Sutton Showplace Realty (2015) Chilliwack

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B.C. property buyers must give more details in measure aimed at tax evasion

27 July 2018
Sutton Showplace Realty Chilliwack

The B.C. government is closing a loophole in an effort to avoid tax evasion in real estate.

It says buyers, including real estate speculators, will have to disclose more complete information when they purchase a property through a corporation or trust.

Starting Sept. 17, the new property transfer tax will require people to report additional information, including their name, citizenship and social insurance number, if they purchase through a corporation or trust.

Finance Minister Carole James says the government wants to prevent people from skirting tax laws and hiding property ownership behind numbered companies and trusts.

The new reporting requirements will apply to all types of property, with exemptions for charitable trusts and certain corporations, such as hospitals and schools.

The changes are part of a series of steps the government is taking to address tax fraud in the real estate market that includes tracking pre-sale condos, sharing homeowner grant information with the federal government and boosting the ability of auditors to act on tax evasion.

“These changes give authorities another tool to make sure people are paying the taxes they owe,” James says in a news release.

Article found here.

  News

Delaware Home Sells for $1.75 Million in Bitcoin

25 July 2018
Sutton Showplace Realty Chilliwack

93 Wedgewood Road, Newark, Sells

Back in January, the property of three bedrooms, five bathrooms, and two half-baths was reported on. Nothing too spectacular about that, but what did set it apart was the accepted payment options available.

Built in 2013, the home was a dream for the couple who initially lived there. However, after living in the 8,375 square foot home on 4.2 acres of land, they eventually moved out of the area. Putting the house up for sale, the asking price was listed at $1.75 million. Notably, though, Bitcoin was also an accepted payment option, making it the first home in the state of Delaware to accept cryptocurrency.

Now, seven months later, that house has been sold for the asking price, reports the Delaware Business Times. The home also boasts a five-car garage and backyard pool.

Read the rest of the article here: https://www.livebitcoinnews.com/first-home-to-accept-bitcoin-in-delaware-sells-for-1-75-million/

  News  Selling