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Sent: Friday, October 17, 2003 12:38 PM
Subject: Property purchase tax - "re-assessment"
Hello David,
While I despise accounting/taxes, your newsletters is one of the emails I actually look forward to in my inbox. Keep up the good work!
I 'm not sure which of the above email addresses is currently in use, so my apologies if I have inundated you with email.
I have a question that will probably apply to alot of your readers in light of the hot Vancouver real estate market. Here's what happened:
1) I bought a "pre-sale" condo, in September /02 in downtown Vancouver, that was due to complete in Feb/03, with the intention of moving into it.
2) My personal circumstances changed in the few months leading up to completion, and I decided to list it for sale, shortly after closing.
3) It sold about a month later, and as the market had improved significantly, I ended up with a net profit (after comissions) of about $35K. My realtor showed me a bunch of other listings that had seen similar, and some even more substantial increases over short periods of time...which I believe are tied very closely to the Olympic announcement
4) I received a letter from BC Property Tax division requesting a bunch of info for an audit. i.e. mls listing contracts, etc. I complied, sent them the info. I also sent them the details of the other properties that my realtor had provided showing the significant increases in selling prices over similar, and short time periods.
5) they sent me a bill for the PPT difference as a reassesment!!--
My question to you, is..can they do this ??--I paid the PPT on the market value of the property WHEN I bought it, and the person that bought it from me, did the same.. also, is there antything I can do about it ? I know they don't care, but..They should be happy!!-They got twice the tax on the same property in a just a few months!
Thanks in advance.
sxxxxxxxxxx.
Please obscure my email address details from the broadcast, if this question is lucky enough to become one of the ones answered in one of your newsletters.
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david ingram replies:
The PPT people have the law on their side. They can assess the tax on the value at the time of payment of the tax.
The same thing happens at the border. You buy something really cheap in the US and Customs values it at Canadian Fair Market Value when you bring it into Canada and charge you GST and PST on their definition of the value.
David Ingram's US/Canada Services
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Res (604) 980-3578 Cell (604) 657-8451
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Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader and the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent and appropriately qualified legal practitioner or tax specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
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