TGIF: Escaping!

This article was published on: 07/27/18 5:10 PM

TGIF: Escaping!

Friday, July 27, 2018

Did you know that the number one reason Canadians buy recreation property is ESCAPE!

And guess who are the greatest escape artists – the Baby Boomers! 91% of recreation property buyers fall into this demographic – mostly wanting the magical place to get away from it all with family and friends. Many Boomers are cashing out of their family home, buying a pied a terre in town, and a second property preferably close to water. According to this year’s RE/MAX Recreation Report, a surprisingly small number of investors were involved in recreation property purchases in the past year – guessing that ski resorts would be the exception. So….happy summer to all of you enjoying your (or someone else’s) home away from home.

Tax evasion is an entirely different form of escape and the BC Government is busy closing a loop hole in an effort to avoid tax evasion in relation to real estate. Starting September 17, the new property transfer tax will require people purchasing through a corporation or trust to report additional information including their name, citizenship and social insurance number. Finance minister Carole James stated that the government wants to prevent buyers circumventing the laws, hiding property ownership behind numbered companies. This will apply to all types of property with exemptions for charitable trusts and certain corporations such as hospitlas and schools.

This change is part of a series of measures the government is taking to address tax fraud in the real estate market including tracking presale condos, sharing home owner grant information with the federal government and boosting the ability of auditors to act on tax evasion.

The final escape to mention… is from the heat! So August 9, get on down to your local Dairy Queen for Blizzard Day in support of Children’s Miracle Network and our local children’s hospital. Be cool and help the kids! Every home we have listed is a “miracle home” where a donation from our team is made to Children’s Miracle Network. A big thank you to our loyal clients for their support in this.

The coolest team in town has you covered every day however much the heat turns up!

Wishing you a wonderful week wherever you are from Generations Team.
Michelle, Scott, Sheila, Ray and Shane.

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