EVERYONE should buy a home as soon as they are able to. Long term, the property value goes up, the mortgage gets paid off and the gain is tax free. For most people, the paid off value of their home is most if not all of their retirement security (and ultimately their estate, to leave to the kids). For the vast majority of people, their after-tax income is used up… Read More »Quick Tips: Should I buy or rent my home?
On November 27, 2018, the speculation tax was passed in B.C. to, in the government’s words “target speculators who own residences in B.C. but don’t pay taxes here, turn empty homes into good housing for people, and raise revenue that will directly support affordable housing.” The pitch to the public was that this tax would aid in tackling the housing crises in major urban centers in British Columbia and make… Read More »The Speculation and Vacancy Tax – What the government isn’t saying
Within the last six months the BC Government has made some significant changes to the Residential Tenancy Act (“RTA”) which will impact future and existing tenancy agreements –effectively making the legislation retroactive. Retroactive legislation is NEVER advisable. People make business and financial decisions every day on the basis of the existing legal and regulatory framework. Changes to the law are inevitable, but normally they are prospective, meaning that they take… Read More »Changes to the Residential Tenancy Act in British Columbia – the good, the bad and the ugly!