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RENFREW RAVINE MOON FESTIVAL 1024 737 north of the bridges

RENFREW RAVINE MOON FESTIVAL

September 21
4:00pm
Slocan Park & Renfrew Community Park

Join us for the Renfrew Ravine Moon Festival, a Vancouver favourite! The main festival day transitions through four events and travels between two venues. For the full Moon Festival experience, we encourage you to come for all: Harvest Fair, Twilight Lantern Procession, Streamside Lanterns, and a finale performance, Consciousness of Streams.

OLYMPIC VILLAGE COMEDY CLASSIC 1024 737 north of the bridges

OLYMPIC VILLAGE COMEDY CLASSIC

September 27
7:00pm
Newmont Stage at the BMO Theatre Centre, Arts Club Theatre Company

Jokers Canada returns to Olympic Village with Canada’s best pro comedians (fresh lineups + returning faves).

KITS BEACH YOGA SUNDAYS 1024 737 north of the bridges

KITS BEACH YOGA SUNDAYS

September 29
9:30am
2401 Point Grey Rd

Enjoy everything Kits has to offer, meet new people, get your body moving and breathe deeply

THAI FESTIVAL VANCOUVER 2024 1024 737 north of the bridges

THAI FESTIVAL VANCOUVER 2024

September 28 & 29
11:00am
Vancouver Art Gallery

Thai Food & Culture This Summer! September, Sat 28-Sun 29 11am-7pm at Vancouver Art Gallery

VANCOUVER WEDDING EXPO 1024 737 north of the bridges

VANCOUVER WEDDING EXPO

September 28
11:00am
Vancouver Convention Centre East

STEVESTON BEER FEST 2024 1024 737 north of the bridges

STEVESTON BEER FEST 2024

September 21
7:00pm
The Gulf of Georgia Cannery

Steveston Beer Fest is one of the most anticipated events in town. Featuring the best of what BC Craft Breweries have to offer.

Thinking Thursday August 29 2024 150 150 north of the bridges

Thinking Thursday August 29 2024

Join Roland as he shares his latest business breakthroughs and insights from the past week. In this brief yet impactful video, Roland delves into key topics such as:
  • Working on Your Business
  • Success Leaves Clues
  • Failure Leaves Clues
  • The Value of Experience – A Realtor’s Perspective
  • Documenting the Journey
We hope you find value in these insights.
About Roland Kym Personal Real Estate Corporation
Roland Kym is a Medallion and Presidential Award-winning Realtor with over 15 years of experience in the real estate industry. Consistently ranked in the top 1% of Vancouver Realtors, Roland has successfully been involved in the sale of thousands of properties. His passion for real estate and dedication to helping clients navigate the Vancouver market are unmatched.
Beyond real estate, Roland is a seasoned expert in asset management and a multi-business owner, leveraging his extensive experience in strategy, networking, and negotiation to drive your success.
Residing in North Vancouver with his wife and four children, Roland is an avid outdoorsman who enjoys the city’s mountains and ocean. Committed to giving back, Roland is on a mission to donate over $1 million to various organizations.
Contact Roland Kym:
  • Phone: (604) 970-0393
  • Roland@RolandKym.com
Important Update: Selling Tenant-Occupied Properties 766 756 north of the bridges

Important Update: Selling Tenant-Occupied Properties

Good afternoon, Investors and Landlords,

On July 3, 2024, the Provincial Government announced significant changes that took effect on July 18, 2024, aimed at protecting residential tenants from ending tenancies in bad faith. Under the Residential Tenancy Act, landlords can end a tenancy for personal use or for caretaker use.

As you navigate the complexities of selling tenant-occupied properties, it’s crucial to be aware of the latest regulations, including Bill 14 Tenancy Statutes Amendment Act, 2024, and best practices to ensure compliance and protect all parties involved. Here are the key points you need to know.


Key Changes Effective July 18, 2024

Mandatory Use of Landlord Use Web Portal:

  • Landlords must use this portal to generate Notices to End Tenancy for personal or caretaker use.
  • Access requires a Basic BCeID.
  • The portal will collect details about the new occupant, which will be shared with the tenant.
  • Information about the conditions for ending a tenancy and associated penalties will be provided.
  • Landlords will be informed about the compensation required to issue to tenants when ending a tenancy.

Extended Notice Period:

  • The Two-Month Notice is changing to a Four-Month Notice.
  • Tenants now have 30 days to dispute Notices to End Tenancy, extended from 15 days.

Occupancy Requirements:

  • The individual moving into the property must occupy it for at least 12 months.
  • Landlords ending a tenancy in bad faith could be ordered to pay the displaced tenant 12 months’ rent.

Considerations for Selling Tenant-Occupied Properties

Investors and landlords need to be aware of these new rules when dealing with tenant-occupied properties if the buyer wants vacant possession. Any notice to end a tenancy for the buyer’s personal use given to a tenant on or after July 18, 2024, cannot end the tenancy until after the expiration of the four-month notice period.

Example Scenario:

  • If all contract subjects were satisfied or waived on July 22, 2024, a Four-Month Notice to tenants using the portal’s notice generator could be provided on or before July 31, 2024, requiring the tenant to vacate the home by November 30, 2024.

Handling Non-Compliance:

  • If the tenant does not vacate the home, sellers and buyers should seek legal advice to understand their rights and responsibilities.

Legal Advice for Ongoing Transactions

For transactions involving tenant-occupied properties currently underway, seeking legal advice is strongly recommended to navigate these new regulations effectively. Legal counsel can help ensure compliance and protect the interests of all parties involved by clarifying their rights and obligations under the new rules.


Additional Resources:

  • For more details on the new regulations and to access the Landlord Use Web Portal, visit BC Government Residential Tenancies.
  • Contact the Residential Tenancy Branch at 1-800-665-8779.
Canada’s 2024 Budget – How New Taxes on Capital Gains Affect YOU 756 758 north of the bridges

Canada’s 2024 Budget – How New Taxes on Capital Gains Affect YOU

Canada’s updated tax regulations on capital gains could potentially increase tax liabilities for those owning cottages, possessing unregistered online brokerage accounts, or making investments within their corporations.

The recent budget announcement by the Liberal government was packed with changes, making it challenging to digest. Key amongst these, from a personal finance perspective, was the alteration to the capital gains tax, bumping the inclusion rate from 50% to 66.67% for certain individuals and corporations. This modification is immediate after June 25th, 2024 and substantial, warranting everyone’s attention.

The biggest unfair impact in my opinion is that it is applied on all your historically generated gains that are behind you and not from inception of new rules forward.

What does this new 66.67% inclusion rate mean? Essentially, the government isn’t just tweaking the tax rate on capital gains but adjusting the inclusion rate. Until now, the Canada Revenue Agency taxed only half of your capital gains. For instance, if you bought a stock at $50 and sold it at $100, only $25 of your $50 gain was taxable. This was under the rationale that corporations had already paid taxes during their growth phases. The new rate means a higher portion of capital gains will now be taxable.

This change targets wealthier households and, more pointedly, business owners. The new rules will particularly affect those who have invested inside a corporation, such as affluent professionals or contractors. For individual taxpayers, the first $250,000 in capital gains each year will remain taxed at the old rate, but any gains beyond this threshold will see the new rate applied.

The government has given taxpayers a 10-week window to decide whether to realize their capital gains at the old rate before the new one takes effect. This strategic move might prompt an early realization of gains, boosting tax revenues for 2024—a significant consideration given the looming 2025 election.

Looking specifically at CCPC business owners, the new regulations pose a distinct challenge. Historical government actions have already tightened the noose on tax strategies for small business owners. Now, with the refusal to adjust the $500,000 small business deduction for inflation and the new capital gains tax structure, it’s clear that the government’s focus is on pushing business owners to disperse profits akin to regular salaried employees.

For smaller businesses making under $250,000 in profit, the strategy might still involve paying out salaries or employing legal income-splitting tactics. This approach maximizes RRSP contributions and sets up a favorable baseline for CPP benefits, which remains advantageous under the new tax regime.

However, for larger estates or substantial investment portfolios, the implications are stark. Consider a hypothetical scenario where a well-off elderly couple has accrued significant assets. Upon their passing, the estate could face a dramatically higher tax bill under the new rules, compared to the current system.

In light of these changes, the response from the business community and wealthier individuals will be pivotal. Will this lead to increased asset movement overseas, or a strategic holding of assets in anticipation of a possible tax rollback by a future government?

Despite the tougher stance on capital gains, the budget wasn’t all gloom for business owners. Measures like carbon tax rebates and a new Canadian Entrepreneurs’ Incentive could offset some of the financial impacts, albeit selectively.

As the landscape shifts, staying informed and proactive in tax planning will be crucial for Canadians, especially those with substantial assets or business interests.