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REALTORS® raise $154,000 and counting for wildfire victims

REALTORS® across the country have so far raised over $154,000 for the Red Cross BC Fires Appeal to support the communities affected by the ongoing wildfires in BC.

These donations are helping people impacted by the fires by providing cots, blankets, family reunification, and financial assistance for food, clothing and other personal items.

“The people in the affected communities are in need and it’s important that we all do what we can to help,” Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “It’s great to see our communities come together during this time. I’ve heard from REALTORS®, and real estate boards, across the country who are contributing money and fundraising. I encourage everyone to continue this work to support our fellow British Columbians.”

BC wildfires have destroyed more than 300 buildings, including 71 homes, since April and have burned more than 6,060 square kilometers in the province, according to Emergency Management BC.

In addition to numerous individual REALTOR® donations, real estate boards from across the province, including REBGV, have made donations totalling $80,000. This total includes a $40,000 donation from the BC Real Estate Association.

REALTORS® are continuing to raise money by organizing fundraising events across the province. In Metro Vancouver alone, REALTORS® have held fundraising events in North Vancouver, Richmond, Maple Ridge, Coquitlam, and Vancouver over the last month.
“The work we’ve done so far is a great start but there’s more to do. People are still in need and we’re continuing to urge our REALTOR® members, and all British Columbians, to do what they can to help,” Oudil said.

Some evacuation orders have been lifted, but more than 145 wildfires are still burning across BC. We’re encouraging our REALTOR® community to make donations through this national REALTORS Care® Foundation page.It’s a good life!

New CCRA TAX Trap: Principal Residence Exemption Rule Change

Article By: Jimmy Le-Tang, Chartered Professional Accountant

You may or may not have heard about recent tax changes regarding the principal residence exemption available on the sale of a taxpayer’s principal residence (residents of Canada only.) The recent changes are significant and I would consider them to be a TAX TRAP because the new rules now require positive action by the taxpayer to claim the exemption and failing to claim the exemption will result in taxes being reassessed on the taxable capital gain.

The ”One-Plus” Rule 
The “one-plus” rule enables a taxpayer to purchase a home in a given year and sell their former home in the same calendar year and still be able to claim both residences in the same year as their principal residence. In other words, the “one-plus” rule enables an overlap of one year whereby both residences would still qualify for the principal residence exemption. If both properties are owned for more than one year then one of those properties would be disqualified from claiming the principal residence for the years in excess of one.

Full article: link 

Thank you!

“CONGRATULATIONS!!! If you are reading this, the TRI-CITY NEWS READERS have voted your business number 1 in the REALTOR(r) category .

We’ve asked our Readers to vote for their favourites in the Tri Cities, and one of them is YOU!

You were voted in the top business in your category.”

Thank you to everyone who voted for me . It is with great pride that I acknowledge and accept this distinction . My clients are the best of the best and are the lifeblood of my business . I appreciate your support over the many years of success I have enjoyed . Know that your trust and belief in me means everything and I am proud to call many of you my friends.

Sincerely,
Jeff Pennington

Client Appreciation Day at the Track

These are a few pics from my second annual Client Appreciation Day at the Track . This is a great day to support a worthy cause , which I support by purchasing Hot Laps with Race Car drivers in Super cars for my valued clients. Needless to say it is a day filled with good times, great experiences and ultimately amazing memories . Hope to see you at the Track!

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