Resources for Owners

New rules for the capital gains Principal Residence Exemption

Posted on February 17th, 2017

Changes to the Principal Residence Exemption (PRE) were announced last year on October 3. The PRE allows a home owner an income tax exemption on capital gains they realized when they sell their designated principal residence as defined in the Income Tax Act 40(2)(b). Before 2016, the Canada Revenue Agency (CRA) did not require the home owner to report when they claimed a full exemption for a capital gain under the PRE rules. Effective January 1, 2016, the CRA requires all dispositions… Read more

Appealing your property assessment

Posted on January 23rd, 2017

The deadline to appeal your property assessment is February 1, 2017. Property owners who disagree with their assessment should do homework by: comparing their assessment with neighbouring properties; and contacting BCA at 1-866-valueBC (1-866-825-8322) and talking to staff who can make adjustments if there is an obvious error, for example if BCA included a complete renovation, when it there was merely a spruce-up. Property owners who decide to appeal their property assessment should review information on the Property Assessment Appeal… Read more

Great Vancouver property assessments surge

Posted on January 23rd, 2017

Property owners received their 2017 assessment notices the first week of January. The District of Squamish saw the greatest increase in Metro Vancouver with a 47% increase for detached homes. North Vancouver’s Lynn Valley and Burnaby’s Buckingham neighbourhoods were close behind, with detached homes increasing 46%. Sample Property Value Changes year over year, by neighbourhood Location 2017 Assessment Roll (Valuation date of July 1, 2016) 2016 Assessment Roll (Valuation date of July 1, 2015) $ Change % Change Burnaby (Metrotown… Read more

Vancouver Empty Homes Tax now in effect

Posted on January 22nd, 2017

Vancouver’s Empty Homes Tax is now in effect. The first tax year began January 1, 2017. The tax rate is 1.0% of the property’s assessed value. Property owners are required to complete a declaration not available online until December 2017. Who pays this tax? Owners of non-principal residences unoccupied for six months or more each year must pay this tax. The Empty Homes Tax Does Not apply to: Vancouver home owners, including snowbirds; owners of principal residences; a home with… Read more

Vacant Homes Tax coming in 2017

Posted on September 15th, 2016

Vancouver will bring in a Vacant Homes Tax on 10,800 empty and underutilized homes in 2017. The purpose of the tax is to make residential property owners rent their secondary and investment properties. “Vancouver’s dangerously low vacancy rate is putting our renters in crisis. Our proposed Empty Homes Tax is about bringing rental homes back into the market,” said Mayor Gregor Robertson. Homes used as the principal residence of the owner, a long term tenant, or a family member won’t… Read more

Newly updated – Top Grants and Rebates for property buyers and owners

Posted on December 21st, 2015

Top grants and rebates for property buyers and owners, December 21, 2015

Home accessibility tax credit for seniors coming in 2016

Posted on October 15th, 2015

The new Home Accessibility Tax Grant Credit (HATC), was announced in the 2015 federal budget and passed into law in the summer of 2015. The tax credit begins in 2016. Here’s how it works. What is the HATC? The HATC is an income tax credit of 15% of eligible expenses related to upgrading a home. Expenses can’t exceed $10,000 and the tax credit is a maximum of $1,500. Is it a one-time tax credit? No, it’s a tax credit per calendar… Read more

Building a laneway home? Understand the tax implications

Posted on August 31st, 2015

A laneway house is a small detached residential infill home that typically fronts onto the lane of a larger principal house. It’s important for property owners to understand their options before building a laneway house or buying a property with a laneway house. If your clients are looking for information about the tax implications of laneway houses, advise them about these scenarios outlined by the Canada Revenue Agency (CRA). 1. You own a principal residence and you hire a builder… Read more

Home buyer’s tool kit Part 3 – Going Green – Grants and rebates for home buyers and owners

Posted on April 2nd, 2015

Energy Saving Mortgages – Financial institutions offer a range of mortgages to home buyers who make their homes more energy efficient. For example, home owners who have a home energy audit within 90 days of receiving an RBC Energy Saver™ Mortgage may qualify for a rebate of $300 to their RBC account. Low Interest Renovation Loans – Financial institutions offer ‘green’ loans for home owners making energy efficient upgrades. Vancity’s Bright Ideas personal loan offers home owners up to $20,000… Read more

Home buyer’s tool kit: Part 2 – Grants and rebates for property owners

Posted on April 1st, 2015

BC Home Owner Grant – reduces property taxes for home owners with an assessed value of up to $1,100,000. The basic grant gives home owners: a maximum reduction of $570 in property taxes on principal residences in the Capital, Greater Vancouver and Fraser Valley regional districts; an additional grant of $200 to rural homeowners elsewhere in the province; and an additional grant of $275 to seniors aged 65+, those who are permanently disabled and war veterans of certain wars. Contact:… Read more