Information For Owners of Rental Properties
If you’re the owner of residential rental property in the Greater Vancouver area then we can be of service to you.
We offer full property management services to property owners on an ongoing basis for the long term, and as a result many of our clients have been with us for more than ten years.
Rent Collection and Accounting
Our primary service is rent collection. We will act as a rental agent to collect your tenant’s rent, pay repair bills, mortgages, strata payments/condo fees, property taxes, non-resident taxes, and any other payments that you instruct us to make.
As a provincially licensed real estate company we maintain a trust account for clients funds in strict compliance with the Real Estate Services Act of British Columbia. A condition of licensing is a yearly audit for the Real Estate Council of British Columbia.
We provide monthly statements of account, either by email or hardcopy, and include copies of any repair bills. We do not upcharge for repair services. We also provide annual statements of account for income tax purposes.
Non-Resident and Off-Shore Owners
We are able to deal with clients no matter where in the world they are located, and in fact manage properties for owners who reside on every continent except Antarctica.
Off shore owners of Canadian real estate may be required to remit non-resident tax to the Canadian government if they are deemed to be non-residents for income tax purposes. This status has nothing to do with immigration status. A Canadian citizen could be a non-resident for income tax purposes just as easily as a non-Canadian could.
Compliance with the tax laws are simple, although not easy. Its very important to comply because if the property is sold in the future its very likely that the non-resident status will become obvious, and non-compliant owners will face burdensome paperwork, as well as potentially crippling penalties and interest charges.
The solution is to have a Canadian agent who is willing to sign an undertaking to remit taxes on behalf of the non-resident. Coronet Realty Ltd. provides this service.
The rate of non-resident taxation is 25%, but non-resident owners who take advantage of our service are able to remit 25% of net proceeds rather than 25% of gross proceeds.
This is very important from a cash flow point of view. Without a Canadian agent’s undertaking an owner with a property that is cash flow neutral (rented for $1000 with a monthly mortgage, taxes, management and maintenance costs of $1000, for a monthly net profit of $0.00) would have to reach into their pocket and remit $250 to the Canadian government monthly, and only recover a refund after filing a tax return.
Someone with a cash flow negative property is in an even worse cash flow position.
With our help the non-resident owner can reduce the monthly remittance to 25%of the net income. Both a cash flow neutral owner and a negative cash flow owner end up remitting zero each month, based on our filing the proper paperwork.
A positive cash flow owner also benefits in that he is able to hold onto more of his cashflow during the year, rather than sending it to the government.
Repairs and Maintenance
We will oversee all necesarry repairs and maintenance, and ensure that your property is cared for in a realistic manner.
We are very adept at handling all aspects of tenant relations. If, in the unlikely event that we have to evict a tenant for non-payment of rent or some other breach of the tenancy agreement, we will handle the full process with no additional charge for our services.
If you already have a problem tenant in place we will be happy to evaluate the situation and rid you of the problem.
For more information please do not hesitate to contact us by telephone at 604-298-3235, mail at 3582 East Hastings Street, Vancouver, BC, V5K 2A7, or by email.
Coronet Realty Ltd., is a Vancouver area real estate company specializing in residential property management, non-resident taxes and non-resident taxation, rent collection, rental management, and property management. We are located at 3582 East Hastings Street, Vancouver, BC, V5K 2A7. Prior to October 2009 our company name was Coronet Property Management Ltd., so if you’re looking for Coronet Property Management Ltd, you’ve found us).