Newsletter

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.