Monday, September 24, 2012

NEW LISTING! 1 Bedroom Condo for Sale in Richmond BC

#302 - 7080 St. Albans Road, Richmond British Columbia, V6Y 4E6, Canada

RICHMOND BC APARTMENTS/CONDOS
VANCOUVER BC REAL ESTATE FOR SALE
House | Townhouse | Apartments/Condos | Real Estate
Richmond | Vancouver | Ladner | Tsawwassen 

Thank you for visiting our blog. We specialize in the purchase and sale of residential housing in Richmond, British Columbia. Whether you are relocating within Richmond, searching for an investment property, or leaving Richmond for another area, my experience can help you make the right decisions. Please contact us or take your time exploring my website and make use of the resources available to you.

Please visit:
http://www.michaelcowling.com or
http://www.michaelcowling.com/302-7080-st-albans-road-richmond-bc-v6y-4e6-can...
for more information.
Call Michael Cowling at 604-276-2335 or email him at mc@michaelcowling.com for showings.

Property Information:
Sub Area: Brighouse South
MLS® No. V973268
Bedrooms: 1
Bathrooms: 2
Total sq.ft.: 835

Concrete construction, Quiet large west facing 1 bedroom and den, 2 bathroom condo in Monaco by Bosa. Very well kept. Stainless appliances gas fireplace in suite laundry pleasant west facing balcony, secured under building parking. Recreation includes lounge, party room with kitchen and pool table, media room, guest suite, fitness room, hot tub, garden area. Plenty of visitor parking. Central location walking distance to Canada Line skytrain and all amenities.
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RE/MAX Michael Cowling And Associates Realty - Serving Richmond, Vancouver, Ladner, and Tsawwassen
http://www.michaelcowling.com

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Wednesday, September 19, 2012

NEW LISTING! 2 Bedroom Condo for Sale in Richmond BC

#222 - 5500 Andrews Road, Richmond BC V7E 6M9, Canada

RICHMOND BC APARTMENTS/CONDOS
VANCOUVER BC REAL ESTATE FOR SALE
House | Townhouse | Apartments/Condos | Real Estate
Richmond | Vancouver | Ladner | Tsawwassen 

Welcome! Thank you for visiting our blog. We specialize in the purchase and sale of residential housing in Richmond, British Columbia. Whether you are relocating within Richmond, searching for an investment property, or leaving Richmond for another area, my experience can help you make the right decisions. Please contact us or take your time exploring my website and make use of the resources available to you.

Please visit http://www.michaelcowling.com or

http://www.michaelcowling.com/222-5500-andrews-road-richmond-bc-v7e6m9-canada/ 
for more information.
Call Michael Cowling at 604-276-2335 or email him at mc@michaelcowling.com for showings.

Sub Area: Steveston South
MLS® No. V972062
Bedrooms: 2
Bathrooms: 2
Total sq.ft.: 867

SOUTHWATER Bright spacious 2 bedroom 2 bathroom on the south side with bright pleasant outlook to Marina. Insuite laundry, gas fireplace, secured parking spaces. Large balcony. Steps to dyke, walking paths and Steveston Village. 2 pets allowed, rentals allowed with restrictions. 
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RE/MAX Michael Cowling And Associates Realty - Serving Richmond, Vancouver, and Ladner
http://www.michaelcowling.com 


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Tuesday, September 18, 2012

PRICE REDUCED! Westwind 4 Bedroom Home in Richmond BC

11411 No. 2 Road, Richmond BC V7E 2E6, Canada

RICHMOND BC HOUSE FOR SALE
VANCOUVER BC REAL ESTATE
House | Townhouse | Apartments/Condos | Real Estate
Richmond | Vancouver | Ladner | Tsawwassen 

Please visit http://www.michaelcowling.com or

http://11411no2road.isnowforsale.com/ for more information.
Call Michael Cowling at 604-276-2335 or email him at mc@michaelcowling.com for showings.

Sub Area: Westwind
MLS® No. V932040
Bedrooms: 4
Bathrooms: 2
Total sq.ft.: 1,820
Lot Size: 7,201

Prestigious Westwind Area well cared for 4 bedroom, 2 bathroom home on a 60 by 120 = 7201 Sqft Lot with mature landscaping, a west backyard and front facing the quiet open Agricultural Land Reserve. Close to amenities, walking/biking distance to Steveston Village and trails, near bus route. Westwind and McKinney school catchment. New vinyl windows 2010, new patio 2009 & newer deck, new hot water tank 2008, wood fireplace and wood stove in the family room, security system, chimney upgraded 2009, large storage shed fully wired for workshop, hot tub. 
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RE/MAX Michael Cowling And Associates Realty - Serving Richmond, Vancouver, and Ladner

http://www.michaelcowling.com 

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Thursday, September 13, 2012

NEW LISTING! 1 Bedroom Condo for Sale in Richmond BC

111 - 8900 Citation Drive, Richmond BC V6Y 3A3, Canada

RICHMOND BC APARTMENTS/CONDOS
VANCOUVER BC REAL ESTATE FOR SALE
House | Townhouse | Apartments/Condos | Real Estate
Richmond | Vancouver | Ladner | Tsawwassen 

Please visit http://www.michaelcowling.com orhttp://1118900citationdrive.isnowforsale.com/ for more information.
Call Michael Cowling at 604-276-2335 or email him at mc@michaelcowling.com for showings.

Sub Area: Brighouse
MLS® No. V971573
Bedrooms: 1
Bathrooms: 1
Total sq.ft.: 650

Churchill Downes Central 1-bedroom with bright southeast exposure. Updated with new kitchen countertops, sinks, appliances and vanity. Newer light fixtures and some floor coverings. Large pantry, spacious master with walk-in closet. Balcony redone. Recreational facilities include pool, sauna, hot-tub, tennis & basketball courts, clubhouse with pool tables, table tennis, lounge, large-screen TV and more. Steps to transit and all amenities. No pending assessments.
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RE/MAX Michael Cowling And Associates Realty - Serving Richmond, Vancouver, Ladner, and Tsawwassen

LIKE me on FACEBOOK
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NEW LISTING! Top Floor 1 Bedroom Condo for Sale in Richmond BC

#304 - 8740 No. 1 Road, Richmond British Columbia, V7C 4L5, Canada

RICHMOND BC APARTMENTS/CONDOS
GREATER VANCOUVER BC REAL ESTATE FOR SALE
House | Townhouse | Apartments/Condos | Real Estate
Richmond | Vancouver | Ladner | Tsawwassen 

Thank you for visiting my blog. We specialize in the purchase and sale of residential housing in Richmond, British Columbia. Whether you are relocating within Richmond, searching for an investment property, or leaving Richmond for another area, my experience can help you make the right decisions. Please contact us or take your time exploring my website and make use of the resources available to you.

Please visit:
http://www.michaelcowling.com or
http://www.michaelcowling.com/304-8740-no1-road-richmond-bc-v7c4l5-canada/
for more information.
Call Michael Cowling at 604-276-2335 or email him at mc@michaelcowling.com for showings.

Property Information:
Sub Area: Boyd Park
MLS® No. V969941
Bedrooms: 1
Bathrooms: 1.5
Total sq.ft.: 1120

Quiet Bright West facing Top Floor 1 bedroom and den (easily converted back to a two bedroom), 2 bathrooms in popular Apple Greene Park. Tastefully updated with newer appliances, built-in microwave, stacking washer and dryer, newer carpet and a very professionally enclosed balcony. Great social areas including indoor and outdoor pools, saunas, clubhouse and extensive facilities. Covered parking, plenty of storage. Steps to Seafair shopping center and Safeway, schools transportation and all amenities.
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RE/MAX Michael Cowling And Associates Realty - Serving Richmond, Vancouver, Ladner, and Tsawwassen
http://www.michaelcowling.com

FOLLOW me on FACEBOOK
http://www.facebook.com/michaelcowlingrealty

FOLLOW me on TWITTER
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Richmond Homes for Sale: Well cared for 3 Bedroom Home in popular Broadmoor Area

7540 Barkerville Court, Richmond British Columbia, V7A 1K9, Canada

RICHMOND BC HOMES
GREATER VANCOUVER BC REAL ESTATE FOR SALE
House | Townhouse | Apartments/Condos | Real Estate
Richmond | Vancouver | Ladner | Tsawwassen 

Thank you for visiting my blog. We specialize in the purchase and sale of residential housing in Richmond, British Columbia. Whether you are relocating within Richmond, searching for an investment property, or leaving Richmond for another area, my experience can help you make the right decisions. Please contact us or take your time exploring my website and make use of the resources available to you.

Please visit:
http://www.michaelcowling.com or
http://www.michaelcowling.com/7540-barkerville-court-richmond-bc-v7a1k9-canada/
for more information.
Call Michael Cowling at 604-276-2335 or email him at mc@michaelcowling.com for showings.

Property Information:
Sub Area: Brighouse
MLS® No. V956222
Bedrooms: 3
Bathrooms: 3
Total sq.ft.: 2,101
Lot Size sq.ft.: 6,883

Well cared for 1 owner home in popular Broadmoor area. 3 bedrooms 3 bathrooms plus den and family room all in 2,101 square feet of living area. Very nice private fenced yard with patio backing onto quiet side of Maple Lane School grounds. One car garage with room for workshop, one carport, plenty of additional parking. Roof 6 years. 
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RE/MAX Michael Cowling And Associates Realty - Serving Richmond, Vancouver, Ladner, and Tsawwassen
http://www.michaelcowling.com

FOLLOW me on FACEBOOK
http://www.facebook.com/michaelcowlingrealty

FOLLOW me on TWITTER
https://twitter.com/#!/MichaelCowling

Tuesday, September 11, 2012

What you need to know about Non-Residents Tax Laws


Property in the Lower Mainland continues to attract investors world-wide. It is therefore important to understand Canada’s tax laws to help avoid mistakes and pitfalls. Here is a brief summary of information relevant to foreign investors.

Resident or non-resident?
Under Canada’s income tax system, whether an individual is a resident or a non-resident can play a significant role in how much tax they pay.
·         A resident must pay Canadian income tax on his/her worldwide income from all sources.
·         A non-resident must pay Canadian income tax only on income from sources inside Canada.

Residents
Canada Revenue Agency (CRA) defines a resident as someone who has lived in Canada for a minimum of 183 days within the past year.
Your client is considered a resident of Canada, they will not have to pay taxes owing on the sale of property in Canada until they file their income tax return for the year in which they sold the property.

Non-residents
Your is a non-resident for tax purposes if they:
·         Live in another country and are not considered a resident of Canada;
·         Do not have a significant residential ties including a home, spouse or common law partner or property in Canada; and
o   Live outside Canada throughout the tax year; or
o   Stay in Canada for less than 183 days in the tax year.
For more information visit www.cra.gc.ca and in the search box enter IT221R3. This will take you to a form, Determination of an Individual’s Residence Status.
If you would like a CRA opinion about your residency status, you should complete and submit Form NR74, Determination of Residency Status (Entering Canada). Visit www.cra.gc.ca and in the search box enter NR74.

Non-residents and property ownership
A non-resident who buys a property and does not rent it, and does not earn income in Canada does not have to file an income tax return.

Non-residents and rental property
A non-resident property owner who rents their property is required to pay a 25% withholding tax on either gross or net rent and have it remitted monthly.

1.       Withholding tax on gross rent
A non-resident property owner withholding 25% of the gross rent is required to have a Canadian agent remit the withholding tax to CRA within 15 days of each month-end together with Form NR4 Statement of Amounts Paid or Credited to Non-Residents of Canada.

2.       Withholding tax on net rent
A non-resident property owner can apply to have the 25% withholding tax applied to net income instead of gross income, under Section 216 of the Income Tax Act. This will allow the owner to deduct expenses such as mortgage interest, property taxes and maintenance.
If CRA approves withholding on the net rent, rather than gross rent, then non-resident property owners must file Form NR6, Undertaking to File an Income Tax Return by a Non-Resident Receiving Rent from Real Property or Receiving a Timber Royalty.
When filing Form NR6, the owner or property manager must still report the gross amount of rental income for the entire year on Form NR4.
A non-resident owner must also file a Section 216 income tax return for that year even if the property owner has no tax payable or no refund coming. See RESOURCES box below for related guides and forms.

When a non-resident sells a property
All non-resident sellers of Canadian property (including assigning a pre-sale) must notify the CRA within 10 days of the date of the property sale to obtain a Certificate of Compliance and remit 25% of any capital gain (profit).
The Certificate of Compliance is proof that the CRA has received prepayment of the taxes owing on profits. The tax is 25% or more of the difference between the sale price and the cost of the property including improvements made during ownership.
If the seller doesn’t obtain a Certificate of Compliance, their notary or lawyer must withhold and remit 25% of the gross proceeds of the sale to CRA.
Buyers also typically request a holdback of 25% or more of the purchase price until the Certificate of Compliance is delivered. This is to protect the buyer. If a seller were to disappear without paying the required taxes, the buyer would be liable for those taxes.
Sellers taking a loss on a property must obtain a Certificate of Compliance; otherwise 25% of the sale price will be used as a holdback.
When a non-resident owner sells a Canadian property that has never been rented, they must complete a Section 116 income tax return, Procedures Concerning the Disposition of Taxable Canadian Property by Non-Residents of Canada – Section 116. (Visit CRA website and in the search box enter IC72-17R6)
When a non-resident owner sells a Canadian property that has been rented, they must complete a Section 216 income tax return in the year after the sale. This allows them to claim a refund on their income tax for expenses related to the sale such as notary or legal fees, inspection and survey fees, and REALTOR® commissions, when they file their tax return. This return must be filed by April 30. See RESOUCES box below for related guides and forms.

RESOURCES
For information, visit www.cra.gc.ca and in the search box enter any of the following guide or form names or ID numbers.

RENTING
Forms related to renting a property owned by a non-resident include:
·         Non-residents of Canada
·         Rental Income (T4036, Line 126 Net & Line 160 Gross)
·         Statement of Amounts Paid or Credited to Non-Residents of Canada (NR4)
·         Undertaking to File an Income Tax Return by a Non-Resident Receiving Rent from Real Property or Receiving a Timber Royalty (NR6)
·         Income Tax Guide for Electing Under Section 216 (T4144)
·         Income Tax Return for Electing Under Section 216 (T1159)
·         T2 Corporation – Income Tax Guide (T4012)
·         T2 Corporation – Income Tax Return (T2)
·         T3 Trust Income Tax and Information Return (T3RET)

SELLING
Forms related to the sale of a property owned by a non-resident include:
·         Request by a Non-Resident of Canada for a Certificate of Compliance Related to the Disposition of Taxable Canadian property (T2062)
·         Request by a Non-resident of Canada for a Certificate of Compliance Related to the Disposition of Canadian Resource and Timber Resource Property,  Canadian Real Property (other than Capital Property) or Depreciable Taxable Canadian Property (T2062A)
·         Notice of Disposition of a Life Insurance Policy in Canada by a Non-Resident of Canada (T2062B) (if applicable)
·         Procedures Concerning the Disposition of Taxable Canadian Property by Non-Residents of Canada – Section 116 (IC72-17R6) – when selling a property that was never rented.
The seller may also be required to provide one of the following forms:
·         With Form T2062A, sellers should also complete the Disposition of Canadian Resources Property by Non-Residents if you are disposing of Canadian resources property (T2062ASCH1)
·         With Form T2062B, life insurance companies should also complete the Certification and Remittance Notice to report the disposition of a life insurance policy (T2062BSCH1)

IN GENERAL
·         Determination of an Individual’s Residence Status (IT221R3)
·         Determination of Residency Status (Entering Canada) (NR74) – for a CRA opinion on residency status
·         For additional information sellers should read this guide: Disposing of or acquiring certain Canadian property found at www.cra.arc.gc.ca/tx/nnrsdnts/cmmn/dsp/menu-eng.html
For more information contact CRA at: 1.855.284.5946 from Canada or the United States; or 613.940.8499 from outside Canada and the United States. CRA accepts collect calls.