Real estate taxation
also known as property tax is imposed on the owner of the property.The
Canadian citizens have to pay the tax on, both domestic and overseas
assets. However, the non-resident Canadians have to deposit only on the
real estate that they own in Canada. The real estate owners are
compelled to pay their taxes to the Municipal corporations and the
amount of tax that is to be deposited also depends upon the location and
the value of the real estate. Different tax rates are applicable for
different kinds of real estate. The commercial property taxes are much
higher than the residential ones.
The
tenants don’t need to pay the property tax to the authorities directly;
rather the landlords are liable to deposit the taxes. Property taxes
also vary according to the provinces and territories in accordance to
the schemes for different economic class and age groups. For example
there are schemes that give rebates for the low income groups and the
senior citizens.
Properties
taxes are usually evaluated on the basis of the prevailing market and
this assessment is carried out by the provinces through the boards under
them. The evaluation is then provided to the different municipal
authorities who apply the tax rates on the properties. The rates are
fixed annually which are defined by varies organizations and
institutions and the process of calculation is quite detailed since the
property tax calculation depends upon the various issues that they serve
such as schooling in the provincial level etc. Hence the values and
rates vary among different provinces.
Property
tax is usually paid to the different municipal authorities and is
usually calculated as annual fees that need to be deposited. These types
of taxes also include late payment charges on the properties which have
not paid there taxes for a long specified time period and can be
auctioned if required.
An estate planning expert
provides their clients with the best advice regarding their property
based transactions, property taxes, legal disputes, administration of
the estates, protecting clients and their properties, minimising tax on
the properties, charitable ventures, developing succession plans in
family for the transfer of properties. These experts also guide people
if they are emigrating from Canada, for proper use of insurance schemes
etc. They also provide advisory services to the new immigrants to form
trusts and take advantage of 5 year tax free period. The planning expert
also ensures services like formation of marriage contracts too.
The
clients of the experts have requirements which are usually
multi-jurisdiction .Hence such needs require different planning to
accommodate the varying tax regimes and laws.These experts usually work
separately or in co-ordination with the advisors of the clients to
achieve the needs while reducing the effect of various taxes.The give
effective advice, the experts begins with understanding the values and
objectives of the client and evaluate accordingly once this clarity is
achieved.
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