Their offers are around Assessed value? You be leaving a lot on the table if you accepted, no?
Vancouver is going to Hell....where is the Outrage!
Too much internet. E-sarc metre broken! Is that potential for the owners to cash out and buy a Ranger a la XXX_er? Or to massage the limits of sq ft building space on that lot?
I see the fire is going.
actualy I can see having to buy a new Tacoma … because I now have too much money
Their offers are around Assessed value? You be leaving a lot on the table if you accepted, no?
Probably, although they wanted to do the sale without RE agents so you would save the commission.
Ah right.
I wonder how often the "offer on the doorstep" pans out for them. At least for my place assessed value is far below market so I'd have to really need to sell to let it go for anything close to assessed value.
Freedom of contract. We sell them guns that kill them; they sell us drugs that kill us.
Probably, although they wanted to do the sale without RE agents so you would save the commission.
Save the commission, but leave hundreds of thousands off the table by selling at assessed.
I work for a family business right now in Kitsilano. The family owns the property, they have since 1968. Every week almost there's a guy in a suit coming to ask the owner why they're still doing this everyday when they could retire now and live out their lives on a beach somewhere. My boss told me if they sold they would likely have to give as much as half of it in tax because the capital gain is so immense.
And then what would they do with their lives?
The crazy market has investors looking north and so they are asking my buddy every month if he wants to sell his hotel, its back and forth but as I pointed out to bro its pretty safe a good return on investment you donèt really work much or that hard, life is good …why mess with that?
I work for a family business right now in Kitsilano. The family owns the property, they have since 1968. Every week almost there's a guy in a suit coming to ask the owner why they're still doing this everyday when they could retire now and live out their lives on a beach somewhere. My boss told me if they sold they would likely have to give as much as half of it in tax because the capital gain is so immense.
Half? Doubtful. Probably more like 15% at most.
When one person suffers from a delusion, it is called insanity.
When many people suffer from a delusion, it is called religion.
The real reason is that the qualities that allow a person to retire are not the qualities that would make them good retireies … you would be suprised how many people whom can afford to retire are afraid to do so
I work for a family business right now in Kitsilano. The family owns the property, they have since 1968. Every week almost there's a guy in a suit coming to ask the owner why they're still doing this everyday when they could retire now and live out their lives on a beach somewhere. My boss told me if they sold they would likely have to give as much as half of it in tax because the capital gain is so immense.
Capital gains are only taxed at 50%, that is - if they had a $1M capital gain, they essentially only pay tax on $500k of income. Their overall tax rate on the gain would probably be in the low-mid 20% range, so they would still bank a lot of money overall.
Does the Family own the property or the business?
if its the business it may be possible to split the proceeds among the family(shareholders) and everyone can use their 750k lifetime small business capital gains exemption.
https://www.youtube.com/watch?v=aoeUxzUR4ec
Arcadia or Vancouver?
I find it insane when I talk to young people who still entertain the idea of settling down in Vancouver.
It's time to look elsewhere!!!!!!!
Builder for hire.
uh, what if there's no starbucks?
Capital gains are only taxed at 50%, that is - if they had a $1M capital gain, they essentially only pay tax on $500k of income. Their overall tax rate on the gain would probably be in the low-mid 20% range, so they would still bank a lot of money overall.
Actually the first 800g -ish. Is exempt. So if they had 1m capital gain (each). They would only have to pay on about 100gs. Could probably work on that though if a plan was put in place in advance.
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