As real estate values continue to rise across the province, the B.C. government is raising the threshold for the homeowner grant to $1.65 million for 2018.

The basic homeowner grant is $570 and will be automatically calculated based on property tax notices. The amount rises to $770 if the home is in a northern or rural area; up to $845 for seniors and people with disabilities; and up to $1,045 for people who meet a combination of those criteria.

​Only homes used as an owner's primary residence are eligible for the grant.

​As Spring Break approaches, a lot of families are planning to travel out of the country with their child/children. If your travel plans do not include the other parent, a travel consent form signed by the other parent and notarized or a court order signed is advised.

​The Canadian Government recommends that you have the following documents when travelling with a minor:
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• Their birth certificate (or a copy - although a copy can be acceptable, it is best to carry the original document)
• A notarized letter from the other parent with their address and phone number; and
• A copy of the other parents’ passport (with signature)
• Separated or divorced parents should also have copies of their legal custody documents.
• If the child’s parent is deceased, a copy of their death certificate is recommended.

Although a consent letter and copy of the non-accompanying parents’ passport is not a legal requirement, it can still be requested by border security or an airline agent when leaving the country or re-entering.  It is recommended to air on the side of caution and have all the paperwork on hand to prevent delays or even a refusal to allow you to enter or exit a country.

In terms of homes in B.C, Budget 2018 primarily focuses on increasing house supply and improving security for renters in B.C. This year they have introduced a housing plan to increase the overall quality of life in B.C.

One of the plans for Budget 2018 is to ease housing affordability challenges by implementing the tax changes property-transfer-tax-for-homes-in-bc-2018.html.  This tax change will target foreign and domestic speculators who don’t pay taxes in B.C. By increasing and expanding the foreign buyers tax, it will:

• Help stabilize the housing market, making the houses in B.C more affordable for other purchasers by increasing the PTT for the wealthiest homeowners who own/will purchase homes valued higher than $3 million.
• Help reduce tax fraud and close loopholes including:
  • ​Stop tax evasions – illegal nonpayment/underpayment of taxes
  • End hidden ownership – properties under a non-related individual to avoid additional taxes
  • Strengthen provincial auditing and enforcement powers

Budget 2018 also includes a plan for building homes people need and to improve security for the renters. They plan to:

• Invest over $6 million in affordable housings such as: homes for growing families, homes for seniors, housing options for women and children fleeing violence, and student housing.
• Increase rental assistance for the low-income working families by $800/year and for seniors by $930/year.
• Increase supports for renters and strengthen rental laws, so that the renters have a deeper understanding of their rights as renters.
• Create new Housing Hub through BC housing to make sure affordable homes are available to those in need. 

Effective February 21, 2018, there has been a slight change made to the Property Transfer Tax for homes in B.C. Previously, the property transfer tax was calculated as:
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• 1% on the first $200,000
• 2% on the portion between $200,000 and $2,000,000
• 3% on the portion greater than $2,000,000

As of February 21, 2018, the property transfer tax is calculated as:

• 1% on the first $200,000
• 2% on the portion between $200,000 and $2,000,000
• 3% on the portion greater than $2,000,000
• If the property is residential, a further 2% on the portion greater than $3,000,000 will be applied

In addition to this, changes have been made to the property transfer tax for foreign entities & taxable trustee:

• Currently, if the registered property is within Greater Vancouver Regional District and has been registered on or before February 20, 2018 the property transfer tax remains at 15% of the fair market value of the property.
• Effective from February 21, 2018 if the property is registered on or after this date and is within the following areas, the tax amount of 20% will be applied of the fair market value of the property (with a few exceptions*).
  • Capital Regional District
  • Fraser Valley Regional District
  • Greater Vancouver Regional District
  • Regional District of Central Okanagan
  • Regional District of Nanaimo.

*1) If the registration occurs before or on May 18, 2018 and is subject to a written agreement dated prior to February 21, 2018.
2) If the property transfer is subject to: a court order, Order Nisi of Foreclosure, separation agreement dated on or before February 21, 2018.
3) If the property transfer is: from the representative of an estate to the beneficiary, or to a surviving joint tenant, when the death of the deceased occurred on or before February 20, 2018
In these 3 cases, the additional property transfer tax won’t be applied. 
However, these exceptions don't apply to the Greater Vancouver region