Scott Leaf - Maple Ridge & Tri-Cities Real Estate
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Canada's Debt Clock
Transitional Rules for HST in BC for new Real Estate Construction
The British Columbia Government has released important details today with respect to the transitional implementation of the HST with resepct to new Real Estate construction. The tax will not just occur on July 1, 2010 but will be phased in. This is an important consideration for builders and buyers.
To help homebuyers and builders transition to the HST, transitional rules would be provided for new housing transactions that straddle July 1, 2010. The proposed transitional rules would be similar to the transitional rules that applied when the GST was introduced. These rules, including builder reporting and disclosure requirements, would be administered by the CRA.
Generally, sales of newly constructed or substantially renovated homes would be grandparented where the written agreements of purchase and sale are entered into on or before November 18, 20096 and both ownership and possession of the homes are transferred under the agreement after June 2010. These sales would be subject to the federal component of the HST but would not be subject to the provincial component of the HST.
Grandparenting generally would apply to sales of newly constructed or substantially renovated single-unit homes7 to individuals. Also, grandparenting generally would apply to sales of residential condominiums to all persons including individuals.
Sales of these grandparented homes would not be eligible for the B.C. new housing rebate or new rental housing rebate.
Grandparenting would not apply to traditional apartment buildings, duplexes, mobile homes, floating homes and homes built by owners for their personal use where construction straddles July 1, 2010, as the general transitional rules would apply differently to these homes. However, these homes may qualify for one or more of the following proposed rebates: the PST transitional new housing rebate, B.C. new housing rebate, B.C. new rental housing rebate in addition to the GST new housing rebate and the GST new residential rental property rebate that may be available.
9 On a temporary basis, large businesses (those with annual taxable - including zero-rated - sales in excess of $10 million) and financial institutions would not be able to claim ITCs in respect of the B.C. component of the HST on certain inputs used in their taxable activities. After the first five years of the HST implementation, ITCs for these inputs would be phased in over a three-year period. Items for which ITCs would be restricted are listed at www.gov.bc.ca/hst.
Traditional apartment buildings, duplexes, mobile homes and floating homes would be subject to the general application of tax (see above) such that the proposed HST would apply to the sale of these housing types if both ownership and possession are transferred to a purchaser on or after July 1, 2010. However, if under a written agreement of purchase and sale, either possession or ownership is transferred prior to July 1, 2010, then the provincial component of the HST would not apply.
Builders who are registrants for GST/HST purposes would be able to recover the provincial component of the HST paid on most purchases through input tax credits (ITCs), as under the GST, with limited exceptions.9 However, builders of grandparented homes generally would be required to pay an amount-a transitional tax adjustment-based on the extent of the home construction or substantial renovation completed as of July 1, 2010. The transitional tax adjustment for grandparented homes is intended to approximate the amount of PST, approximately two per cent, which would have been embedded in the price of the home, on average, under the current PST regime. Builders would also be required to meet certain reporting and disclosure requirements for grandparented homes.
The calculation of the transitional tax adjustment is described below.
9 On a temporary basis, large businesses (those with annual taxable - including zero-rated - sales in excess of $10 million) and financial institutions would not be able to claim ITCs in respect of the B.C. component of the HST on certain inputs used in their taxable activities. After the first five years of the HST implementation, ITCs for these inputs would be phased in over a three-year period. Items for which ITCs would be restricted are listed at www.gov.bc.ca/hst.
Transitional Tax Adjustment - Single-Unit Homes
For grandparented sales of newly constructed or substantially renovated single-unit homes, including detached, semi-detached and attached homes, the builder generally would be required to pay a transitional tax adjustment where the home is completed in full or in part after June 2010.
The transitional tax adjustment for these homes would be calculated on the total consideration of the home, as established for GST purposes, based on the degree of construction or substantial renovation completed as of July 1, 2010, as follows:
|
Degree of completion of construction or substantial renovation on July 1, 2010 |
Transitional tax adjustment rate |
|
< 10 per cent |
2.0 per cent |
|
10 per cent ≤ and < 25 per cent |
1.5 per cent |
|
25 per cent ≤ and < 50 per cent |
1.0 per cent |
|
50 per cent ≤ and < 75 per cent |
0.5 per cent |
|
75 per cent ≤ and < 90 per cent |
0.2 per cent |
|
≥ 90 per cent |
0.0 per cent |
BC Increases threshold for new BC HST Real Estate purchases
The Province is proposing to increase the threshold for the B.C. HST new housing rebate from $400,000 to $525,000 to ensure that, on average, purchasers of new homes up to $525,000 pay no more tax due to harmonization, Finance Minister Colin Hansen announced today.
"We heard the concerns from consumers and industry about how the HST might affect home buyers, and this increase will move the threshold to above the average new home price in the province. At $26,250, this provides the highest maximum provincial rebate in Canada," said Hansen. "A similar rebate will also support the construction or substantial renovation of affordable rental housing."
Purchasers of new homes would be eligible for a rebate of 71.43 per cent of the provincial portion of the HST paid on a new home, up to a maximum of $26,250. Homes above $525,000 would receive a flat rebate of $26,250. This enhanced rebate represents a 30 per cent increase in the threshold and maximum rebate available.
The Province is also proposing transitional rules for new housing. The provincial portion of the HST would not apply to sales of new homes where ownership or possession is transferred before July 1, 2010. In addition, sales of new homes under written agreements of purchase and sale entered into on or before Nov. 18, 2009, would generally not be subject to the provincial portion of the HST, even if both ownership and possession are transferred on or after July 1, 2010.
Although the HST is expected to put a significant damper on new home sales this news is welcomed.
West Maple Ridge 4 Bedroom home for sale near Westview Secondary & Laityview French Immersion w/suite potential
West side Maple Ridge 4 bedroom home on large corner lot, walking distance to Laityview French Immersion Elementary & Westview Secondary. Lots of room for RV or boat storage, relaxing solarium & suite potential with basement separate entrance. This charmer is situated across from a beautiful treed park & just a few minutes walk to both Secondary & French Immersion Elementary Schools. Take advantage of the amazing transportation improvements that have drastically shortened commute times or take the Westcoast Express right to Downtown. The separate entrance in the basement affords the option of creating a suite. Enough room on the driveway & fully fenced off yard to park a large RV or boat.
British Columbia Bans Cell Phones While Driving Jan 1, 2010
The Province of British Columbia has made legislative changes to
prevent the use of hand- held cellphones, portable electronic devices
and text messaging while driving.
Changes to the Motor Vehicle Act (MVA) upon legislative approval are to take effect on Jan. 1, 2010. At that point, only hands-free cellphones and devices that require one touch to activate will be permitted. Drivers in the Graduated Licensing Program (GLP) will not be permitted to use hands-free phones in addition to other prohibited activity.
A new fine in the amount of $167 will begin to be levied on Feb. 1, 2010. If drivers are caught texting or emailing they will receive an additional three penalty points. Further, drivers in the GLP will receive the $167 fine and three penalty points for any violation of this legislation.
In the coming months, government will launch an awareness campaign to educate drivers on the new law and the importance of paying attention to the road, pedestrians and other cars around them.
BRITISH COLUMBIA MOTOR VEHICLE ACT CHANGES
Prohibited actions and devices
* No operating or holding hand-held cellphones or other electronic devices.
* No sending or reading emails and/or texting (e.g., BlackBerry, PDA, cellphone).
* No operating or holding hand-held music or portable gaming devices (e.g., MP3 players, iPods).
* No manual programming or adjusting GPS systems, whether built into the vehicle or not, while driving. Settings must be programmed before driving.
Permitted actions and devices
Hands-free cellphones that are built in or securely fixed to the
vehicle, and used by pressing a single button - once only - in order
to activate a hands-free device for incoming or outgoing calls.
* Pre-programmed and voice-activated GPS devices.
* Two-way radios for industry (e.g., trucking, logging, oil and gas).
* Any of the above devices can be used if the vehicle is legally parked and not impeding traffic.
* Call 9-1-1 to report an emergency.
Graduated License Drivers (GLP)
* In addition to the above restrictions and permitted actions,
new drivers are prohibited from using hands-free communications devices, (e.g., cellphones), while driving.
Exemptions to the legislation include police, fire and ambulance personnel who may need to make calls in the performance of their duties, and motorists who need to call 9-1-1.
These changes bring British Columbia in line with the provinces of Manitoba, Ontario, Quebec, Nova Scotia, Prince Edward Island and Newfoundland. Alberta recently announced that it intends to introduce similar distracted driving legislation this fall.
Closing Day is Coming - Prepare Your Home For Pay Day
So you have sold your home! Congratulations! Closing day is coming. Prepare your home for pay day.
When your house sells it usually results in you feeling pretty great, at least for a little while. Yet not long after, the pressures of preparing the home for closing day begin to mount. You wanted this day to come but now that it is really happening you have some ambivalence. Preparing the house for closing becomes top of mind.
So what things should you do to prepare for closing day?
Here are seven recommendations to help with the mental task of preparing your home for closing. That is the day when the buyers walk through, inspect "your" work, confirm that everything is as they exp
ect it to be, and proceed to the lawyers office with the cheque.
1. Find yourself some boxes. If you are doing your own packing, and many people do, gathering lots of wrapping tissue or news paper and boxes will be just the thing. Pick up 50 or more depending on how much stuff you plan to take to your new destination. When you have them, start packing all the things you plan to take but can do without until you are relocated. It is more than you think.
2. Identify the give aways and make a list of people you know will take them off your hands. We all have a few items that we would prefer to give away. Avoid carrying these into your "next life" by passing them down to a loved one or friend. It often feels liberating to pass along something you are no longer using or that you just want someone else to have.
3. Identify the garage/yard sale items and plan your weekend sale now. This will involve putting the announcement notice in the paper and online. Get it organized and planned for the earliest date. This will help you to make sure the weekend does not creep up on you unaware. Deadlines for advertising in the paper are some of those things that do creep up.
4. Throw away anything else left over. If you can't sell it or give it away and you are not going to keep it, then send it to the landfill. Yes, I know that is not environmentally friendly but unless you can make an old broken chair into next weeks dinner, you have to throw some things out. This is one of those times.
5. Clean up all rooms in the house that you can before moving day gets here. Leave only the vacuuming for the very last day. Ask a couple of cleaners to go through the home and do the heavy work for you. Hire them if you need to. Cleaning the ceilings and walls, lights, shelving, cupboards, windows, and storage areas are things the hired help can do. This is not the time to be Superwoman....or even the time to be married to her. Tip for the guys. Insist on this one. It will save you a tonne of guilt. :-)
6. Book the movers. I know, I have it numbered as 6 but really you should make this number 1. The earlier you do this, the better. Often the movers are really busy at peak moving days so get on this and reserve them now. It will take a lot off your mind.
7. When closing day comes, you will have everything out of the house, and the house thoroughly cleaned. Why not leave a little gift on the counter and a hand written note expressing your personal enjoyment of the home, along with well wishes for the new owners in the years ahead? It is amazing how that little gesture will help smooth over any small wrinkle that might arise. At this point, you have prepared the house as best as you can. The final piece is all about people management.
Closing day will come and your efforts will all be rewarded. With careful attention to details the sale will close smoothly and the payment for the home will be in your account, if only for a moment in time. At this point, you need to take yourself out for dinner. After all, you deserve a reward too. You have done a great job!
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About the Author: R. Greg Osmond is a Platinum Award winning Realtor dedicated to serving the people of St. John's, Mount Pearl, Paradise, Kilbride, Goulds, Conception Bay South (CBS), Portugal Cove - St. Philips, Torbay – Flatrock – Pouch Cove, and Logy Bay - Middle Cove - Outer Cove, Newfoundland and Labrador. For over 21 years Greg has been practicing in Real Estate. He can be reached at 709-895-2500.
Want to get in touch? Email rgosmond1@gmail.com. For more information, please visit http://www.rgregosmond.com. Thinking of selling your home? I have a passion for helping my clients with buying and selling real estate! If there is any way I can be of service to you today, please feel free to contact me!
Maple Ridge westside 4 bedroom home near Laityview & Westview schools
West side of Maple Ridge 4 bedroom home for sale marketed by Scott Leaf Real Estate Marketing & Associates. Located very near to Westview Senior Seconday and Laityview French Immersion Elementary School (L'Ecole Laityview) This beautiful, well kept corner lot home offers a large yard that could be used for RV parking.
This listing is coming to MLS soon, this sneak preview is just a taste of this listing. Photogrpahs and Video of the inside coming soon!
The New Keg Coquitlam Restaurant about to Open Fall/Winter 2009
The Original Coquitlam Keg was destroyed October 28, 2006 in a very serious fire on a night where a suspected serial arsonist set 4 major fires in the area.
Flash forward to late October 2009 and the highly anticipated NEW Coquitlam Keg will be opening in a new location with a beautiful new Westcoast Contemporary building.
Located beside Best Buy & Save On Foods by Coquitlam Centre Mall, the new Restaurant is sure to be a popular attraction this Winter.
Workers are busily putting the finishing touches on this structure and it won't be long before we will be able to say "Let the Good Time Roll" again at the Keg Steakhouse.
Welcome back Coquitlam Keg, we've missed you!
Olympic Flame Arrives in Canada for Vancouver 2010 Olympic Winter Games
Vancouver Mayor, Gregor Robertson disembarks with the miner's lantern containing the Olympic Flame for it's first touchdown on Canadian soil at British Columbia's capital city, Victoria.
The most ambitious Olympic torch relay ever assembled will see the flame carried for 106 days across all 10 Provinces and 3 Territories, being carried in a canoe, on a surfboard, a logging truck and even coming within 900 km of the North Pole while visiting the most northern point of land in Canada on Ellesmere island. 12,000 people will participate in the torch relay with the torch arriving for the opening ceremonies in Vancouver on February 12, 2010.
It is an exciting time for British Columbian's as we eagerly await the start of Canada's Games!
Hyde Creek Salmon Festival in Port Coquitlam November 15
It is November and time again for the return of the Salmon to Port Coquitlam Real Estate. Whether it is the beautiful 
Coquitlam River winding its way through River Springs or Hyde Creek meandering through the north side of PoCo the salmon are coming home!
Time again for the Hyde Creek Salmon Festival on Sunday November 15 between 11 am and 3 pm at the Hyde Creek Recreation Centre. Bring down the kids to see the miracle that is the 4th year return of the Pacific Salmon to their birthplace.
Lots of fun family events, BBQ and great educational events for the kids that won't make them feel like they are in school!
Thanks for the Click!
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Video of Deer Paying Visit to Upper Jackson, Albion, Maple Ridge, BC
Maple Ridge real estate was host to two young deer making a Fall visit to the Upper Jackson property in Albion, Maple Ridge. This site should be enjoyed as this beautiful farm pasture has been approved for development, contrary to the Official Community plan and all recomendations by Mape Ridge District planning staff.
The developers, who made financial contributions to the campaigns of most of the town concillors and Mayor, are expected to build 112 homes minimum on this field.
The only hope to save this field rests with the Metro Vancouver board of directors and is expected to be heard by that body early 2010 but possibly sooner.
Urban Sprawl brought to you by the District of Maple Ridge, ignoring residents and catering to Land Developers since time in memorium .
You know you work in a fun office when...
Keller Williams Elite Realty, work hard, play hard and have lots of fun. Family first!
The fastest growing brokerage in the area, here's a reason why...
Keller Williams Elite Realty is located in Port Coquitlam, BC and serves the Tri-Cities
Maple Ridge & Pitt Meadows and surrounding areas.
Greater Vancouver Real Estate Market Video Update Fall 2009
Here are the latest stats from the Real Estate Board of Greater Vancouver presented in a much cooler way then you are probably used to courtesy of Scott Leaf Real Estate Marketing & Associates, Keller Williams Elite Realty. If you are considering selling, the listing count is low and Buyers have fewer options, give me a call to detail whats happening in your particular neighborhood.
Gaby Davis Foundation Movie Night, November 13, 2009 in River Springs
The Gaby Davis Foundation will be hosting a Movie Night Fundraiser at the Coquitlam River Elementary School, located the Coquitlam real estate neighborhood of River Springs.
What: Disney/Pixar's move "UP"
When: Firday November 13, 2009
Where: 4250 Shaugnessy Street, Coquitlam River Elementary School gymnasium
Time: Doors open at 6:30pm, movie starts at 7:30pm sharp.
Tickets: $5.00
Limited tickets available. call 604-464-4229 to reserve or purchase at the door on movie night OR drop by any time at Play Paradise. 2020 Oxford COnnector, Port Coquitlam.
Bring your blankets, pillows, air mattresses, PJ's & teddy bears for a night of fun!
All proceeds to help families affected by chldhood cancer.
