Heidi Tosin, Mortgage Specialist

01/29/2025

Bank of Canada drops key interest rate by .25 points this morning.

12/11/2024

Bank of Canada reduced its policy rate by 50 basis points this morning. Good news for prime rate borrowing.

10/23/2024

06/05/2024

Bank of Canada lowers key interest rates this morning by .25% to 4.75%

01/28/2024

Registered Jumpstart™ HISA.

12/31/2023

Check out your most current assessment here …

BC Assessment provides current actual value assessments for tax purposes on all properties in British Columbia and provides expertise in real estate data, mass appraisal systems and management.

10/15/2023

Sharing this information from a good friend of mine that works in an accounting office. Turns out I needed to fill this out!!

Ok friends: if your name is on a resential property that you dont reside in, there is a new tax return put out by the federal government. It is called the "unused housing tax" not to be confused with the provincial vcancy tax forms you fill out. This is effective starting for the 2022 year, and the deadline is Oct 31. (IE on your parents title for estate reasons). The penalty for simply not filing is $5,000.00 for individuals, even if you are exempt for owing any tax (which in my example you are exempt from owing, but MUST file). Talk to your accountant is you are unsure. Below is a snippet of just this situation. There are many others that will also have to file this:

Affected owner is a term used by Canada Revenue Agency (CRA) to describe those who must file an Underused Housing Tax (UHT) return. It is not a term used in the legislation for the UHT. Affected owners are those who are not excluded owners. If they are exempt from the tax affected owners must still file a UHT return, or face penalties.

From CRA: Who is an Affected Owner, Examples of Affected Owners that will have to file the UHT return even if they are exempt from the tax, in order to claim the exemption.

Canadian Citizen or Permanent Resident - Trustee of a Trust
Is your name on the title of a residential property, but you do not have beneficial ownership? This is a bare trust.

A "bare trust" owning residential property is affected by the UHT, and the trustee must file the UHT return. Most people are not even aware of what constitutes a bare trust. There are many examples, including when a property is placed into joint ownership with one of the joint owners having legal ownership but not beneficial ownership.

A few examples, but there are many more:

1. Parent who puts adult child on title for estate-planning purposes only, no beneficial ownership transferred. The residence is the primary place of residence of the parent.
2. Adult child who puts parent on title for financing purposes only, no beneficial ownership transferred. The residence is the primary place of residence of the adult child

Boring I know but super important to share with anyone you know that may fall into these scenarios.

06/23/2023

Dawn is amazing and now accepting new clients!

06/07/2023

Prime rate increased by 25 basis points.