In the case of Joint Tenants, a surviving owner will acquire the interests of the deceased owner thereby increasing the surviving owner’s interest in the property. In this case, the surviving owner is said to have the Right of Survivorship. [Read more…]
GST/HST New Housing Rebate
Effective July 1, 2010, purchasers of new residential property for the purpose of principal residency may be eligible for a rebate of 71.43 per cent of the provincial component of the HST paid, up to a maximum of $26,250.
This following summarizes some of the key benefits and costs of forming a PREC.
A. BENEFITS OF FORMING A PREC
These bulletins have been provided by the Province of British Columbia to assist in the interpretation of the relevant legislation in relation to the basics of the Property Transfer Tax.