Author: Curtis Darmohray
People and planning are at the core of every transaction that Curtis Darmohray handles as a business, wills and estates, and real estate lawyer at Pushor Mitchell. Whether they’re preparing…
Your Will is an essential part of any Estate plan, but it only comes into effect on death. As such, your Will is not able to address issues that may occur while you are alive, such as appointing representatives to act on your behalf in the event of mental or physical incapacity. Powers of Attorney (POAs), Representation Agreements and Living Wills are all important “Life Planning” tools that are effective while you are alive, and which can address these types of issues (amongst others).
Anyone who is contemplating selling their business should start the planning process early in order to maximize the value that a third party will pay. Part of that planning should include readying their business for the purchaser’s “due diligence” review. This due diligence usually takes place after signing of a letter of intent or purchase agreement, but before the purchaser becomes legally obligated to complete the transaction. Preparing for the due diligence review will ensure that prospective purchasers aren’t scared away by any unexpected issues.
Your Will is an essential part of any Estate plan, but it only comes into effect on death. As such, your Will is not able to address issues that may occur while you are alive, such as appointing representatives to act on your behalf in the event of mental or physical incapacity. Powers of Attorney (POAs), Representation Agreements and Living Wills are all important “Life Planning” tools that are effective while you are alive, and which can address these types of issues (amongst others).
Its not often that consumers get a break on new purchases. The Harmonized Sales Tax (HST) New Home Rebate is a BC government initiative which aims to compensate new home buyers for the added taxes associated with the implementation of the HST. The rebate is available for “newly constructed” homes or “substantially renovated” homes purchased as a primary place of residence. A “substantial renovation” is one where the interior of a building is essentially gutted and rebuilt before being sold.
The BC Property Transfer Tax (the “PTT”) is a value added tax payable by purchasers who acquire an interest in property.
The actual tax rate is 1% on the first $200,000 of the fair market value of the property being transferred, plus 2% on the fair market value over $200,000. For example, a purchaser acquiring a property with a fair market value of $300,000 will have to pay an additional amount of PTT as follows:
About Legal Alert
Pushor Mitchell’s “Legal Alert Blog” evolved from our long-running “Legal Alert” client newsletter. Here, we share news our clients need to know, such as changes to the law, major case decisions, industry trends, and other legal issues that affect people and organizations in B.C. Occasionally, we also share firm news and announcements, as well as stories about our involvement with community groups throughout the Okanagan.
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