Rents going down ...
-
- Guru
- Posts: 7667
- Joined: Mar 30th, 2020, 1:30 pm
Re: Rents going down ...
Again No.......still no tax bracket like that for BC or Federal......the lowest is 0 to $42,184 and Federal is 0 to $48, 535.BC Landlord wrote: ↑Aug 27th, 2021, 6:22 pmHmmm, ... there is. In BC. It's 5% up to $43k (42-ish actually). Federal tax 15% is up to $49k. And anything bellow $13k is not taxable (aka personal amount). So, I was correct to say that your income in between $13k and $43k is taxed 20%, federal and BC taxes combined (15+5%). Most "mom & pop" landlords would be in this category.
https://www.wealthsimple.com/en-ca/lear ... x-brackets
https://www.canada.ca/en/financial-cons ... s-2/5.html
- Catsumi
- Buddha of the Board
- Posts: 19806
- Joined: May 24th, 2017, 8:26 pm
Re: Rents going down ...
I am baffled as to how we got from Rents Going Down to filing Income Taxes ???
Get back to original topic. Thanks
Get back to original topic. Thanks
Sufficiently advanced incompetence is indistinguishable from malice. There’s a certain point at which ignorance becomes malice, at which there is simply no way to become THAT ignorant except deliberately and maliciously.
Unknown
Unknown
- alanjh595
- Banned
- Posts: 24532
- Joined: Oct 20th, 2017, 5:18 pm
Re: Rents going down ...
OR at the end of the lease term.foenix wrote: ↑Aug 26th, 2021, 5:48 pmBy the same token, in a negotiation to change a renter's rental rate, does the renter have an obligation to have the rent go up because of the landlord's financial issues is the question. So if you're saying the renter is responsible for his own finances, why should the renter worry about the landlord's finance as well? The landlord can certainly try and recoup it with the next tenant according to what the market is at that time when the existing tenant moves out.....see how that works?
Bring back the LIKE button.
-
- Guru
- Posts: 7667
- Joined: Mar 30th, 2020, 1:30 pm
Re: Rents going down ...
Yup, good point......see how easy it is to get around the rent control.alanjh595 wrote: ↑Aug 27th, 2021, 7:27 pmOR at the end of the lease term.foenix wrote: ↑Aug 26th, 2021, 5:48 pm
By the same token, in a negotiation to change a renter's rental rate, does the renter have an obligation to have the rent go up because of the landlord's financial issues is the question. So if you're saying the renter is responsible for his own finances, why should the renter worry about the landlord's finance as well? The landlord can certainly try and recoup it with the next tenant according to what the market is at that time when the existing tenant moves out.....see how that works?
- Rejigger
- Grand Pooh-bah
- Posts: 2343
- Joined: Sep 30th, 2020, 8:25 am
Re: Rents going down ...
Not so fast...
Effective December 11, 2017, fixed term tenancy agreements can no longer include a clause requiring a tenant to move out at the end of the term unless: The tenancy agreement is a sublease agreement; or. The tenancy is a fixed term tenancy in circumstances prescribed in section 13.1 of the Residential Tenancy Regulation.
Fixed term tenancy — circumstances when tenant must vacate at end of term
13.1 (1)In this section, "close family member" has the same meaning as in section 49 (1) of the Act.
(2)For the purposes of section 97 (2) (a.1) of the Act [prescribing circumstances when landlord may include term requiring tenant to vacate], the circumstances in which a landlord may include in a fixed term tenancy agreement a requirement that the tenant vacate a rental unit at the end of the term are that
(a)the landlord is an individual, and
(b)that landlord or a close family member of that landlord intends in good faith at the time of entering into the tenancy agreement to occupy the rental unit at the end of the term.
https://www2.gov.bc.ca/gov/content/hous ... ant-notice
https://www.bclaws.gov.bc.ca/civix/docu ... #section13
So back to what I wrote above, "Or the landlord can move into or sell a property that’s losing money. We all see how that works."
~
-
- Guru
- Posts: 7667
- Joined: Mar 30th, 2020, 1:30 pm
Re: Rents going down ...
Too funny! I haven't seen that clause as I haven't kept up but it's interesting to note it came under a Conservative Premier Christy Clark.Rejigger wrote: ↑Aug 27th, 2021, 8:09 pmNot so fast...
Effective December 11, 2017, fixed term tenancy agreements can no longer include a clause requiring a tenant to move out at the end of the term unless: The tenancy agreement is a sublease agreement; or. The tenancy is a fixed term tenancy in circumstances prescribed in section 13.1 of the Residential Tenancy Regulation.
Fixed term tenancy — circumstances when tenant must vacate at end of term
13.1 (1)In this section, "close family member" has the same meaning as in section 49 (1) of the Act.
(2)For the purposes of section 97 (2) (a.1) of the Act [prescribing circumstances when landlord may include term requiring tenant to vacate], the circumstances in which a landlord may include in a fixed term tenancy agreement a requirement that the tenant vacate a rental unit at the end of the term are that
(a)the landlord is an individual, and
(b)that landlord or a close family member of that landlord intends in good faith at the time of entering into the tenancy agreement to occupy the rental unit at the end of the term.
https://www2.gov.bc.ca/gov/content/hous ... ant-notice
https://www.bclaws.gov.bc.ca/civix/docu ... #section13
So back to what I wrote above, "Or the landlord can move into or sell a property that’s losing money. We all see how that works."
~
....looks like to me there is still some possibility in cicumventing this new amendment. Section 49(1) says
.......so lots of outs there......And check put how the new amendment is doing and what happened when the landlord flaunted the new amendment. ........close family member" means, in relation to an individual,
(a) the individual's father, mother, spouse or child, or
(b) the father, mother or child of that individual's spouse;
https://victorialaw.ca/evicted-for-land ... nancy-act/one of the most recent decisions concerning compensation for a s.49 eviction sheds some light on instances where the landlord issues notice on the basis that they will return to occupy the unit. In Decision 7033, heard in November 2017, the applicant tenant alleges that the landlord has not moved back into the unit after she moved out. However, the arbitrator wrote that:
“… In my view a rental unit is occupied by the Landlord providing they are using it for a personal purpose, even if that purpose is simply to store personal property.”
So back to what I wrote back........still lots of outs.
- Catsumi
- Buddha of the Board
- Posts: 19806
- Joined: May 24th, 2017, 8:26 pm
Re: Rents going down ...
Still baffled. What the …does this have to do with downward trend of rents??
Close to lock up here
Close to lock up here
Sufficiently advanced incompetence is indistinguishable from malice. There’s a certain point at which ignorance becomes malice, at which there is simply no way to become THAT ignorant except deliberately and maliciously.
Unknown
Unknown