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2016 BC Property Assessment

Jan. 11, 2017, 6 p.m.
Posts: 1616
Joined: Nov. 23, 2002

"While you carry a property tax deferment balance, you'll have a restrictive lien registered against your property. Once the lien is registered, you can only change your property title to add your spouse. You must repay the outstanding balance of your agreement before you:
sell your property
change property owners other than adding your spouse Â
refinance with some financial institutions (check with your financial institution )
Other title changes may require repayment. Contact us for information."

while they don't own portion it, they do have a lien on it for that amount……so pretty much the same thing.

it's not the same thing at all. all the lien does is restrict the title of the home from changing hands which guarantees that the loan will be paid before the title can change hands via sale or through probate of the estate. it has absolutely nothing to do with the government owning a portion of one's home.

Luck is what happens when preparation meets opportunity ~ Seneca

Jan. 11, 2017, 6:10 p.m.
Posts: 15078
Joined: Nov. 20, 2002

any body who owes money to the bank has a lien registered at BCLT[HTML_REMOVED]S

Old timers DO see it a different way I remember my parents wanting to pay off their 25 year 6% mortgage because they felt a powerful need to own their home

Jan. 11, 2017, 6:24 p.m.
Posts: 7306
Joined: Nov. 20, 2002

it's not the same thing at all. all the lien does is restrict the title of the home from changing hands which guarantees that the loan will be paid before the title can change hands via sale or through probate of the estate. it has absolutely nothing to do with the government owning a portion of one's home.

wow.

Jan. 11, 2017, 6:25 p.m.
Posts: 1616
Joined: Nov. 23, 2002

Old timers DO see it a different way I remember my parents wanting to pay off their 25 year 6% mortgage because they felt a powerful need to own their home

they may see it that way but it's flawed thinking and should be explained to them properly.

Luck is what happens when preparation meets opportunity ~ Seneca

Jan. 11, 2017, 6:26 p.m.
Posts: 7306
Joined: Nov. 20, 2002

you go mark….

Jan. 11, 2017, 6:26 p.m.
Posts: 1616
Joined: Nov. 23, 2002

wow.

not sure why you're saying wow - the rules are pretty clear.

Luck is what happens when preparation meets opportunity ~ Seneca

Jan. 11, 2017, 6:27 p.m.
Posts: 1584
Joined: June 20, 2003

it's not the same thing at all. all the lien does is restrict the title of the home from changing hands which guarantees that the loan will be paid before the title can change hands via sale or through probate of the estate. it has absolutely nothing to do with the government owning a portion of one's home.

Wow, you've totally missed the point.

We aren't talking about literal terms here. We are talking about people's feelings of having government institutions or banks having entitlement to their home. With some people, the thought of it, no matter the monetary value, is the issue. Is it right or wrong? It doesn't matter. And good luck "explaining it" and changing people's opinions.

BTW, have you never heard someone say, "the bank owns more of my home than I do"? Do you tell them that they are using the incorrect terminology?

Jan. 11, 2017, 6:28 p.m.
Posts: 1616
Joined: Nov. 23, 2002

you go mark….

hey don't get upset at me cause you're not getting things straight on how deferment of property taxes work.

Luck is what happens when preparation meets opportunity ~ Seneca

Jan. 11, 2017, 6:29 p.m.
Posts: 7306
Joined: Nov. 20, 2002

hey don't get upset at me cause you're not getting things straight on how deferment of property taxes work.

I'm actually laughing right now.

Jan. 11, 2017, 6:36 p.m.
Posts: 1616
Joined: Nov. 23, 2002

Wow, you've totally missed the point.

We aren't talking about literal terms here. We are talking about people's feelings of having government institutions or banks having entitlement to their home. With some people, the thought of it, no matter the monetary value, is the issue. Is it right or wrong? It doesn't matter. And good luck "explaining it" and changing people's opinions.

BTW, have you never heard someone say, "the bank owns more of my home than I do"? Do you tell them that they are using the incorrect terminology?

as long as people make their payments then the bank has no entitlement to their home.

i just don't see the point in arguing for an inaccurate literal interpretation of something. why not try and get the story straight so that there's no confusion?

Luck is what happens when preparation meets opportunity ~ Seneca

Jan. 11, 2017, 6:37 p.m.
Posts: 15078
Joined: Nov. 20, 2002

they may see it that way but it's flawed thinking and should be explained to them properly.

So at that time the interest rates were 18%, the monthly payments on the house for which they paid 14K were 114$

they spent more on food every month

But it was a gut issue and no amount of explaining could change their minds

Jan. 11, 2017, 6:40 p.m.
Posts: 1616
Joined: Nov. 23, 2002

So at that time the interest rates were 18%, the monthly payments on the house for which they paid 14K were 114$

they spent more on food every month

But it was a gut issue and no amount of explaining could change their minds

that or the explanation wasn't clear.

Luck is what happens when preparation meets opportunity ~ Seneca

Jan. 11, 2017, 6:44 p.m.
Posts: 33648
Joined: Nov. 19, 2002

No taxes on sale of a primary residence, nor on an estate (from my one reading of a turbotax article)…. so a bit of a pickle.

Taxes for a single person:
When there is no spouse or common-law partner to whom property is transferable, the law considers that all assets, property and investments were sold for their value just before the moment of the taxpayer's death. If property or investments belong to the capital property category, any increase in value — the capital gain — may be subject to taxation at the capital gains rate of 50 percent. RRSPs and RRIFs are an exception to this, and these are taxed at the regular income rate for the deceased taxpayer, along with any employment or self-employment income he may have had.

It is easy to dodge our responsibilities, but we cannot dodge the consequences of dodging our responsibilities.
- Josiah Stamp

Every time I see an adult on a bicycle, I no longer despair for the future of the human race.
- H.G. Wells

Jan. 11, 2017, 6:48 p.m.
Posts: 1616
Joined: Nov. 23, 2002

I'm actually laughing right now.

hey man, i'm just trying to put some of the right info out there which is why in another post i made the suggestion that when it comes to estate planning and dealing with elderly parents/relatives it's a good idea to get informed so people are left dealing with a giant bag of frustration and lawyer's bills.

i'm watching a friend go through the headache and have been speaking with my parents about their situation too. i'd just hate to see anyone go through a pile of shit unecessarily.

Luck is what happens when preparation meets opportunity ~ Seneca

Jan. 11, 2017, 6:51 p.m.
Posts: 15078
Joined: Nov. 20, 2002

that or the explanation wasn't clear.

Or you were raised by wolves and don't understand how old timers think or in this case feel ?

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