October 2024

Found 6 blog entries for October 2024.

Tax Rules For Short-Term Rentals in Canada

If you're considering listing your property as a short-term rental in Canada, you might be surprised to learn about the tax implications. You'll need to report rental income, and depending on your earnings, you may even have to register for GST/HST. But that's just the beginning—the ownership structure you choose can impact your tax obligations. Understanding what deductions and credits you can leverage could save you money, but navigating the rules can be tricky. Whether you’re just starting out in real estate investing or already operating short-term rentals in Canada, it’s vital to keep these things in mind to maximize your returns.

For informational purposes only. Always consult with an attorney, tax, or financial advisor before proceeding with

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Tax Deductions for Canadian Rental Properties

If you’re buying investment properties in British Columbia or anywhere else in Canada, you might be surprised at the range of tax deductions available to you. From advertising costs to repairs and even travel expenses, these deductions can impact your taxable income. However, it's important to understand certain nuances, like the distinction between current and capital expenses. Below, we’ll discuss what Canadian residents should know before claiming these deductions.

Which Expenses Can Homeowners Deduct?

In Canada, there are a variety of expenses that residents can deduct from their taxable income. These expenses include advertising, office expenses, repairs and maintenance, and insurance. Being aware of these deductions can save homeowners a

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What it's Like to Live in Pandosy

If you're considering moving to Kelowna, Pandosy stands out with its unique blend of charm and convenience. Visitors will find versatile housing options, neighbourhood charm, and an appealing cost of living. The heart of Pandosy Village is packed with unique shops and restaurants, while nearby parks offer plenty of outdoor activities. Let's take a closer look at what this neighbourhood has to offer.

10 Reasons Pandosy Is a Great Place to Live in Kelowna

  1. Proximity to the Lake: Pandosy is close to Okanagan Lake, offering easy access to beaches, waterfront parks, and activities like kayaking, paddleboarding, and boating.
  2. Vibrant Village Feel: Pandosy Street is full of charming cafes, boutique shops, and local businesses, creating a walkable,
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Is Buying a Vacation Home a Good Investment?

Owning a vacation property in Canada is a dream for many. The idea of having a personal retreat surrounded by nature, away from the hustle and bustle of city life, is undeniably appealing. For some, it's about creating cherished family memories, while for others, it's about generating rental income or making a long-term investment. But is buying a vacation home a good financial move? Explore the pros and cons of buying a vacation property in Canada, looking at the financial implications, rental potential, and lifestyle benefits to decide if it's the right investment for you.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Is a Vacation Home a Good

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Halloween Events in Kelowna

If you're considering how to celebrate Halloween in Kelowna, BC, you've got plenty of options that cater to diverse tastes and ages. From the eerie thrills of Myra Canyon Scare Park to the family-friendly atmosphere of pumpkin patches in Kelowna, there's something for everyone. You might even find of spooky film screenings and wine tastings along the wayl. But these events only scratch the surface of what the Okanagan Valley has to offer during this festive season. What hidden gems might you discover as Halloween approaches?

Myra Canyon Scare Park

Myra Canyon Scare Park transforms into a spine-chilling Halloween experience from October 18-19 and 25-31, 2024. This haunted attraction invites families and thrill-seekers alike to immerse themselves

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Foreign Buyer Ban in Canada

Foreigners considering buying property in Canada—ranging from primary residences to investment properties—must navigate several regulations under the Prohibition on Purchase of Residential Property by Non-Canadians Act, effective January 1, 2023. This act restricts non-Canadians, including corporations, from purchasing residential properties with up to three units. However, there are notable exceptions. Additionally, understanding tax obligations is essential, as foreign buyers face taxes on rental income and property sales. So, how does one guarantee compliance and avoid costly mistakes?

For informational purposes only. Always consult with a real estate attorney and tax advisor before proceeding with any real estate transaction as a Canadian

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