Anahita Rostami Notary Public
109-3020 Lincoln Avenue V3B 6B4 Coquitlam, BC, Canada

Charitable tax benefit For any death happens in 2016 and following years, donations made by Will or beneficiary designation from TFSA, RRIF, RRSP, or life insurance will no longer be considered to have been made immediately before death. The actual value of the donated assets at the time the gift is received by a specific charity, is the basis for the calculation of the charitable tax credit. For further questions, call 604 475 2220.

Is Property Transfer Tax ( PTT) payable to family transfer transactions? PTT may be payable even if the real estate transfer is to a related individual( Family Transfer). PTT is applicable: 1) If the property is NOT a primary Residence of either the transferee or the transferor, OR/ AND 2) if the property is a primary residence but the transferee or transferor has not been living there for at least six months prior to the transfer.

Charitable tax benefit For any death happens in 2016 and following years, donations made by Will or beneficiary designation from TFSA, RRIF, RRSP, or life insurance will no longer be considered to have been made immediately before death. The actual value of the donated assets at the time the gift is received by a specific charity, is the basis for the calculation of the charitable tax credit. For further questions, call 604 475 2220.

Is Property Transfer Tax ( PTT) payable to family transfer transactions? PTT may be payable even if the real estate transfer is to a related individual( Family Transfer). PTT is applicable: 1) If the property is NOT a primary Residence of either the transferee or the transferor, OR/ AND 2) if the property is a primary residence but the transferee or transferor has not been living there for at least six months prior to the transfer.

Application for Home Owner Grant (HOG) Effective 2021 all home owner grant applications must be submitted directly to the B.C Provincial government through an online application. Municipalities used to be responsible for the H.O.G applications, however they will no longer accept any. If people prefer to apply over the phone, they can call the contact center at 1 888 355 2700 and talk to an agent. Home owners can apply for their current year or their retroactive H.O.G online at gov.bc.ca/homeownergrant.

Application for Home Owner Grant (HOG) Effective 2021 all home owner grant applications must be submitted directly to the B.C Provincial government through an online application. Municipalities used to be responsible for the H.O.G applications, however they will no longer accept any. If people prefer to apply over the phone, they can call the contact center at 1 888 355 2700 and talk to an agent. Home owners can apply for their current year or their retroactive H.O.G online at gov.bc.ca/homeownergrant.

What is a survey certificate? A survey certificate is prepared by a BC Land Surveyor that locates the position of the property regarding to the Lot lines. This is used in BC to satisfy the lender that the property they are loaning against does not have any encroachment issues into the adjoining property. A mortgage lender may need a survey certificate indicating the location of the new home and any other structures on the property to ensure where they are in relation to the property boundary lines. In order to do that, a surveyor physically goes to the property and gain any required information.

What is a survey certificate? A survey certificate is prepared by a BC Land Surveyor that locates the position of the property regarding to the Lot lines. This is used in BC to satisfy the lender that the property they are loaning against does not have any encroachment issues into the adjoining property. A mortgage lender may need a survey certificate indicating the location of the new home and any other structures on the property to ensure where they are in relation to the property boundary lines. In order to do that, a surveyor physically goes to the property and gain any required information.

Speculation and Vacancy Tax ( SVT) Property owners with an SVT balance owing receive a monthly statement of account. If the property owners provide an email address at the time of declaration, they will receive an email confirming they have submitted the declaration and advising them if or not they are exempt from SVT. When a property owner is assessed tax, it is that individual property owner who is responsible for paying the tax. So, a purchaser would not take any SVT debt incurred by the seller. Doing a title search, will show us if there are any outstanding liens against the title. If the title is clear, there is no SVT debts against the property.

Speculation and Vacancy Tax ( SVT) Property owners with an SVT balance owing receive a monthly statement of account. If the property owners provide an email address at the time of declaration, they will receive an email confirming they have submitted the declaration and advising them if or not they are exempt from SVT. When a property owner is assessed tax, it is that individual property owner who is responsible for paying the tax. So, a purchaser would not take any SVT debt incurred by the seller. Doing a title search, will show us if there are any outstanding liens against the title. If the title is clear, there is no SVT debts against the property.

What is Clearance certificate? When someone dies, the executor must ensure that all essential tax returns are filled and the taxes owed are paid. prior to distributing any property to the beneficiaries, the executer must receive a certificate of clearance from CRA indicating that all applicable taxes have been fully paid. If the executor does not receive that, he/she can be liable for any outstanding amount that the deceased owed.

What is Clearance certificate? When someone dies, the executor must ensure that all essential tax returns are filled and the taxes owed are paid. prior to distributing any property to the beneficiaries, the executer must receive a certificate of clearance from CRA indicating that all applicable taxes have been fully paid. If the executor does not receive that, he/she can be liable for any outstanding amount that the deceased owed.

Who is your team for the home buying process? 1. Mortgage brokers: our professional mortgage brokers can assist through the process of qualifying for a mortgage and let you know how much you can spend on a home and how much your payment would be. 2. Realtors: Professional realtors will help you find what you wish, and give valuable information and guidance with positive results. 3. Home inspectors: they will check the structure of the house, electricity, plumbing, roof age and condition signs of mold, etc. 4. Legal professional: A BC Notary/lawyer should be on your team to protect you from a legal standpoint. During the real estate process, they can also help you understand any legal terms or process you may not know.

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What Notaries do when your mortgage is approved? we order and review the title search, tax certificate, and strata forms ( if required). Also, we make sure that our client's insurance has been amended to reflect the name of the new lender. we read your mortgage documents and terms so you can ask us if you do not understand any clauses or statements. A mortgage is one of the largest debts you have in your life so ask your trusted Notary to assist you in order not to have a surprise later on.

Our cute client, Nikan, is so excited to purchase a new property with us tomorrow. Congratulations!!

what is BC speculation and Vacancy tax? This is a new tax received Royal Assent in 2018 and is levied at a rate of 0.5% of the assessed value of the property. The lower rate which is 0.5% is applicable to property owners who live in BC, Canadian citizens, or permanent residents of Canada. The tax rate will increase to 1%if the owner is a Canadian resident but does not live in Canada. However, there are some exemptions like Principal residence, Properties with long term rental agreement, and properties under construction.

Nothing is better than receiving flowers from a client during this challenging time.