbia Property Transfer Tax
You are charged property transfer tax in British Columbia when you make changes to a property'stitle, including: acquiring a registered interest in the propertygaining an additional registered interest in the propertybecoming the registered holder of a lease, life estate, or right to purchase for the property

The amount of tax you pay is based on the fair market value of the land and improvements (e.g. buildings) on the date of registration unless you purchase a pre-sold strata unit. The tax is charged at a rate of: 1% on the first $200,000,2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000, and3% on the portion of the fair market value greater than $2,000,000.

For example, if the fair market value of a property is $850,000, the tax paid is $15,000.
Estimate Tax Payable with Fair Market Value: $850,000.00
1% on $200,000 or less:   $2000 2% of remaining balance up to and including $2…

Northeast BC Outlook, Fort St. John & Dawson Creek

On my recent visit to Northeast BC I was exposed to cities that are preparing for something bigger. Obviously going from Metro Vancouver or if you're coming from Calgary or Edmonton both cities don't measure up but what you do notice, is a lot construction, Highway improvements and you sense that most people are doing well financially. You see somewhat big name brands starting to establish a presence in the area, from new Hotels such as Best Western Plus being constructed and scheduled to be ready for November 2016, to Restaurants like Brown's Socialhouse, Original Joe's and Bosa Properties renovating the Dawson Creek Mall and so the list goes on. 
The announcements made over the last few months continue to grow and prove that it’s a matter of WHEN and not IF. The year 2016 will be an important time for the BC LNG industry as it's no surprise the current state of the oil and gas industry is weak, so I wanted to share some facts surrounding these projects.
There ar…