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Q - How will the GST rate change to 5% apply to real estate purchases?
A - The GST rate is changing to 5% on January 1, 2007. CRA has posted a bulletin that clarifies how the new rate will apply to real estate purchases - see http://www.cra-arc.gc.ca/E/pub/gi/notice226/notice226-e.pdf - or the copy posted on our site under resources.
Ron |
Q - In what sequence is the GST and PTT applied to new construction properties? That is, is there a possiblity of a tax on a tax?
Thanks,
Karlis Silins
Macdonald Realty
A - The value used for PTT (Property Transfer Tax) does not include the GST, so there is no double taxation.
Ron |
Q - Can I defer the payment of property taxes?
A - As of February 21 2007, home owners 55 and older can defer the payment of property taxes. This is essentially a loan from the BC Government. All taxes and interest owing are due on the sale of the property. If you later need to place a mortgage, the taxes will all have to be paid as the government will not grant priority to the new mortgage, and the new mortgage lender will not permit the mortgage to be in second positon to a tax deferment registration on the property. |
Q - What does the word Bell mean in your name?
A - The "Bell" in Bell Alliance is refers to Richard Bell, one of our founding partners. We are not connected in any way to "Bell Telephone." One letter we received was addressed to "Belle Alliance" Richard is good looking, but I wouldn't say he is "Belle" ! |
Q - I'm new to condo/strata living. Is there a book I can buy that explains how a strata corporation should be run?
A - We recomend "The Condominium Manual - A Comprehensive Guide to the Strata Property Act" by BC Lawyer Mike Mangan. It is published by the BC Real Estate Assocation and is available in Vancouver book stores or from the BCREA. |
Q - Does a parking spot come with my condo?
A - It is very important to establish clearly how parking is allocated in your strata. Before the contract of purchase and sale is concluded, work with your Realtor to clearly identify the parking and establish what rights you may have. Start by examining the strata plan to see if the stalls are "limited common property." If not, you will want to have an explicit representation by the seller of the rights you will have to parking spaces. Please call us if you have any questions. |
