Do you know what the difference is between the B.C. Speculation Tax and the City of Vancouver Empty Homes Tax? With the recent introduction of the B.C. Speculation Tax soon after the City of Vancouver Empty Homes Tax, many are left wondering: what’s the difference? It’s not uncommon to be misinformed or left confused about the nature of each type…
What is the B.C. Speculation Tax? In 2018, the NDP government introduced the B.C. Speculation Tax in an effort to dampen the hot housing market. The goal of this annual tax is to: Reduce the amount of empty homes so that more living spaces are available to B.C. residents. Reprimand foreign buyers and domestic speculators who do not pay taxes…
In some cases, buyers may change their minds or realize that they are no longer financially able to follow through with their purchase. However, reneging has proven to be quite expensive and stressful. Therefore, it is important that buyers are well aware of what they are getting themselves into and the terms by which their offer is based on. An…
Canadian home sales have fallen due to the tougher mortgage qualification rules that have deterred prospective buyers. The real estate market tightened its regulations in an attempt to make certain that buyers will be able to sustain potential fluctuations in their economic standing. This may be in terms of interest rate volatility, should their interest rates surpass that of their…
In today’s society, many turn to torrenting or downloading movies from the internet. This is partially due to the increasing popularity of devices, such as computers, laptops, tablets, and smartphones. The last time that Canada amended its copyright law was in 2012, which carried with it a multitude of debates regarding the Copyright Modernization Act. Many accused Canada of being…
The “accumulation years”, the time you spend on working and acquiring assets for both your personal and financial future use. During this period, you pursue your interests and donate to charities, own businesses, invest in stocks, and purchase property. Regardless of the type of assets you possess, you will most likely want them protected and deliberately distributed amongst your beneficiaries…
The Canadian government has enacted federal and provincial legislation, to protect personal information and privacy interests of individual citizens. In addition to these statutory frameworks, the Canadian judiciary has also been active in creating dialogue around common law causes of action in cases of breach of privacy. When a Government Entity Breaches Your Privacy Section 8 of the Canadian Charter…
In 1997, John Sopinka, then a Supreme Court judge, said that the Internet has enabled individuals to “reach a wide audience with little or no regulation.” This little amount of regulation and the fact that Internet users could hide behind a veil of anonymity, created a peculiar free exchange of ideas. This freedom, in Justice Sopinka’s words, “is a fundamental…
As per Income Tax Act (“Act”), the tax base is a Canadian resident’s “taxable income” for each taxation year, plus additions and minus permitted deductions. The Act, specifically, states that any income from office, employment, business and property is taxable. However, this list is, in no way, exhaustive, which makes the discourse around taxable and non-taxable income a complicated one.…
Many people enter into agreements and contracts without knowing exactly what they are getting themselves into. Clicking “I Agree” on the registration forms of different online services or signing waiver forms are examples of such contracts. We have all been there. It is important for consumers of goods and services to know that, while they are engaging in a transaction…