Newsletter

Vancouver landlords and homeowners!

Don’t forget to make your Empty Homes Tax declaration by Feb 2. The City of Vancouver needs to know whether your home is occupied or vacant. Homes that are occupied or exempt won’t have to pay the tax. You will find your tenants names in your monthly owner statements.It takes just a few minutes to declare online, you have your folio and log in information on your City of Vancouver tax notice, or you can call the city for assistance.

Support Local Businesses

 

We are all struggling these days, and I want to take this opportunity to spotlight a local business, whose owner just happens to be one of our tenants. Alyssa has been working hard to keep her business running, and supporting her staff as best as possible. I wanted to give a shout out, and encourage you to perhaps support a local shop in your area.

Phone: 604-428-7858
Website: https://leisdebuds.com/
Instagram: https://www.instagram.com/leisdebuds/

December Reminders

Vancouver Empty Home Tax 

Please make sure you complete your declarations with the city of Vancouver.  You can find the information here:

https://vancouver.ca/home-property-development/declare-property-status.aspx

You will need your folio number form your property tax statement to log in.  If you do not have this information, you can request a copy from the City of Vancouver, online or by phone call.

You will find your tenant’s information on the Owner Statements, please log into the owner portal at RentCafe.

Long term rental business license

This is also a good opportunity to get your business license for rented properties.  It is a requirement by the City of Vancouver that every homeowner that rents out their property also carries a license.  This is in addition to the business license that your property management company carries. You can apply here:

https://vancouver.ca/doing-business/long-term-rental-business-licence.aspx

The license is good for 1 year and needs to be renewed very December for the following year.

Speculation Tax

Please keep in mind that the Speculation Tax is separate from the City of Vancouver Empty Home tax and is a provincial tax. The declaration will be due early in 2020 as well.

https://www2.gov.bc.ca/gov/content/taxes/property-taxes/speculation-and-vacancy-tax

In this case you will find your log in information on your property assessment sent to the address on file with the tax authorities.

Rising Strata Insurance Deductibles

I have been seeing an increase across the board for strata building increasing the deductibles on certain damages in the building.  The biggest increase seems to be the water damage deductible. In some instances, we have seen deductibles as high as $150000. Please note that as the homeowner, you can be liable for this.  It is essential that you review your insurance certificate from your Strata and talk to your insurance broker to make sure you are covered for the increase. Please send our office a copy of your current insurance for our files.