- We are a full-service rental management company with a licence, bond, and insurance.
- The Better Business Bureau has rated us A+ for more than 20 years. (BBB)
- We have trust accounts for our owners that are safe and audited.
- We will locate a suitable tenant for your unfurnished flat who is willing to sign a lease for at least a year.
- The suite's promotion and showings processing of the entire application.
- All applicants are thoroughly screened by us, and this process includes a personal interview as well as credit checks, personal and landlord references, and income and employment verification.
- Move-in inspection and key handover with new tenants Lease document preparation in accordance with the BC Residential Tenancy Act
- For more information on what it takes to be regarded as a non-resident of Canada, please visit the CRA website.
- We are not tax advisors; if you have inquiries about your situation, you should direct them to your accountant. (Alternatively, you can email Homa Pashaye, our Consultant Comptroller, at homa@downtownsuites.com.)
- The non-resident tax rate is currently favourable at 25% on net income.
- The Canadian government mandates that all non-resident property owners acquire either a Social Insurance Number (SIN) or an International Tax Number (ITN). You will receive the online application or download forms from our accounting office.
- The ITN number processing process takes around a year.
- Without either of the aforementioned, we are unable to pay any money to a non-resident owner.
- 25% of each month's gross rent collection must be withheld by the managing agent and sent to the Canada Revenue Agency (CRA).
- Non-residents must file income tax returns each year. Please email our accountant at homa@downtownsuites.com if you require assistance with filing your Canadian income tax returns.
- There are $500 in filing fees + GST.
- We submit an NR4 information return, which is due by March 31st, to the CRA in order to report the owner's rental income and withholding tax. Also, the owner or their accountant receives a copy, which must be submitted with their income tax.
- If the property is vacant for more than six months you are required to pay the provincial BC Speculation and Empty Homes Tax https://www2.gov.bc.ca/gov/content/taxes/speculation-vacancy-tax.
Also, the Federal Underused housing tax:
https://www.canada.ca/en/services/taxes/excise-taxes-duties-and-levies/underused-housing-tax.html.
Both of the above taxes must be filed annually by all resident and nonresident property owners. - If you sell real estate in Canada, you must request a Certificate of Compliance from the Canada Revenue Agency (CRA) no later than 10 days following the sale of your property. Late filing fees are $25 each day, up to a maximum of $2500. We advise you to make a request as soon as the buyer makes you one. You can also get this service from our accounting department for $350 plus GST.
- We charge $50 per month to submit monthly taxes to the Canadian Revenue Agency (CRA), file required papers annually, and communicate with the CRA.
- All of our fees are subject to GST - and become tax-deductible.
- Go over the CRA website for more details.
- Watch the video Nicholas Meyer provides information for non-resident property owners who are thinking about selling their home.
For Owners FAQ:
Is it really hard to rent an apartment in downtown Vancouver?
In Vancouver, renters face intense competition. Several dozen (or more) persons may be touring a flat at once. You have a better chance of getting the flat you really want if you show up to the showings with your deposit.
Can landlords raise rent in Vancouver?
Only once every calendar year may landlords raise the rent. Only 12 months after either of the following dates may rent be increased: the present day of the rental agreement where the rent amount was agreed upon with the current tenants or the most recent new lease up agreement with a legal rent increase decided upon by both renter and landlord owner.
Are BC rental properties subject to a rent freeze, including Vancouver?
In order to assist residents, British Columbia implemented a Rent Freeze at the start of the COVID-19 epidemic. This freeze was then extended until January 2022, after which time the maximum rent rise was limited to 1.5%.
In Vancouver BC rental properties, may a landlord impose a cleaning fee?
Even though it is listed as a separate fee, landlords are also permitted to charge for services like common area cleaning, which essentially becomes part of the rent. When you apply for a tenancy, these expenses are typically made explicit from the beginning.
Service and guide dogs:
May a landlord refuse to accept an emotional support animal, in a rented Vancouver property?
On rental property, both tenants and guests are free to bring their service or guide dog. If a tenant has a disability and a guide or service dog to help them, the landlord cannot refuse to rent the property to the tenant.
