Tag Archive for requirements

First Time Homebuyer Exemption

It is a very exciting time when you start looking for a house for your family. It may be exciting but it is not as easy as it sounds. There is a lot of stuff that you need to be very careful about. I am specifically going to discuss the first time home buyer exemption for the first time homebuyer. If you are buying a house for the first time in British Columbia you might be eligible for the first time home buyer exemption.

Under the First Time Homebuyer Exemption program, people who meet certain requirements, and are first time homebuyers, are eligible for the exemption in property transfer tax, which is a provincially payable tax, whenever property changes hands.

Other requirements necessary to claim this exemption:

• Person claiming the exemption must be a Canadian citizen, or permanent resident as defined by the Canadian Immigration and Refugee Protection Act;
• Must have lived in BC for 12 consecutive months immediately before the date the property is registered, or have filled 2 income tax returns as a British Columbia resident during the 6 years before the property registration date;
• Never owned an interest in a principal residence anywhere in the world at any time (a principal residence is the usual place where an individual lives);
• Never received a first time homebuyer’s exemption or refund.

Property requirements for the exemption are:

• The fair market value of the property (land plus improvements) should not be more than $475,000 to claim a full exemption.
• The land should not be more than 0.5 hectares (1.24acres).
• The property should only be used as your permanent residence

If there is more than one purchaser and only one of them is claiming the first time homebuyer’s exemption, then only the percentage interest acquired by the first time home buyer is eligible (if the market value of the property is under $475,000). The exemption is calculated on full market value of the property not on an individual’s share. You cannot claim the exemption on the property if the market value is over $500,000, but between $475,000 and $500,000 a partial exemption is given.

In some circumstances an exemption can be taken away, so in order to keep the exemption you should meet the following requirements:

• If it is an existing home, you must move into the home within 92 days of the date you register the title of the property.
• If it is vacant land, you must build and move in within 1 year of the date you register the title of the property.
• You must use the property as your permanent residence for the first year

Please give our office a call for further information @ 604-503-3853

Travelling Tips

It’s a New Year and it is likely that you will be travelling this year! We have put together some tips to ensure that you travel safely and without worry!
1) It is important that you have a Will! If you already have a will you should definitely review it and see if it needs to be updated. You can also have our Notary review it.
2) It is important to create a power of attorney. If you have important things to deal with at home and you are abroad, appoint someone that you completely trust and they can handle the business for you.
3) If you are travelling with children, it is recommended that they carry a travel letter. If your kids are travelling with relatives, they must be ready to present proper documentation, such as passports, birth certificates, and travel consent from both parents.
4) We highly recommend that you travel with all your important documents photocopied and notarized. It is much safer to travel with photocopies of your passport, visas travel insurance, and driving license. We recommend that you don’t carry your passport around and keep it in a safe place at your destination.

Our office can help prepare all of the required documents so you can sit back and enjoy your trip without all the hassle. To book an appointment please call our office at 604-503-3853. We look forward to serving you and making your trip more enjoyable.

Updating Wills

It is important that you roll into the New Year prepared. With updating your will, you can save your family and loved ones from distress. Some of the most common events and circumstances that may require changes in your will are:
*Death or serious illness
*Marriage
*Divorce
*Birth or adoption of a child
*Purchase or sale of major assets
Take a look at your will and see if any of these situations apply, if they do give us a call to book an appointment to review and update your will!
If you have any questions please leave us a comment or give us a call at 604-503-3853

Letter of Invitation

Do you have a visitor coming from a different country? If you do, it is likely they will need to apply for a visa to enter Canada. In most cases it is required to provide a letter of invitation. This letter contains details about the visitors stay, and the hosts’ personal information. It is recommended by some visa offices that the letter is notarized by a notary public. Citizens of specified countries applying for a Temporary Resident Visa to visit Canada are required to provide a letter of invitation from someone in Canada. The letter of invitation does not guarantee that a visa will be issued. To ensure that you understand the process and all the important documents are in order and notarized, call our office to book an appointment!

Purchasing a Home

Buying a home isn’t as easy as it looks on TV or in movies. While you’re packing and getting ready to move into your new home, you have tons of important paper work that needs to be dealt with. In order to complete the purchase a notary public is recommended. A notary public can ensure all your legal documents are filled out and submitted by deadlines. A notary also ensures that the seller has made all the required payments. With the legal advice from a notary you can make your moving process less complicated and less stressful. For more information give us a call at 604-503-3853.

Travel Letter/Consent

It’s that time of year again! Just weeks away from the holidays! It is likely that your child may be traveling alone or with only one parent. To ensure your child’s safety and to avoid long waits and questioning, it is recommended that your child travels with a notarized travel letter. A notarized travel letter outlines that the child has permission from both parents/guardians to travel alone or with one of the parents, grandparents or family friends. As a parent it is stressful to have your child travel abroad. To relieve your stress come down to our office and we will happily prepare a travel letter for your child. For more information or to book an appointment, give us a call at 604 503 3853.