The Real Estate Council of BC dictates to us that GST is so complicated that it is risky for anyone other than a lawyer or tax accountant to figure it out. Many times when we call CRA for advice on whether GST is applicable or not and the answer is, “That depends”. In essence GST is exempt from a sale of used residential property. However, if there was a hair salon or some other business being run out of the house it may not be. If it has been rented for short terms like weekly or daily rentals GST may be applicable even though it is used residential housing. It is extremely confusing and complicated. So when you look at your REALTOR and say…Why don’t you know if I have to pay GST? It’s your job to know. It really isn’t.
The Conscious Investor
Here is what you can expect:
• An Investment Property Watch sent monthly. Hand selected properties with Pro Forma analysis.
• Monthly market updates with an Investor's Corner designed to make you a better Real Estate Investor.
• A Real Estate Investment Network including JV partners, Investors, Lenders & other Real Estate professionals.