Newsletter

ERICKSON’S STEEL HOUSE

Eppich House II: A stunning iconic Canadian masterpiece designed by Arthur Erickson that he called his ‘Most Complete Work.’ A one-of-a-kind steel and glass home which was custom built by the owners with every detail created to perfection. An absolutely breathtaking property which has been featured around the globe in magazines and film transcending from a visual and natural experience that is tranquil and refined in every way. This totally private 1.18 acre sun drenched oasis with a flowing creek and approx. 6,000 sqft of living space includes gorgeous carriage house and is simply irreplaceable. The details are extraordinary including all furnishings designed by Erickson and his team. A Canadian Landmark in West Vancouver and recently listed for $16.8 million.

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!

WINTER BLUES SOLUTIONS HERE!

  • Canyon Lights: Christmas light displays at Capilano Suspension Bridge
  • Peak of Christmas: Christmas holiday activities at Grouse Mountain
  • Farmer Markets: Winter Farmer Market’s start January 7
  • Robson Square Ice Skating: Free at the corner of Robson and Howe in downtown Vancouver from 9 am to 9 pm
  • International Boat Show: BC Place Stadium and Granville Island Jan 18
  • Chinese New Year: Celebrations on January 28
  • Dine Out Vancouver Festival: Special deals at hundreds of local restaurants (January 20 to February 5)
  • Hot Chocolate Festival: Special hot chocolate offerings around town (January 19 until February 14)
  • Lunarfest: Free festival outdoors at the Vancouver Art Gallery Plaza at the corner of West Georgia and Hornby (February 12-14)
  • BC Family Day: Special family-friendly activities at various locations on the second Monday of the month (February 13).
  • Chutzpah Festival: Vancouver Jewish Performing Arts Festival (February 16 to March 13)
  • Talking Stick Festival: Small festival featuring indigenous art and performances throughout the region
  • International Wine Festival: Featuring over 150 wines from over a dozen different countries (February 11-19)
  • Valentine’s Day: Treat your sweetheart or a loved one to something special (February 14)
  • Northwest Comedy Fest: Performances taking place at various venues around town (February 16-25)
  • Winterruption: Weekend of dance, theatre, music, film, art and crafts at Granville Island (February 17-19)
  • BC Home and Garden Show: Trade show featuring over 400 exhibitors at BC Place Stadium (February 22-26)

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