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February 2014

Found 3 blog entries for February 2014.

Property Transfer Tax Exemption Level has increased to $475,000 for qualified first time BC Resident buyers and partial exemptions available for more in some cases! The First Time Home Buyers' Program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. If you qualify for the program, you may be eligible for either a full or partial exemption from the tax. If one or more of the purchasers don’t qualify, only the percentage of interest that the first time home buyer(s) have in the property is eligible. For example, if you qualify and purchase a property with a fair market value of $400,000 with a person that doesn’t qualify you would still qualify. If you owned a 60% interest in the property, 60% of the tax

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Time is running out to claim your rebate! If you substantially renovated your home within the past 2 years, you may qualify for a rebate of a portion of the GST/HST paid on labour and materials. See the Canada Revenue Agency (CRA) web page Substantial renovations, conversions and major additions for more information on this. The same rebate available to new home purchasers is also available to investors on qualifying properties. If you purchased a new or substantially renovated residential  investment property and also leased it you may also qualify for a substantial rebate. Feel free to contact us for assistance!

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The federal program to attract wealthy immigrant investors has been scrapped in the new budget after being suspended for about 2 years with a backlog of over 45,000 applications in the system. This will no doubt directly impact the high end price surge experienced primarily in Vancouver and Toronto for the past few years. The popular BC Provincial PNP immigrant investor program targeted at small business operators granting immigration for investment in small qualifying business has NOT been affected at this time. BCREA ECONOMICS NOW Cancellation of the Canadian Investor Immigrant Program - February 13, 2014 In its recently tabled budget, the Federal Government effectively cancelled a program, the Canadian Immigrant Investor Program (IIP), which afforded

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