Information
Home Buyers Plan (HBP) There is a Canadian government program called the Home Buyers’ Plan (HBP) that allows first-time home buyers to withdraw funds from their RRSP to purchase or build a qualifying home. Prior to April 2024, under the HBP, you could withdraw up to $35,000 tax-free from your RRSP, and if you’re purchasing with a…
Joint Tenants vs Tenants in Common What is it? When two or more people purchase a property in British Columbia together, they can own that property in one of two ways: Joint Tenancy or Tenancy-In-Common. Tenancy-In-Common is a form of combined ownership, whereby each person owns an undivided share in the property. The shares must…
Patent Defects / Material Latent Defects / Stigmas Types of Property Defects When buying, selling, or renting a home, potential defects can significantly impact the transaction. There are two key types of defects to be aware of: Patent defects are visible issues that can be identified during a reasonable inspection. Examples include broken windows, damaged…
BC Speculation Tax What is it? The BC Speculation and Vacancy Tax (SVT) is designed to convert vacant homes into housing for BC residents and ensure foreign owners contribute fairly to BC’s tax system. The SVT ensures that residential properties contribute to the housing market, either through occupancy or by generating revenue that supports the…