Jessica Prasad

Dear Client,

My clients qualify for a one year 40% discount on new Optik TV and / or Internet services compliments of me and my friends at Telus.

This offer, worth up to $1000, will save my clients money when enjoying your new home. My clients can also take advantage of these savings.

To get my clients these savings either:

1. With your permission send me; email, text or phone me with your name and phone number; or
2. I will forward an email to you with the Telus contact info

Buy a house and SAVE :)

Jessica

Property Transfer Tax:

When a residence is purchased, a Property Transfer Tax (PTT) is applied. The tax is calculated at 1% of the first $200,000 and 2% on whatever the remainder. In British Columbia, the First-Time Buyers Program offers an exemption to the PTT, which is the fair market value of the residency is $425,000 or less. In all regions, there is also a proportional exemption for first-time buyers of homes with a fair market value up to $25,000 above the threshold. This means that in the Greater Vancouver area, homes valued up to $450,000 are charged a pro-rated PTT. Prepaid Property Taxes of Utility Bills: You will have to reimburse the sellers for any prepaid property taxes or utilities.

Mortgage Loan Insurance and Application Fee: If you get a high-ratio mortgage, you will have to buy mortgage loan insurance from CMHC or a private company or your choice. If you qualify for a 5% down payment, CMHC charges an insurance fee that equals 2.75% of the mortgage. If you put down 10% or 15%, your insurance fees will decrease to 2% and 1.75% respectively. The insurance premium usually gets added to you mortgage.

Survey Fee:

Your lender may require an up-to-date survey of the property. If the seller didn’t provide you with one, than you will to have to pay for one to get done.

GST:

Now that H.S.T. is eliminated, we are back to the old G.S.T. rules, along with the Transitional Tax. How does G.S.T. apply to used residential housing? It does not. Used residential housing is not subject to G.S.T. How does G.S.T. apply to new residential housing? G.S.T. is payable on the purchase price of newly constructed or substantially renovated residential homes. Substantially renovated is defined in the legislation as the removal or replacement of most of the house construction components except for the foundation, external walls, interior supporting walls, floor, roof and staircase. What is the tax rate for G.S.T.? 5%, subject to any rebates.

Where can I obtain more G.S.T. information?

www.rev.gov.B.C..ca and/or phone Ministry of Finance at 1-877-388-4440

www.cra-arc.gc.ca/gncy/hrmnztn and/or phone the C.C.R.A. line 1-800-959 5525 or 1-800-959 8287