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British Columbia leads in real estate sales numbers

On Behalf of Porter Ramsay LLP | Dec, 30, 2019 | Real Estate Law

Real estate numbers are up in the country thanks, in part, to the west coast. A recovery in the real estate market in British Columbia has increased overall numbers across the country. The Canadian Real Estate Association (CREA) statistics for November show a marked hike in property sales. CREA says most of the good news can be attributed to a rallying market after last year’s dismal numbers. Those buying properties are increasing in volume. All major markets across the country — save for three — saw encouraging numbers at this point over the same time last year. CREA said, overall, there were more... View Article

Real estate: British Columbia to increase speculation tax

On Behalf of Porter Ramsay LLP | Dec, 16, 2019 | Real Estate Law

Stricter rules are set to come into effect regarding the west coast speculation and vacancy tax. British Columbia is expected to raise the tax from 0.5% to 2% before the new year. The tax affects foreign owners of real estate, satellite families — those who don’t report the bulk of their income on Canadian tax returns. The provincial finance minister said the provincial tax was introduced on Dec. 31, 2018, to offset what was then considered to be a real estate crisis in British Columbia.  Statistics show the tax has been working as it was intended to work — taxing those... View Article

Wills and estates: Taking digital assets into consideration

On Behalf of Porter Ramsay LLP | Dec, 03, 2019 | Wills And Estates

There are many things to think about when writing an estate plan. When British Columbia residents take some times to think about their wills and estates, they need to pay some attention to their digital assets as well as physical and monetary ones. Digital assets could include social media accounts, email addresses, digital photos, social media pages, online accounts like PayPal and cryptocurrencies like Bitcoin.  Canadians who want their social media pages deleted after they’ve died need to leave instructions for an executor to do so. In fact, instructions should be written in a will as to what to do... View Article