Author: Bradley Cronquist
Bradley Cronquist's practice focuses on real estate development and a full range of business law matters. In his real estate development practice, Brad counsels and represents developers, builders and investors from…
The economic downturn in 2008 created circumstances where purchasers were unwilling or unable to complete on strata units that were now valued at less than the purchase price in the Purchase Agreement.
Purchasers sought to avoid their obligations under the purchase agreement which developers wanted to enforce. This led to litigation with developers seeking damages from the purchaser’s breach of contract and the purchasers seeking an order they were not bound by the Purchase Agreement and a return of their deposit.
Developers have to deal with the requirements imposed by a municipality through the development permit process. These requirements can be onerous and time consuming, and sometimes appear to the developer as unreasonable or arbitrarily applied.
One land owner decided to push back against the denial of a development permit that the District of Squamish refused to issue. The land owner sought a declaration from the court that Squamish was required to issue the development permit in the case of 0742848 BC Ltd. v District of Squamish.
This article addresses a particular challenge that a purchaser of real property in a foreclosure scenario faces with respect to its potential liability for tax (non-resident withholding tax) under section 116 of the Income Tax Act (Canada) (the “ITA”).
Section 116 of the ITA makes a purchaser of real property liable to pay tax to the Canada Revenue Agency (the “CRA”) in an amount of 25% or 50% of the purchase price of the real property, where the vendor of the real property is a non-resident of Canada, unless:
The Land Title Office recently considered the filing of a “building” strata plan in which a number of the strata lots consisted of a bunkhouse measuring less than 100 sq. ft. Each of the bunkhouse strata lots had designated for their exclusive use LCP which was considerably larger than the strata lot, and in some cases the LCP area measured over 2,000 sq. ft.
On February 20, 2009, real estate developers (“Developers”) will become subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the “Act”). Developers will be required to comply with the following record keeping and reporting obligations:
About Legal Alert
Pushor Mitchell’s “Legal Alert Blog” evolved from our long-running “Legal Alert” client newsletter. Here, we share news our clients need to know, such as changes to the law, major case decisions, industry trends, and other legal issues that affect people and organizations in B.C. Occasionally, we also share firm news and announcements, as well as stories about our involvement with community groups throughout the Okanagan.
If you enjoy our blog, please consider subscribing to our monthly Legal Alert newsletter, which includes monthly highlights from our blog and firm news.