Macdonald Realty is proud to have been selected for membership inLuxury Portfolio International®, the luxury marketing division of Leading Real Estate Companies of the World™. Membership is awarded solely to brokerages like ours, with significant luxury market share and expertise in buying, selling and marketing high-end properties to today’s global affluent. Today the Luxury Portfolio International represents the largest global network of the most powerful, independent luxury firms.
Backed by Macdonald Realty’s 75 years’ experience in selling luxury real estate, and this partnership with Luxury Portfolio International®, Macdonald agents regularly market some of the most spectacular listings in BC.
Today we’re proud to profile 5 incredible luxury listings under $2 Million Dollars, currently on the market.
This spectacular West Coast design home offers incredible ocean and mountain views. This picturesque house offers incredible mountain & ocean views, surrounded by forest. Entirely updated and renovated to a high standard with design by Jamie Martin
Exceptionally beautiful home on a private and peaceful 4.94-acre land. Minutes from Spider Lake and a short drive to Qualicum Beach, this perfect house offers a balance of lawns, carefree perennial gardens, and mature, serene forest with two natural ponds.
Planned to incorporate the natural landscape into its design, this special Bluewater property is truly one-of-a-kind. The home is balanced across the creek that dissects the property and tumbles through the terraced gardens and meandering pathways, and past the mini orchard – complete with apple, pear, plum, fig and olive trees.
1700 North End Road / Salt Spring Island, BC, V8K 1C6 / $1,450,000
Comfortable custom-built country home on a singular 18-acre property just north of St. Mary Lake. This home sweet home offers a lovely sunny setting, abundant bird & wildlife viewing, + 3400 sf of gracious living space. Land is mostly wetland with some formal gardens and primarily easy-care landscaping.
Created by environmentally conscious owners, the “Eagle’s Perch” is nestled on private 10-acre land in beautiful rural Metchosin. Let the water & mountain views ‘wow’ you as you enter this spectacular property. Enjoy the abundance of natural sunlight and nature with indoor and outdoor living.
There is no doubt Vancouver is one of the most beautiful cities in the world. The city of West Vancouver is nestled between Burrard Inlet and the North Shore Mountains and offers city, water and mountain views from its many high-end neighbourhoods.
The lower mainland has also developed unique architectural and design styles that benefits from the natural beauty of our environment. Beautiful homes decorate the neighbourhoods and it’s not difficult to find prestigious design projects around town.
Today we’re bringing to the blog, this incredible property – a stunning, custom-built 5 bedroom home designed by Georgie Award Winner Marque Thompson.
Marque is the Principal of Design Marque Consulting Ltd and has won both silver and gold design awards at the Georgie Awards. He has been featured in countless design magazines and has completed more than 1,200 projects from small cottages to multi-million-dollar homes throughout Canada, United States, England and Singapore.
This home is situated on a large property with south-facing back gardens and beautiful views of the ocean, city and Stanley Park. As you walk through the front doors, you’ll find a modern, open-concept space, with 20’ ceilings in the living room.
The kitchen is equipped for family dinners and entertaining, featuring Wolf & Sub-Zero appliances.
Walkout on to a large covered heated deck, built-in BBQ, & outdoor gas fireplace. Perfect for entertaining on long summer nights.
The private master suite is a romantic escape with a fireplace and large deck from which to enjoy views.
Ready to make this dream home yours! Click here to request a private showing and view more property details.
Tax season is upon us. Canadian tax residents must file tax returns for 2016 income with the Canada Revenue Agency (CRA) before the end of April 2017. Who is a Canadian tax resident? In principle, anyone for whom Canada is a home base is regarded as a tax resident.
In reporting income, Canadian tax residents also have to report any capital gains earned during the year, HOWEVER, unlike other income (such as income from employment, interest payments, rent, etc.) only ½ of capital gains are treated as income. In effect, therefore, the tax rate on capital gains is only ½ the tax rate on regular income. Moreover, there are a few types of capital gain that are entirely exempt from taxation. For most taxpayers the most important exemption from capital gains tax is for the capital gain earned on the sale of a family home known as the “principal residence exemption”.
Some of the key issues surrounding the principal residence exemption as follows:
Q: Does a taxpayer have to report the capital gain on the sale of a principal residence?
Yes, the new policy requires the gain to be reported when tax returns are filed with CRA. This is a new requirement. The gain is only reportable for the taxation year in which the property is sold. If the property has, throughout the period it was owned by the taxpayer, been a principal residence then no tax is payable.
Q: Who can claim the exemption?
The exemption is only available to Canadian tax residents who must declare world-wide income and capital gains when filing tax returns.
Q: What type of property can be a principal residence?
Only “capital property” can be a principal residence. Property bought to “flip” is not “capital property”; it is inventory in a trading business where the profit from the sale of such property is treated as ordinary income, not even a capital gain. 100% of such gains are taxable. Only properties that were “ordinarily inhabited” by the taxpayer are eligible for the exemption.
Q: Can different family members each own a “principal residence”?
There is only one residence that can be claimed by a family unit as a principal residence. Of course, adult children living apart from their parents are regarded as having their own family unit and are thereby entitled to claim an exemption for their own principal residence.
Q: Are there penalties for failing to report?
If the sale is not reported in the tax return then CRA can, without any time limitation, audit the taxpayer at any time in the future. Moreover, taxpayers who have failed to designate the home as their principal residence could be subject to a late designation penalty of up to $8,000. It is expected that the new policy will give CRA auditors new audit leads and give rise to many more homeowner audits and re-assessments in the future.
In summary, anyone who sold their principal residences in in 2016 would be well-advised to report the sale and any associated capital gains in their tax returns for the 2016 fiscal year. Any questions concerning this new policy should be directed to experienced tax advisors.
Written by Peter Scarrow, former immigration lawyer, currently is the Director of Asian Business at Macdonald Real Estate Group.
Macdonald Realty offers consumers an easy way to search home listings and identify top real estate firms in markets worldwide through its participation in the new LeadingRE.com.
The site also brings global exposure for our BC real estate listings and provides consumer resources, such as cost of living comparisons, school information, recent home sales and other local resources and statistics. LeadingRE.com can be accessed via macrealty.com by clicking the Global Home Search logo on the homepage.
“LeadingRE.com now provides home buyers and sellers an easy way to identify the top-performing real estate companies in a given market by searching over 400,000 member listings or by using our comprehensive member directory,” notes Leading Real Estate Companies of the World™ Director of Strategic Development Rhett Damon. “Our network linking strategy connects many of our high-traffic member sites to LeadingRE.com’s national or global search, providing valuable listing exposure to home sellers.”
For more information about Macdonald Realty and our LeadingRE partnership please email email@example.com or call 1-877-278-3888. Looking to buy or sell, locally or globally? Allow us to make a quality introduction to be matched with an independent brokerage and REALTOR® working in your area.
Recently the Canada Revenue Agency (CRA) changed its administrative rules so that, unlike the past, if you sell your principal residence in 2016 or later years, you must report:
The sale including the date and price of acquisition, the sale price and date and a description of the property; and
The fact that the property was a principal residence
on your income tax return filed in 2017 if you want to claim the full principal residence exemption. The exemption means that no tax is paid on a property that is the principal residence of the seller. In the past CRA did not require taxpayers to report the capital gains on the sale of principal residences.
If you don’t claim the exemption then CRA will treat any gain in the value of the property as a taxable capital gain. One half of capital gains are deemed to be income in the year in which the capital gain is realized. The top marginal rate for income taxes in British Columbia is nearly 48% for income in excess of $200,000.
Macdonald Realty Estate Group’s project marketing team, Platinum Project Marketing had a busy Saturday, launching sales on Evolve, a new condo development in Surrey, which Developer WestStone Properties said sold 300 condos worth about $70 million in a frenzied 90 minute rush.