B.C. and Vancouver each have their own taxes for homeowners not occupying or renting their residences. In B.C., there is a province-wide tax called the "Speculation and Vacancy Tax", and Vancouver has its own specific "Empty Homes Tax". These were originally brought in with the goal of targeting vacant properties, increasing vacancy rates and creating more affordable housing throughout the province. The government's goal is to turn under-utilized properties into ...
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Do you take advantage of all the deductions available to you as a B.C. landlord? When you own a rental property, you are legally obligated to report all rental revenue on the Statement of Real Estate Rentals schedule on your personal tax return. Thankfully, you are also able to deduct a number of landlord expenses from your gross rental revenue and then pay tax only on the amount remaining. We're ...
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Unlike realtors who have to market properties all the time, property managers may go months or even years between property vacancies. However, given that most renters are only obligated to give one month's notice before moving on, you will have to act quickly to ensure your property is rented as soon as possible and cash flow isn't interrupted. In addition to home listing sites, you need to employ a focused ...
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When you're nearing the end of your lease, you have a few options as a renter. One of those options is renegotiating your lease with your current landlord. This is a daunting exercise for many but it doesn't have to be if you prepare and develop a strategy. Chances are your landlord will take the opportunity to raise the rent by the allowable amount (1.5% for BC in 2022). However, ...
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Who doesn’t appreciate the passive income a rental property provides? Every month, like clockwork, you receive a payment from your tenant. It can serve you very well right through retirement. However, there are a number of other considerations that may encourage you to sell your rental property. We’ve provided a list of some key reasons to weigh up if you should sell, or continue to rent. Are you good at your ...
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The most effective way to generate the best return on your investment rental property is by increasing the rental value. especially in competitive rental markets like Vancouver. Deciding where best to spend your money, however, is always a challenge. The fact is that certain renovations are more likely to reap better rewards than others. Here we’ve outlined 10 of the most effective ways to boost the rental value of your investment. ...
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Unsure about handing extra money over to your new landlord? Here we've outlined the basics with respect to security and pet deposits in the province of British Columbia. These rules are sometimes revised so the ultimate source should always be the Residential Tenancy Branch. Security Deposit A security deposit often called a damage deposit is paid to the landlord before a tenancy begins and protects the landlord from unforeseen damage caused by a ...
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Vancouver’s New Airbnb Rules In April 2018, Vancouver City Hall began to regulate the popular home sharing platform, Airbnb, by introducing a new set of Airbnb rules. In response to disgruntled citizens wary of sharing their buildings with a revolving door of Airbnb guests and by others desperate for rental housing in a city where occupancy rates are nearing 100%. In addition, many Vancouverites feel Airbnb is responsible for further inflating ...
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UPDATED: JULY 15, 2020 Rental Repairs and Maintenance Responsibilities You’ve signed a lease on a new apartment and you’re excited about your new digs…but what if things don’t work according to plan? The electrical outlet that will power your beloved Nespresso machine is dead or the sink perpetually drips? What to do? It's important to set yourself up for success before any of these instances become an issue. Before moving in, be sure ...
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Property Maintenance Responsibilities - Landlords vs Tenants Renters often get a bad rap — a reputation for being messy, careless and disrespectful to rental properties. However, this is not necessarily the case. Instead, this often stems from unclear responsibilities and confusion over who is responsible for what. First and foremost, the upkeep of a rental property is shared between both parties. Keeping up with your duties as assigned is key to ...
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