Wednesday, September 14, 2011

It's the LAW

Off-shore owners are required to send 25% of their rental income to Ottawa. Their agents are responsible to do this, or if tenants send their payments directly to the owner, they - the tenant- are responsible!

Then the owner is supposed to submit a special tax return at the end of the year and may then receive some of this money back.

However, they have to deduct it. No ifs ands or buts. Here it is in Black and white.

Ok how many of the gazillion properties owned by offshore owners and rented out are paying this? I would say very few. Probably some managed by Property Management companies are, I hope. However many are managed by realtors, and I have spoken to several and most had no idea they are supposed to deduct this. The rest are probably managed by a cousin or friend and the chances of deduction are zero.

We should disseminate the above link. Send it to those who rent out properties and remind them of their duty to pay Canadian taxes.

We need more aggressive CRA auditing eg of helicopter families who live in $3 M homes and declare very little income.

Enough of that.

Now to Whistler.

32 MmmmONTHS of INVENTORY. We are so far into bear country that sellers should only venture out with bear bells, spray and even a gun. We would be in fire-sale territory were it not for the still blazing Vancouver market and zero % interest rates which give sellers no incentive to sell ( sell and do what with the money).


..Prices are definitely DOWN. When was the last time you could pick up a nice up-dated suite, offered at $248/foot??

A VERY Long time ago.