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Holding Real Estate Development Properties

There are various options to own real estate development properties, including, but not limited to: Joint ventures Partnerships CorporationsBelow is a high-level summary of each type and the various factors that can impact which entity to use. Joint Ventures (JV)A JV is a contractual business agreement where two…

2 min read

What Realtors Need to Know About Residency Status

Realtors are asked to get both the buyers and sellers to initial off on their residency status as part of every purchase and sale transaction. Careful attention should be paid to this detail as there are potentially damaging results to the purchaser when this is overlooked.Non-residents of Canada are subject to Canadian…

3 min read

Contributory Professional Retirement Savings Plan (CPRSP)

Practicing physicians in the province of BC can be eligible for a benefit program administered by Doctors of BC, called the Contributory Professional Retirement Savings Plan (CPRSP).The CPRSP is a retirement benefit and is made up of two components: The Basic Benefit, which has a maximum in 2020 of $5,000 reached at…

2 min read

Accounting for Holdbacks on Construction Billings

Holdbacks are amounts of progress billings that are not paid until specified payment conditions in the contract are satisfied, or until defects have been rectified.BC Builders Lien ActIn British Columbia, the Builders Lien Act (the “Act”) provides rights and imposes obligations on most of the parties within a construction project…

3 min read

Planning Ahead for a Potential Capital Gain Rate Increase

This is likely not the first post you have read which speculates the capital gain rate will increase. Advisors have been speculating that a rise in the capital gain rate would occur for several years. The most recent happenings that further support a probable change are: The US recently announced proposals to significantly increase…

1 min read

Reporting Requirements for Real Estate Brokerages

If you own and operate a real estate brokerage in British Columbia or are planning on doing so, there are many financial reporting requirements that are required by the British Columbia Financial Services Authority (BCFSA). The BCFSA took over these responsibilities from the Real Estate Council of British Columbia (RECBC) in August 2021. Here,…

6 min read