Furnished Vancouver 2010 Rentals - Winter Olympic Accommodation, Homes, Townhomes, Condos for Rent

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Vancouver 2010 Rental Accommodation Problems With Renting 2010 Homes and Condos – Recommendations for Vancouver Homeowners Part 2 of 3
In Part 1, we touched upon the idea of renting your own home as a rent 2010 accommodation and some of the problems associated with self-managing the tenancy. Things like escaping on a holiday during the Olympic 2010 rentals are not possibly for self management as the tenant may need your help during their stay.

Plus, property management issues for your furnished 2010 rental home may come up that includes conducting criminal/credit checks, meeting the actual tenants staying at your 2010 rental accommodation in addition to damages and theft. Other issues explained in Part 1 include the collection of deposits, rent, security/damage deposits and cleaning fees for your furnished rental 2010 Vancouver home. In the second part of our series on possible 2010 Vancouver rental problems, we cover the basics of strata bylaws in your community, income tax filing and other hotel tax issues in the Lower Mainland, in which your furnished 2010 Vancouver rental may be subject to. In addition, if you are self-managing, how do you compete against well branded 2010 property managers and cruiselines promoting thousands of other suites just like yours? In this Part 2 article, we will also cover some of the problems with 2010 Vancouver rental accommodations after the Winter Olympic Games when thousands of vacated suites will become vacant and available on the open market. We also discuss the Vancouver 2010 Rental problems for current investors renting out their suites and ending tenancies to accommodate visitors during the Olympic Games. All in all, there are certain benefits to renting yourself and self-managing your rental home, but there are also many disadvantages and Vancouver 2010 rental problems that can arise if you decide to self-manage and forget about the details.

Problems you may encounter by rent Vancouver 2010 accommodations may include strata bylaw issues surrounding short term furnished rentals because of damages to the buildings, noise complaints, and more than normal wear and tear from multiple tenants during the 2010 Olympic Games

Strata Bylaw Issues May Cause Problems With Your 2010 Vancouver Rental Condo or Townhome
With many new developments, you may be part of a strata or home owners association in which you pay a monthly strata fee that covers things like property management, garbage collection, recycling, water, common area, landscaping, building maintenance and gas utilities. However, a apartment or condo strata also has a lot of say in rentable suites within the complex and community. Firstly, you must check that your condo strata allows for short-term rentals and furnished condos for rent for the 2010 Olympic Games. In many case (actually the majority of new condo buildings), the strata has set new bylaws in restricting short-term Vancouver 2010 Olympic rentals. Some of the issues surrounding these new condo strata bylaws for renting during the 2010 Olympics is because of security issues mainly, but also because of the damages caused by the mass move-in and move-out of visitors and tenants. Also, during the Vancouver 2010 Games, the noise level from these rentable furnished 2010 condo accommodations will be louder and more gregarious then ever, leading to more complaints from owner occupied units. Many condo strata bylaws now restrict any type of short-term 2010 rental accommodation for any home owner who isn’t the original purchaser. What this means is that unless you are the original purchaser of the new condo, the condo strata bylaw will restrict you from even renting out your condominium apartment to anyone in the future. Therefore, you should definitely check with your apartment condo strata and the bylaws surrounding short-term Vancouver 2010 rentals. Again, if you are caught, the condo bylaw infraction fees are quite severe, sometimes even into the thousands of dollar range. Therefore, strata bylaws may cause problems for your furnished 2010 rental condo ideas.

Personal Income Tax problems from renting furnished Vancouver 2010 suites during the Olympic Games arise when investors and homeowners decide not to claim the rental income to the CRA. Remember the Vancouver Olympic 2010 Rental income may push you into a higher tax bracket, thus you will need to pay more tax

Personal Income Tax Problems Surrounding Renting Your Home as a Vancouver 2010 Accommodation
For those looking to self-manage or even rent through a 2010 Olympic property manager, whatever rental income that you are benefiting from is considered taxable income by the government. If you are one of those people who think you can get away with not reporting this 2010 Vancouver rental income, go for it. We certainly DO NOT advise against breaking the law, and the consequences are very severe. Not only will you owe them the original Vancouver 2010 rental taxable income, but you will also get an income tax reassessment for that year, possibly an audit and you will need to pay interest. SO GOOD LUCK WITH THAT! So, for any regular person looking to rent their home as a furnished 2010 Vancouver rental accommodation, the taxable rental income from your tenancy will need to be reported to CRA during the next tax season. Remember that because you are renting your home for a gain (that is your primary intention and there is no other way of treating it), 100% of your rental income gain will be taxable. What you would do is add your total profit to your total income for that year, and 100 per cent of it will be reported as taxable income. This is a far cry from the capital gains tax for long-term investment intentions in which only 50% of your gain is taxable income. Therefore, this creates Vancouver 2010 rental problems for homeowners who sit at the threshold of tax brackets. When you add Vancouver 2010 rental income to your work income, you may end up in a higher tax bracket then usually, and therefore, will need to pay more taxes on ALL of your income. If you go through a property manager, they should be able to provide you with a final cashflow balance that you can submit to your accountant or use in filing your personal income taxes. This should cover your profits for your furnished 2010 Vancouver Olympic rental accommodation. Just make sure that you are reporting the total revenue to CRA minus any expenses that are deductions and write-offs for preparing or managing the furnished Vancouver 2010 rental home or condo, so that you can offset the income a bit. The final cashflow should be reported, and NOT the total income.

You may not be able to claim the GST 524 Rental Rebate for your new condo, townhome or single family home if you Rent 2010 Vancouver Olympic accommodation or furnished 2010 suites as the GST524 is only applicable to long term 12 month or longer residential tenancy leases

GST Rental Rebate and Renting Your Furnished 2010 Accommodation Implications
You may want to check with your accountant, but there may be implications on whether or not you can apply for the GST524 Rental Rebate if you lease out your furnished Vancouver 2010 rental accommodation during the Winter Olympic Games. CRA and the GST Branch are very stringent on who can apply for the GST Rental Rebate and the conditions and regulations surrounding the amount you get back is quite stringent. If you are closing on your property within 12 months of your anticipated furnished 2010 Vancouver rental accommodation becoming available to tenants or visitors for short-term rental leases, you may be out of luck when it comes to applying for the GST Rental Rebate. Again, this only applies to those investors and homebuyers who are looking to get a rebate on the GST at closing. In addition, the GST 524 Rental Rebate is only offered to recently completed and closed properies (whether they are condos, townhomes or single family detached homes). With this in mind, if you just closed on your property within 12 months of the Vancouver 2010 Olympic Games, and decide to rent 2010 furnished accommodations, then you are out of luck in applying for the GST524 Rental Rebate. This is because your GST 524 Rental Rebate must contain a copy of your 12 month residential tenancy lease, and if you either break an existing lease or get a visitor for the 2010 Games in for a short term rental before a 12 month tenancy lease, you CANNOT apply or get the GST 524 Rebate back at all. Therefore, renting your furnished 2010 Olympic suite is only smart if you don't qualify for the GST524 Rental Rebate, or if you have already rented your home or condo out for 12 months and received the Rebate already. Remember that the GST524 Rental Rebate can only be claimed for units around $350,000 market value at closing or less, which represents mostly studio, one bedroom and some two bedroom suites in the Lower Mainland. The amount refunded for the GST 524 Rental Rebate can be as much as $10,000 or even more, so renting your 2010 Vancouver furnished accommodation may actually not be worth it if you lose your ability to claim this GST refund.

Click here for Part 3 – Hotel Room Tax (HRT), Municipal Taxes, Primary Residence Exemption, Competition for Tenants, Post Olympic Problems with Renting Vancouver 2010 Furnished Homes and Suites

Click Here for Part 1 - Money Issues (Collection of Funds: Deposits, Damage, Cleaning, Rent, Theft) and Property Management Problems (Criminal and Credit Checks, Maintenance) Surrounding Your Rent 2010 Furnished Suites

CLICK HERE for a full list of Vancouver Real Estate Developments


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Have you considered renting your home during the 2010 Games?

Renting a Furnished 2010 Suite Yourself? Here's some advice.

Use a Professional Vancouver 2010 Property Management Company for Your Furnished Rental

PART 1 - Issues surrounding furnished 2010 rental housing including property management issues and money/rent collection

PART 2 - Other problems you may encounter if you rent 2010 Vancouver accommodations including GST524 Rental Rebate, reporting your rental income and strata bylaw restrictions for furnished 2010 condos and townhomes

PART 3 - Rent 2010 Vancouver Furnished Suite Issues including HRT and other city taxes, competition from 2010 property managers, post- 2010 Olympic rental inventory

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