Welcome to this Beautiful free standing 3 years old West Coast stylebuilding plus restaurant business in Harrison Hot Springs. $998,000

Welcome to this Beautiful free standing 3 years old West Coast style building plus restaurant business in Harrison Hot Springs. $998,000

130 seat restaurant on 33x130 lot situated minutes from beach, tourist promenade, & major resort & hotels. Well designed 2,245 sq ft building has high vaulted ceiling, air conditioning, washrooms, generous & well equipped kitchen plus an extra 350 sq ft outdoor covered balcony. 

Currently serving simple but well received menu, recipient of the 2013 Excellence in Culinary Award. Liquor license, suitable for other menus as well. 

It caters to group functions. It is an ideal family run business that prides itself in building a meal from scratch. All foods are prepared in house from fully fresh products & special recipes. All baking is done on site. Absolutely excellent investment opportunity for this beautiful property plus profitable restaurant business.

Contact Maria @ 604-839--6368 or visit www.mariamak.com for more details and arrange private viewing.

Maria Mak - Burnaby Realtor - Please donate generously or join me in this fundraising event -Kayak for a Cure 2015 - in memory of my mom

Please donate generously or join me in this fundraising event -Kayak for a Cure 2015 - in memory of my mom - which will take place in Vancouver on August 29th 2015. 

Follow the link below and help me make my goal reached this year - THANK YOU.

http://convio.cancer.ca/site/TR/UnitFundraisingEvent/General?px=5506688&pg=personal&fr_id=16335#.Vcdy75VRHIU
 

Maria Mak. Burnaby Realtors. Understanding Agency Relationship when working with REALTOR®

The agency relationship is established through a contract between you, the client, and your agent, the company under which the REALTOR® is licensed. Most REALTOR® use a blue brochure titled Working with a Real Estate Agent to disclose the nature of the agency relationship with their client.

A REALTOR® can act for a seller or a buyer, or to a limited degree, both. Whomever they represent, REALTORS® have a legal obligation to uphold the integrity of their clients, while protecting and promoting their interests.

Seller's Agent /Buyer's Agent /Dual Agency  

•For your REALTOR® to list your property for sale on MLS®, the Real Estate Board of Greater Vancouver requires completion of a listing agreement.

•Signing this agreement with you commits your REALTOR® to uphold the above obligations.

•The listing agreement also states the compensation amount the seller will pay the REALTOR®.

•The contract of purchase and sale is initiated when an offer is made by the buyer to purchase the sellers's property.

•The contract outlines the terms and conditions of the offer, such as offer price and subject conditions.

•The seller may reject the offer or make a counter offer.

•Once all terms have been accepted and both seller and buyer have signed the contract, each party is legally bound to fulfill the conditions of the contract.

•Dual agency is created when an agent represents both the buyer and seller in a single transaction.

•This can happen if a REALTOR® who is representing a buyer, sells one of their own listings to that buyer.

•A dual agent must be impartial to both buyer and seller and fully disclose all information relating to the transaction.

•A REALTOR® can be a dual agent only if both seller and buyer agree in writing.

Remember: always read all contracts and disclosure forms before signing. If you have questions about agency relationships contact your REALTOR® or Maria Mak @ Sutton Centre Realty or visit her website at www.mariamak.com , You'll be smilling too!

What are the tax implications of building a laneway house?

A laneway house is a small detached residential infill house that typically fronts on the lane of a larger principal house.
It’s important for property owners to understand their options before building a laneway house or buying a property with a laneway house. Here, you'll find information about the tax implications of laneway houses through these scenarios outlined by the Canada Revenue Agency (CRA).
1 You own a principal residence and you hire a builder to build a new laneway house. You then rent or lease the laneway home to a non-relative.
The CRA considers you to be the builder, and to have:
• sold, repurchased, or “self-supplied” the laneway house at its fair market value
• self-assessed and collected the GST on the sale
• paid the GST on the repurchase of the laneway house
You must account for the GST on a GST/HST return (self-assessing), even if you are not a GST/HST registrant. You may:
• be eligible to claim a GST rebate on the construction of the laneway house, which is considered an improvement to the property, and on the land that forms part of the laneway house. Read: Guide RC4033, General Application for GST/HST Rebates
• claim the rebate on Form GST189, General Application for rebate of GST/HST using reason Code 7. For information, read GST/HST Memorandum 19.3.6, Rebate on Non-Registrant's Sale of Real Property
• be eligible for a GST/HST New Residential Rental Property Rebate as a builder/landlord to recover some of the GST
2 You own a principal residence and hire a builder to build a new laneway house for a relative, former spouse, or common-law partner to live in as their principal residence.
The CRA does not consider that you have sold and repurchased the laneway house and collected the GST if:
• the laneway house is used primarily (more than 50 per cent) as a place of residence
• the laneway house is not used primarily for any other purpose after construction of the house is substantially completed
• the individual (builder) did not claim any input tax credits (ITCs) when building the laneway house
You can’t claim a non-registrant’s rebate for the GST paid on construction costs. You may:
• be eligible for a GST/HST New Housing Rebate for your principal residence
• claim the rebate on Form GST189, General Application for rebate of GST/HST, using reason Code 7.
3 You buy a property that includes a new principal residence and laneway house and you rent or lease the laneway home another individual as a place of residence.
The CRA does not consider you to be the builder of the laneway house or to have sold and repurchased the laneway house, or to have collected tax when you rent to a non-relative.
• You may be eligible for a GST/HST New Housing Rebate on the construction of the laneway house if your relative uses it as a principal residence
• If you rent or lease the laneway house to a non-relative, you may be eligible for a GST/HST New Housing Rebate for your principal house if it is your primary place of residence
• You can claim the rebate on Form GST189, General Application for rebate of GST/HST, using reason Code 7. Read GST/HST Memorandum 19.3.6, Rebate on Non-Registrant's Sale of Real Property
• You may be eligible for a GST/HST New Residential Rental Property Rebate.
For more information, tell your clients to read the CRA’s The HST/HST Implications of the Construction of Secondary Housing Unites (Laneway Housing).

Did you know?

A laneway home increases the value of a client’s home. Building a laneway home:
• could affect the client’s eligibility to claim the Home Owner Grant because of the increase in property value beyond the price thresholds
• may also result in increased property taxes

Laneway houses can affect a client’s principal residence exemption

How does a laneway house affect the capital gains principal residence exemption on a property owner’s income tax? The rules are complicated. Click here to read advice from tax advisor Grant Thornton.
As always, we advise you to seek a qualified legal opinion.
It’s important you understand your options before building a laneway house or buying a property with a laneway house.