Real Estate Taxation And Estate Planning Experts
Posted: Nov 29, 2013
Taxation on real estate 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.
Josep Guardiola is a chartered accountant who practices as an independent tax specialists. He also author of real estate taxation, in this article he provides estate planning expert tips. For more information you can visit Taxca.com.
In these times of economical downpour and recession, many people find themselves immigrating to other countries in search of greener pastures.