Tuesday, March 28, 2017

Central Port Coquitlam, Port Coquitlam - 2140 Mary Hill Road

2140 Mary Hill Road, Port Coquitlam

Great buy for first time buyers or investors, potential to hold and wait for Future Development, OCP calls for Townhouses. If you're investor this property will cash-flow (call for details & Cash-flow Analysis). You'll find one of the cities biggest infrastructure projects just breaking ground, the New Recreation Complex, slated to be completed in 2021 just down the street (Video). A proposed adjacent private development to the new complex is to include a mix of apartment buildings, seniors' and rental housing, and a restaurant or cafĂ©. Brand New Deck, Electrical Panel and Service, new Appliances and more. Centrally located within walking distance to the WestCoast Express, downtown City of Port Coquitlam, Shopping, and the Port Coquitlam Recreation Complex, etc... Call today for your personal showing!


Friday, March 17, 2017

Exemptions to Additional Property Transfer Tax on Residential Property Transfers to Foreign Entities

The B.C. Government announced on March 17, 2017 that workers coming to BC through the Provincial Nominee Program can now be exempt from the additional property transfer tax on Foreign National individuals that was put in place in August 2016.

Exemptions
If you are a foreign national individual who receives confirmation under the B.C. Provincial Nominee Program, you do not pay the 15% additional property transfer tax. Foreign corporations and taxable trustees are not eligible for the exemption.

To qualify for this exemption, you must be a confirmed B.C. Provincial Nominee before the property transfer is registered with the Land Title Office and the property must be used as your principal residence.

You may claim this exemption only once. If you purchase another property as a foreign national, you must pay the additional property transfer tax. Qualification for every exemption is verified.

To claim the exemption, when you file your additional property transfer tax return (PDF):
- Check the box in Part A to indicate you were a B.C. Provincial Nominee at the time of registration
- Attach a copy of your B.C. Provincial Nominee confirmation
- Mail the completed return to the address on the form, or your legal professional can do this for you

You file both your property transfer tax returns on the same day the property transfer is registered at the Land Title Office.

If you were confirmed as a B.C. Provincial Nominee between August 2, 2016 and March 17, 2017, you may be eligible for a refund of the additional property transfer tax you paid.

Refunds
You may be eligible for a refund of the additional property transfer tax if:
- You were confirmed as a B.C. Provincial Nominee between August 2, 2016 and March 17, 2017 (see additional criteria below)
- You became a permanent resident or Canadian citizen within one year of the date the property transfer was registered with the Land Title Office (see additional criteria below)
- Tax was paid in error, such as you paid the additional tax on a residential property located outside the Greater Vancouver Regional District (GVRD)

You can claim a refund only once. If you purchase another property as a foreign national, you must pay the additional property transfer tax.

To apply for a refund, complete the additional property transfer tax application for refund (PDF) and submit it to the address shown on the form.

B.C. Provincial Nominee
You may be eligible for a refund of the additional property transfer tax that you paid between August 2, 2016 to March 17, 2017, if you:
- Are a foreign national individual
- Purchased or gained an interest in a residential property in the Greater Vancouver Regional District (GVRD)
- Held a nomination certificate or were confirmed under the B.C. Provincial Nominee program on the date the property transfer was registered with the Land Title Office

You must apply for a refund within 18 months from the date the property transfer was registered.

Permanent Resident or Canadian Citizen
In addition to becoming a permanent resident or Canadian citizen within one year from the date the property transfer was registered with the Land Title Office, to qualify for the refund, you must also have:
- Used the home as your principal residence
- Moved into the home within 92 days of the date the property transfer was registered
- Continued to live in the home as your principal residence for at least one full year after the date the property transfer was registered

You must apply for a refund after the first anniversary of the date the property transfer was registered and within 18 months from the date the property transfer was registered at the Land Title Office.

Supporting Documents
A Canadian permanent resident card is the preferred proof of permanent residency. The following documents are also acceptable if there is no permanent residency card:
- Valid Immigrant Visa and Record of Landing (IMM100)
- Confirmation of Permanent Residence document (IMM5292 or IMM5509) – the confirmation number starts with a T followed by nine numbers

Note: Residency requirements for income purposes may differ from permanent residency requirements for immigration status. Ensure you are meeting the requirements outlined above for the additional property transfer tax.

Audits and Appeals
Property transfers are routinely audited. You can be audited up to six years from the date the property transfer is registered at the Land Title Office.  


If you disagree with an audit or an assessment, you may appeal the decision to the Minister.