Rental Property Management | FINANCE-DEBT RELIEF

If you?re the owner of residential rental property in the Greater Vancouver area then we can be of service to you. We offer full property management services to property owners on an ongoing basis for the long term. As a result many of our clients have been with us for more than ten years.

Our primary service is rent collection. We will act as a rental agent to collect your tenant?s rent, pay repair bills, mortgages, strata payments/condo fees, property taxes, non-resident taxes, and any other payments that you instruct us to make. As a provincially licensed real estate company we maintain a trust account for clients funds in strict compliance with the Real Estate Services Act of British Columbia. A condition of licensing is a yearly audit for the Real Estate Council of British Columbia.

We generate monthly statements of account and send them by email or snail mail, along with copies of all receipts. We do not add handling charges to any disbursements. We also provide tax statements annually.

We are able to deal with clients no matter where in the world they are located. In fact, we manage properties for owners who reside on every continent except Antarctica. We communicate with clients all over the world on a daily basis.

Off shore owners of Canadian real estate may be required to remit non-resident tax to the Canadian government if they are deemed to be non-residents for income tax purposes. This status has nothing to do with immigration status. A Canadian citizen could be a non-resident for income tax purposes just as easily as a non-Canadian could.

It is a simple matter to comply with the Canadian tax code, but it is not easy. Compliance is very important. If, in the future, the property is disposed of the non-resident status of the seller will be noted.

Sellers who have not complied with the law while owning the property will face many obstacles and penalties. The way to handle this is to have a Canadian agent sign an undertaking to file and remit taxes on behalf of the non-resident owner. Coronet Realty Ltd. will do this.

The tax rate is 25%, but if the non-resident makes use of an agent he can reduce it to 25% of net rather than 25% of gross income. This has important implications for cash flow. Without an agent in Canada the investor with a before tax cash flow neutral property (the rents equal the costs) would have to inject an additional 25% of income from somewhere else to pay the CRA.

They would not recover that expense until they filed a tax return the following year. A negative cash flow property puts the non-resident without an agent in an even worse position. With an agent the tax bite is reduced to 25% of net. The net income of a cash flow neutral or cash flow negative property is zero, and 25% of zero is zero, so all that is done is paperwork.

Want to find out more about property management, then visit Oswaldo Taggart?s site on how to choose the best rental agent for your needs.

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