Tag Archives: principal residence

British Columbia Grant Threshold Raised

B.C. homeowner grant threshold raised to $1.65M

British Columbia Grant Threshold is $570 and will be automatically calculated based on property tax notices. The amount rises to $770 if the home is in a northern or rural area; up to $845 for seniors and people with disabilities; and up to $1,045 for people who meet a combination of those criteria.

Only homes used as an owner's primary residence are eligible for the grant.
British Columbia Grant Threshold Raised
Seniors, people with disabilities and others earning a low income can also apply to supplement their grants that have been reduced or eliminated for 2018 due to a high assessed value, and people over the age of 55 or who are supporting dependent children can apply for a property tax deferment.

The province estimates the grants will return $825 million to homeowners in 2018, an amount that the government reimburses to municipalities.

British Columbia Grant Threshold Raised


If you qualify for the home owner grant, you must apply each year to receive it. You must apply every year because the previous year’s information may be out of date if your residential circumstance has changed. This may affect your qualifications for the grant.

Submit your application to the office that sent your property tax notice.

A home owner grant application is included with your property tax notice. If you don’t have your tax notice, contact your municipality or the province if you live in a rural area, apply online, or use the Home Owner Grant Application (FIN 78) (PDF).

British Columbia Grant Threshold Raised
Only one qualifying owner can claim a grant for a property each year.

Grant amounts may be higher for homeowners who qualify as a senior, veteran or person with a disability. The homeowner who meets these qualifications must be the one who applies in order to receive the higher grant amount for that residence.

Anyone with your permission can apply on your behalf. However, if you pay your property taxes through your financial institution, your financial institution will not apply for the home owner grant on your behalf.

Separated Spouses
If you and your spouse are separated and living apart, you may be able to claim the home owner grant for each of your principal residences. You must have either a written agreement signed by both you and your spouse stating that you have agreed to live apart or a court order recognizing your separation.

Deceased Owner

You can apply for the home owner grant for a property that is still registered in the name of a deceased owner or in the name of the executor or administrator of their estate, if you meet the following requirements:

You’re the spouse, child, grandchild, parent, brother or sister of the deceased owner
The deceased owner would have qualified for the home owner grant
You occupied the residence as your principal residence on the date of the owner’s death
The property is still your principal residence
If the owner’s death occurred in the current year, you’ll receive the amount they would have been entitled to.

If the owner’s death occurred in previous years, you’ll receive the amount you qualify for.

When to Apply

Apply for the home owner grant when you receive your property tax notice.

If you’re going to be away when tax notices are mailed, you can apply early with the Home Owner Grant Application (FIN 78) (PDF) and submit it to the office that collects your property taxes. Your application will be processed after tax notices are mailed.

Late payment penalties may apply if your application is not received by the office that sent you your property tax notice before the due date for your taxes. The grant is a form of payment towards your property taxes and it is considered a late payment if you apply late.

However, you can still apply for the home owner grant until December 31 of the current tax year. You can apply even if you haven’t paid your property taxes.

If you qualified for the grant last year and didn’t apply, you may be able to claim the grant retroactively for up to one year.

Required Documentation
Remember to include all required documentation with your application. If any additional documentation is required, the municipal or provincial office that sent your property tax notice will contact you.

How to Submit Your Grant Application
Your home owner grant application must be sent to the municipal or provincial office that sent your property tax notice. You can submit your application using one of the following options:

Online
Mail
In person

British Columbia Grant Threshold Raised
Online

The province and some municipalities allow you to apply for the home owner grant online.

If your property is located in a municipality, contact your municipality to find out if and how you can apply online.

If your property is located in a rural area, you can apply online through the Rural Home Owner Grant Application. You’ll need the rural folio number on your 2017 property tax notice.

Mail
Send your application by mail to the address provided on your property tax notice.

In Person
If your property is located in a municipality, you can drop off your completed application at the location(s) listed on your property tax notice. For more information, contact your municipality.
British Columbia Grant Threshold Raised

If your property is located in a rural area, you can drop off your application for the British Columbia Grant Threshold Raised at a Service BC Centre near you.

Financial Assistance Residences Damaged by Pyrrhotite in Quebec Canada

Financial Assistance Residences Damaged by Pyrrhotite in Quebec Canada Eligibility is very important information. Home owners and Quebec real estate investors can save the headache and money.

Pyrrhotite and pyrite: the differences

“Pyrrhotite is a mineral species composed of iron sulfide and is of a
bronze yellow color, blackening when exposed to air. When it crystallizes in blades, pyrrhotite can produce cracks in the concrete structures.”

“Pyrite is a mineral which is found in stone and produces sulfuric acid when it oxidizes upon contact with humidity and oxygen.
When this phenomenon occurs under foundations, it can cause
the heaving and cracking of the concrete slab.”

(Source: Quebec’s building authority )Quebec

 

Get your copy of
Directory Forgivable Canadian Real Estate Grants
now at
www.GovernmentGrantsCanada.ca

This program grants financial assistance to the owners of
residential buildings whose foundations have been damaged
by the presence of pyrrhotite in order to enable them to get
the necessary work done to ensure the integrity of the
foundations on these buildings.

It applies to a municipality where measures have
been put in place to avoid the risks associated with t
he presence of pyrrhotite in the foundations of residential buildings.

Financial Assistance Residences Damaged by Pyrrhotite in Quebec Canada Eligibility

You may benefit from this program if the following conditions are met:

The residential unit must serve as a principal residence;
The building must have been damaged by pyrrhotite,
or the building’s foundations must contain at least 0.23 % of pyrrhotite;
Work is needed to ensure the integrity of the building’s foundation.
Other conditions apply.

Financial Assistance Residences Damaged
by Pyrrhotite in Quebec Canada Assistance Offered

This financial assistance covers 75 % of the recognized
eligible costs, up to:

$75,000 if the building does not fall under the Guarantee
Plan for New Residential Buildings;
or

$15,000 if the building falls under the Guarantee Plan
for New Residential Buildings, but where the restoration
work on rooms located in the basement is not covered by this plan.
Eligible Work

Financial Assistance Residences Damaged by Pyrrhotite in Quebec Canada Eligible work includes:

Replacement of the building’s foundation, including
elements providing access to the building if they
are integrated into the foundation and, if applicable,
reconstruction of the outside siding;
Restoration of the rooms located in the basement.
Non-eligible Work
Landscape, paving of the driveway or alleyways (pavement, asphalt),
restoration or replacement of wood decks or backyard accessories
(pool, spa, shed) are not eligible under this program.

Financial Assistance Residences Damaged by Pyrrhotite in Quebec Canada

Financial Assistance Residences Damaged by Pyrrhotite in Quebec Canada Program Registration

The Société d’habitation du Québec has allocated the management
of the Program for Residences Damaged by Pyrrhotiteto the
municipalities and regional county municipalities (RCM).

Financial Assistance Residences Damaged by Pyrrhotite in Quebec Canada Steps

You must communicate with your municipality or RCM to see
if you are eligible to the program. They will tell you what
documents you need to submit in order to create your file.
A representative from your municipality or RCM will go visit
your residence to determine what work might be eligible.
A representative from your municipality or your RCM will
set the maximum financial assistance to which you are
entitled, based on the recognized eligible costs and
work execution modalities.

You must wait for authorization from the municipality or
RCM before undertaking the work.

The financial assistance will be paid once the work has been
completed and after an inspector from the municipality or
RCM has checked that the work has been completed as agreed.

Financial Assistance Residences Damaged by Pyrrhotite in Quebec Canada For More Information

Contact your municipality or RCM Cet hyperlien s’ouvrira
dans une nouvelle fenêtre.. If you need any additional information,
contact the SHQ Client Relations Centre.

DISCLAIMER

We believe the information contained in this
article to be accurate.It is presented with the
understanding that we are not engaged in
rendering legal,accounting, or investment advice.
When professional assistance is required,
utilize the services of a licensed real estate
broker, lawyer, accountant,
or other consultant as may be required.

Financial Assistance Residences Damaged by Pyrrhotite in Quebec Canada
Tickets for LIVE CRASH COURSE at http://www.Flipping4Profit.ca

Flipping Houses with Assignment Clauses – Part 4 of 4

Flipping Houses with Assignment Clauses – Part 4 of 4

Principal Residence Exemption, Business Income and Capital Gains

Flipping Houses with Assignment Clauses – Part 4 of 4

If you want to flip houses with assignment clauses for a profit, take a careful look at the criteria the Canada Revenue Agency (CRA) will consider when taxing you. If possible, structure your purchase so that you’ll receive capital gains treatment, and perhaps even the principal residence exemption.

Continue reading Flipping Houses with Assignment Clauses – Part 4 of 4