Dominic Darmanin

Cell: 604-788-1476 |

A B.C. Supreme Court has put Realtors, Notaries and Lawyers on notice to accurately and honestly report clients actual residency status. Foreign buyers have previously stated that they are Canadian residents which allowed them to avoid paying the applicable Capital Gains Tax to Revenue Canada. Apparently this requirement has not been seriously enforced even though the it is a requirement under the Tax Act. Now, with this ruling, Revenue Canada has reclaimed its right to tax non-residents on any profit...

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Investors Create Global Home Vacancy Crisis

Vacancy statistics in some of the world's major developed cities is dumbfounding.

Paris for instance, has 107,000 homes sitting empty equating to 7.5% of their total number of homes. To deal with the crisis Parisian authorities imposed a 20% tax on the fair market value of rent on these vacant homes. This effort proved to be an insufficient deterrent thus on January 2017 the tax was increased to 60%. This exorbitant tax attempts to mitigate speculation...

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#BC #Government's #Doublespeak on the 15% #Foreign #Buyers #Tax - Any Surprise?

The B.C. Government is talking out of both sides of its mouth regarding the 15% foreign buyers tax.
Could it have anything to do with the upcoming provincial election on May 9th? One can only wonder.

According to UBC Urban Studies professor David Ley, Chinese investors believe that the 15% tax is not permanent. In fact, Christie Clark has already relaxed the rules allowing non-citizens...

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Try and make sense of the following headlines and statistics coming out the the U.S. just this past week:

 

~Against expectations of a 0.5% jump, pending home sales tumbled 2.5% in January - the biggest drop since Dec 2013.

 

~Existing-home sales increased last month and were considerably higher than the start of 2015, but price growth quickened to 8.2 percent – the largest annual gain since April 2015 (8.5 percent).

 

~First time buyers in high demand areas continue to encounter...

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New CRA Principal Residence Rule to help Monitor Flippers

 

In an effort to clamp down on “flippers” also known as “shadow flipping” CRA now requires that home sellers complete a newly updated Schedule 3 Capital Gains (or losses in 2016) in order to claim the capital gains exemption.

 

This change came into affect in October of 2016. Prior to this change CRA did not require home sellers having to report the sale of a principal residence if the entire gain was tax...

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