Vancouver Real Esate Prices From $13,500 To $1,100,000

In 1960, a chocolate bar and an ice cream cone competed for that 10 cents in your pocket and your home sold for an average price of $13,105. Yes! By 1970 we reached $24,000, by 1980 we clocked in at $100,000, by 1990 - $230,000 and by 2000 - $296,000. In the last 11 years we rocketed from there to where we now are at $1,100,000 (average used home sale price between Lions Bay and Mission). And that ice cream cone? Approaches $4 dollars!

Real estate expert Ozzie Jurock 

And that is what happens when you have inflation in hard assets. Milton Friedman stated 20 years ago: "Inflation is primarily a monetary problem". Money that is created out of thin air and competes with the money you and I earn makes all hard assets dearer. And, boy are we ever creating money out of thin air - worldwide.

Now we can argue that we have an inflation rate of only 2.1% (Poppycock). Realize that today's inflation basket does not allow for most food, housing, oil (in US). Go to www.shadowstats.com to compare this to the 'Volker basket'. However, whatever your view, we have had a massive 50 year inflation in housing prices, driven by excess cheap easily available money and today we are doing more ... much more ... of the same.

Of course, we did not get to that million dollar average price in a straight line. Real Estate by its very nature is local, based on our collective confidence and thus cyclical.

We had a lot of valleys to go through. Throughout the '60s the largest mortgage you could get was 66% of value and you paid 9.5% for a 5-year term.

Almost every transaction needed a second mortgage and that one stood you 16.5%. Throughout the '70s, '80s and '90s rates were over 10.5%.

In 1974 the Dow Jones Average hit 1,000 for the first time only to collapse by 40% within 8 months. And our papers were full of: "real estate is next" and "Realtors are prowling like hungry tigers".

And the naysayers (the dried food, deflation, depression crowd) were out in force: "We will collapse."

In 1979 when our average price stood at $71,000 we saw an inflationary boom of some magnitude, culminating in the spring of 1981 at $181,000. However, by the fall of 1982 we collapsed by almost 40% to $110,000. Of course, a five-year mortgage term that soared to 16.5% was the culprit. Short-term money was 21%. Canada savings bonds paid 19.5%!

The naysayers brought out the champagne.

Yet by 1990 the average priced had doubled again to $230,000 even with a 5-year rate of 13.5% (!), but the bad news from the US spilled over (787 banks collapsed in 1990 in the Savings and Loan scandal; US housing prices crashed by 40%) and the early nineties were tough slugging. But by 1995 our average price had roared back to $340,000 (May). Alas, we had overbuilt, the immigrants fleeing Hong Kong failed to materialize (Mainland China having masterfully handled the Hong Kong repatriation into China) and down we went in price (- 17%) to $278,000 by 1998.

I wrote a book in 1998 Forget About Location, Location, Location in which I steadfastly argued that inflation was the culprit and if we kept printing money our average price would shoot to 6 million by 2036. You know the rest. Today, we stand at $1,100,000. Yet, naysayers are out in force again.

Real Estate remains cyclical. I have told my subscribers to expect a downturn in the interior and Vancouver Island over a year ago and a slowdown in Vancouver too. But, I remain convinced that the naysayers will be wrong again. Yes, the numbers are bigger, the zeros larger and yet each time - after climbing a wall of worry- we muddle through with the result that hard assets will be even higher again five to 10 years later.

House hunting is a little like duck hunting. When duck hunting one has to lead the duck. You have to shoot ahead to allow for the distance the duck is going to fly while your shotgun pellets are getting to him.

If you don't you'll always be shooting where the duck was, not where the duck is. Same thing with the real estate market. It is always changing. You have to know what's happening with the aspects involved in your potential purchase and the management of your existing property portfolio.

Published in The Vancouver Sun, October 2011

Ozzie Jurock is a senior real estate adviser and author of the Real Estate Action Book:

Questions about REALTORS ®?

We’ve got answers.

Whatever your needs are, a REALTOR ® can help.

Fraser Valley Real Estate Board

1 What do Realtors® do?

REALTORS® protect and promote your interests with agency

2 Are Realtors® Licensed to practice real estate?

REALTORS® are licensed

3 Are realtors® members of a professional association?

REALTORS® are members of a professional association

4 Do Realtors® adhere to a code of ethics?

REALTORS® pledge to adhere to the REALTOR® Code of Ethics

5 What commitment do I get that Realtors® will do what they say?

REALTORS® put their duties and obligations in writing

6 How will Realtors® help me through the process of  buying or selling property?

REALTORS® listen and explain

7 How do Realtors® keep me informed about what’s going on?

REALTORS® communicate based on client needs

8 What do realtors® do to stay on top of changes in the industry?

REALTORS® meet mandatory education requirements

9 What is the MLS®?

REALTORS® use the MLS® to help clients buy and sell properties

10 How much will this cost me?

REALTORS® explain the costs involved

REALTOR® Interview Questions

10 questions to ask when hiring a REALTOR®
Home owners should interview a few potential REALTORS® before deciding on one to sell their home.

Here are some smart questions to ask:

1. How long have you been in the business?
A freshly-licensed REALTOR® can do a wonderful job and will have up-to-date training; those in the business longer bring more practical experience to the table.

2. What percentage of your Listings sell?
A listing REALTOR® should hold a track record for negotiating sales and know the percentage of homes they have sold.

3. How many Ocean View homes do they have for Sale and have they SOLD in the past 2 - 6 months?
Your REALTOR® should have other similar homes like yours for sale and should have sold at least 3-4 ocean view homes in the past 6 months to be qualified to sell your home.

4. How will your marketing plan meet my needs?
Specifically, how will you sell my home? Where and how often do you advertise? Will you show me a sample flier? How do you market online?

5. Will you provide references?
Ask if any of the references are related to the REALTOR® . Ask if you can call their references with additional questions.

6. What separates you from your competition?
Key phrases to listen for: assertive, available by phone or e-mail, analytical, able to maintain a good sense of humour under trying circumstances.

7. May I review documents that I will be asked to sign?
A good REALTOR® makes forms available to you before you are required to sign them. Ask to see agency disclosure, listing agreement, seller disclosure.

8. Can you help me find other professionals?
Your REALTOR® may be able to provide a list of service providers who can help with things such as home inspection, ® staging, renovations, legal and financial advice.
Get an explanation if you see the term "affiliated". It could mean the REALTOR® is getting compensation from vendors.

9. How much do you charge?
Real estate fees or commission are negotiable and may vary from broker to broker. Always make sure you negotiate your best deal with your REALTOR®.


10. What haven't I asked you that I need to know?
Pay close attention to how the REALTOR® answers this question, because there is always something you need to know - always.

What Home Buyers Look for in a Real Estate Agent

A recent study showed that home buyers look for five key characteristics when they hire a real estate agent.   

It’s no surprise that buyers want an agent who is honest and credible as their top priority. The study showed that buyers had past experiences with real estate agents that were not up to par, or in some cases, downright negative. 

For example, buyers don’t want to be pushed into looking at homes that are more expensive than what I call their “comfort zone.” The comfort zone for a buyer must include expenses beyond the mortgage payment.  

It makes sense that home buyers want to feel they can trust an agent, or better yet a Realtor (A Realtor is someone who belongs to local and national Realtor associations and has additional training and education credentials.) who also explains in detail what to expect for utility, heating, maintenance and repairs costs.  

Other things that buyers looked for from their agent were area familiarity, good follow through, organization and a good listener. 

I’m surprised that this particular study listed “good listener” as number five. I personally would put this right up there with honesty. I think we are so abbreviated in our conversations, with technology streamlining our methods of communication, that we sometimes lose focus on really listening to the needs and wants of a buyer. 

A real estate agent that asks a whole slew of questions to the buyer about what the buyer really wants will have a much better understanding of the desired home to present to the buyer. 

Statistics show that approximately 90 percent of people looking to buy a home start their search online. This is great. You can search from the comfort of your home, view lots of photos, get local tax information and even use an elementary mortgage calculator on a website. (Most of these calculators leave out the important tax and insurance figures.) But when it comes time to view that home, real people are involved, whether it's real estate agents or owners of the homes. Most of the time, it involves agents.  

So, choose your agent wisely. You will know in that first meeting and definitely by the second meeting, whether or not the trust, understanding, and good listening skills are there. 

Something I think this study left out, or is often overlooked, is the resources a good real estate agent can provide. 

For example, after a home inspection is completed and the inspector finds a problem that needs an expert evaluation, the real estate agents involved often have a whole network of experts he or she can call on for the evaluation. With time being of the essence, it’s a key element to get a trusted contractor or other expert quickly. 

The fact that the agreement between buyer and seller often hinges on a home inspection outcome, it is very important to have the right resources to get the information to the buyer and seller to make the most educated decisions possible about how to proceed with a repair. 

And, it's not just contractors that are needed for advice. It can be the need to switch from one mortgage lender to another for various reasons. A good agent has this at the ready. 

Maybe you have a story to share about your first experience with a real estate agent and what you liked or didn’t like? No names please!

Why work with a Realtor??

WHY WORK WITH A REALTOR®

It's not likely that you can afford to gamble with your largest asset, namely the sale of your home. But you may be surprised to learn that some people are willing to take that chance.
Selling a home without the help of a REALTOR® is not as easy as it may appear to the uninitiated. Ask yourself the following questions. Do I know the home's true market value or replacement value? Am I aware of the legal ins and outs? Can I arrange suitable financing? Can I qualify a potential purchaser? Can I negotiate a successful close? Can I write an enforceable contract?
Since today's complex market demands expertise and resources not available to the average consumer, there are many compelling reasons why you should enlist the professional services of a REALTOR®. Consider the following:

• Chances are your REALTOR® can get you a higher price for your property than if you tried to sell it yourself.
  
• Statistics prove you will sell your home a lot faster when you use the services of a REALTOR®.
  
• When you work with a member of the Fraser Valley Real Estate Board, you are really working with thousands of REALTORS® who can advise all of their prospective customers and clients about your home through the Board's Multiple Listing Service®.
  
• Your REALTOR® can open doors to thousands of properties in the Fraser Valley alone through MLS® and provide you with an up-to-the-minute computerized list of homes specifically suited to your needs.
  
• Your REALTOR® knows your neighbourhood and assesses market conditions and property values on a daily basis.
  
• Your REALTOR® has been educated on the complex laws and regulations in real estate and is trained to put together a legally binding contract.
  
• Negotiating price is an art. Your REALTOR® will negotiate objectively in order to get the best possible price for your home.
  
• REALTORS® are on call and available seven days a week to show your home.
  
• REALTORS® have the skills and resources to market your home effectively.
  
• Your REALTOR® is aware of the many options available for financing the sale, and has the latest information on mortgages.

If you are serious about selling your home, then you should consider using the experts. REALTORS® are real estate marketing specialists. Let them deliver the professional service you deserve.

The 4 Most Important Components of Your Home to Maintain

“Wow, your new furnace is SO hot! I love it!”

These are not the words often spoken by friends, relatives or anyone visiting your home (unless it’s me or an HVAC professional).

How often do you daydream about a new roof, or watch HGTV just hoping they would produce a show that focuses on the siding, roof, furnace, plumbing, electrical? My guess is rarely, if ever.

Homeowners typically like to put their money into the sexy stuff – the kitchen, the master bathroom, the paint colors, light fixtures, window treatments — a.k.a. the real estate eye candy. Understandably so, it’s where you can see where you spent your money. You aren’t inviting your friends and family over to see your new furnace or asking their opinions on roof shingles.

But, it is the systems of the house and the structural components that keep a house from deteriorating – regardless of how shiny your new granite counters may be or how beautiful your new built-ins are in the basement. When you go to sell your house, it will be the eye candy that will grab the buyers and bring them in, hopefully to make an offer to purchase your home. But (a big but), it will be about how well you have updated and maintained the systems that will keep the buyers in the picture – especially after the home inspection.

When maintaining your home, it is important to take into consideration the components that make your house run:

Furnace: The average furnace lasts around 20-25 years, depending on efficiency and maintenance of the system. You should have a contract with a heating company. It will be important to ask them to:

• During the winter months, visit your home to inspect the filters and replace if needed as well as inspecting the fan belts
• Inspect the chimney and vents for corrosion, damage and leaks
• Ensure that all of the vents are clear and that there are no obstructions
• As the homeowner, keep the area surrounding the furnace clutter-free. The furnace should be in a room with sufficient air supply, not in a closet or area that is air tight

Roof: Unless you are the Colonnade Hotel in Boston with a fabulous rooftop deck and pool overlooking the city, the real purpose of a roof is to protect the home. The typical lifespan of a roof depends on the materials used, the number of layers, and the weather. Most often, in Sudbury, asphalt shingles are used – they usually last 18-20 years, and that depends on how the roof is maintained, whether there are a lot of trees hanging over it, the weather, and how the roof was installed.

A few ways to maintain your roof and discover if there are potential issues:

• check the attic – do you see any discoloration on the sheathing?
• look for curling or cracked shingles on the roof
• keep the gutters clean
• remove any tree branches resting on the roof
• check the flashing, make sure its not rusted or loose.

(Note: do not go on your roof unless you are a licensed and insured roofing professional.)

Hot water heater: A hot water heater costs less than removing the wallpaper and painting 4 rooms in your house, and is much more important than the paint colors. If you like hot water and don’t want a flood in your basement, it would be wise to check the age of your hot water heater. There is not a lot you need to do to maintain it, but it does usually have a lifespan of approximately 8-10 years. Once it starts to leak, it doesn’t stop.

Siding/paint: Houses are not just painted in order to look pretty from the street. There are many benefits to painting that will preserve the house. Paint protects the house from all of the outside elements – rain, snow, UV rays, pests, ice, etc. When having your house painted, the painter and/or carpenter should be able to replace any rotted wood, trim and fill in any holes.

Buyers want to have their candy and be able to eat it, too. Just as a homeowner may choose to put his/her money into the glitzy stuff, the buyer(s) will not want to purchase a great looking house, move in, and then have to replace the siding, put on a new roof, buy a new furnace and upgrade the electrical to handle the central air that they will need to install.   

Set aside a budget to take care of the maintenance items annually so that when you do sell your home, you won’t just be in for a mechanical and structural extreme makeover.

Residential ecoENERGY Retrofit Save up to $5000

Personal: Residential ecoENERGY Retrofit – Homes Program

The ecoENERGY Retrofit – Homes program provides grants up to $5,000 to help homeowners make their homes more energy-efficient and reduce the burden of high energy costs. The Government of Canada has renewed the program from June 6, 2011, until March 31, 2012.

How the Program Works

To be eligible for upcoming retrofits, new participantsand past participants must first obtain a registration number. If you are not sure which form to complete or if you need assistance, follow the instructions at theregister page.

All participants require a pre-retrofit evaluation (since April 2007) before starting renovations, a post-retrofit evaluation and a signed grant application form by March 31, 2012. Participants must present all retrofit receipts at the post-retrofit evaluation. New participants are only eligible for product purchased after June 6, 2011, and installed after a pre-retrofit evaluation. Past participants are only eligible for products purchased and installed after June 6, 2011.

The Grant Table offers an overview of the program and a breakdown of eligible upgrades. Visit the Frequently-Asked Questions page for more details and contact information.

Available Incentives in Your Area

NRCan transfers file information to complementary regional programs in certain provinces and territories.

Energy Evaluations and Labels

The Government of Canada encourages homeowners to have an energy evaluation to identify improvements, and receive an EnerGuide rating label.

Packaging Your Home for Profit!!

So you want to sell your property. All you need to do is hire a Realtor, keep your property clean at all times, and sort through the offers. Right? Wrong! Selling real estate is hard work. These days many homes are competing against yours, and you must use every opportunity to get a jump on the competition. Everything in your property must sparkle and work perfectly. This means no stained grout in the bathrooms, no scratched hardwood floors, and no worn-out carpeting. A person walking into your home should get a sense of grace and elegance, and the impression of a comfortable home in which to relax after a hard days work.

The following scenario demonstrates the importance of having your property in ship-shape condition prior to putting it on the market. Picture two identical, neighboring homes. The first has a beautifully manicured lawn with masses of flowering annuals and roses spilling over the trellis. As you walk into the house you smell fresh baked bread and hear the faint sounds of Mozart in the background. The property is spotless, the hardwood floors gleam, the bathrooms shines, and the sun pours through sparkling clean windows. You immediately experience a sense of well-being in this pleasant, relaxing atmosphere.

Now the neighboring property. As you walk up the sidewalk you notice there are the same masses of annual flowers and the same roses on the trellis, but the owners of this property have been to busy to weed the garden and the paint is peeling off the trellis. There are weeds pushing up between the cracks in the sidewalk. You try ringing the doorbell but it’s out of order. The Realtor had advised the owners that everything should be ship-shape and in working order, but their reply had been that people were buying a house worth $675,000 and a broken doorbell or a few weeds in the garden weren’t going to make or break the sale. Since the doorbell is out of order you pound on the door. Pandemonium breaks out as you hear the dog barking and the children fighting to answer the door. Inside, you find the living room is painted shocking pink. The owner explains she likes to stamp her own personality on a property, and it will not be a problem for the new owner to paint over the color. After picking your way through the children’s toys you tour the house, noticing the stains on the porcelain in the bathroom, the worn out living room carpet, and the darkness of the guest bedroom due to a burnt out light bulb that the owners neglected to replace.

Which property do you think these prospective purchasers will buy? While there are no major problems with the second house, and nothing a new paint job, minor repairs and a few hours on the weekend won’t fix, why bother? The first home is already perfect. Additionally, you felt relaxed in the first house, while in the second your senses were assaulted by shocking colors, noisy children, dogs and the general unkept atmosphere of the place. These home owners have let another prospective buyer slip through their fingers because they could not be bothered to put out the necessary effort to make their property competitive. These are the same people who will begin calling their Realtor in a few months, demanding to know why their home isn’t selling when other properties in the neighborhood are, and insisting that the Realtor change his marketing strategy.

CRA Tax Requirements for NON residents when buying or selling real estate in British Columbia

Non-residents of Canada

This page offers information about the income tax rules that apply to non-residents of Canada.

Residency status

Non-residents

You are a non-resident for tax purposes if you:

• normally, customarily, or routinely live in another country and are not considered a resident of Canada; or
• do not have residential ties in Canada; and
  • you live outside Canada throughout the tax year; or
  • you stay in Canada for less than 183 days in the tax year.

NoteIf you lived outside Canada during the tax year and you are a government employee, a member of the Canadian Forces or their overseas school staff, or working under a Canadian International Development Agency (CIDA) program, see Government employees outside Canada for the rules that apply to you. These rules can also apply to your dependent children and other family members.

Deemed residents

You are a deemed resident for tax purposes for the entire tax year if you:

• stay in Canada for 183 days or more in that tax year;
• do not have residential ties with Canada; and
• are not considered a resident of another country under the terms of a tax treaty.

If this is your situation, see deemed residents for the rules that apply to you.

Deemed non-residents

If you are a factual resident of Canada and a resident of another country with which Canada has a tax treaty, you may be considered a deemed non resident of Canada for tax purposes.

You become a deemed non-resident of Canada when your ties with the other country become such that, under the tax treaty, you would be considered a resident of that other country. 

As a deemed non-resident, the same rules apply to you as a non-resident of Canada.

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What are residential ties?

Residential ties include:

• a home in Canada;
• a spouse or common-law partner (see the definition in the General Income Tax and Benefit Guide) or dependants in Canada;
• personal property in Canada, such as a car or furniture;
• social ties in Canada.

Other ties that may be relevant include:

• a Canadian driver's licence;
• Canadian bank accounts or credit cards;
• health insurance with a Canadian province or territory.

For more information, see Residency - Individuals.

If you want an opinion about your residency status, complete and submit Form NR74, Determination of Residency Status (Entering Canada).

Your tax obligations

As a non-resident of Canada, you pay tax on income you receive from sources in Canada. The type of tax you pay and the requirement to file an income tax return depend on the type of income you receive.

Generally, Canadian income received by a non-resident is subject to Part XIII tax orPart I tax. If the income you receive is:

• subject to Part XIII tax, you do not file a Canadian tax return, except in two situations when you can elect to file a tax return;
• subject to Part I tax, you may have to file a tax return.

NoteIf you receive Old Age Security pension during the tax year, you may have to file the Old Age Security Return of Income each year.

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Part XIII tax

Part XIII tax is deducted from the types of income listed below. To make sure the correct amount is deducted, it's important to tell Canadian payers:

• that you're a non-resident of Canada for tax purposes;
• your country of residence.

The most common types of Canadian income subject to Part XIII tax are:

• dividends;
• rental and royalty payments;
• pension payments;
• Old Age Security pension;
• Canada Pension Plan and Quebec Pension Plan benefits;
• retiring allowances;
• registered retirement savings plan payments;
• registered retirement income fund payments;
• annuity payments;
• management fees.

Note
The interest that you receive or that is credited to you is exempt from Canadian withholding tax if the payer is unrelated (arm's length) to you. For more information, see our Non-resident tax calculator or contact the International Tax Services Office.

If you receive Canadian income that is subject to Part XIII tax:

• Canadian payers, including financial institutions, must deduct Part XIII tax when the income is paid or credited to you.
• The Part XIII tax deducted is your final tax obligation to Canada on this income (if the correct amount is deducted).
• Part XIII tax is not refundable. Therefore, do not file a Canadian tax return to report the income unless you elect to file a return because you receive either:
  • Canadian rental income or timber royalties (electing under section 216);
  • certain Canadian pension income (electing under section 217).
• The usual Part XIII tax rate is 25% (unless a tax treaty between Canada and your home country reduces the rate).

If you think an incorrect amount of Part XIII tax has been deducted from your income, contact the International Tax Services Office.

For more information about Part XIII tax, see IC77-16, Non-Resident Income Tax.

Part I tax

The payer usually deducts Part I tax from the types of income listed below. However, if you carry on a business in Canada, or sell or transfer taxable Canadian property, you may have to pay an amount on account of tax.

• If you carry on a business in Canada, see Guide T4002, Business and Professional Income, to find out if you must pay tax by instalments.
• If you sell or transfer, or plan to sell or transfer taxable Canadian property, seeDisposing of or acquiring certain Canadian property.

Even if the payer deducts tax from your income or you pay an amount of tax during the year, you may also have to file a Canadian income tax return to calculate your final tax obligation to Canada on:

• income from employment in Canada or from a business carried on in Canada;
• employment income from a Canadian resident for your employment in another country if, under the terms of a tax treaty between Canada and your country of residence, the income is exempt from tax in your country of residence;
• certain income from employment outside Canada, if you were a resident of Canada when the duties were performed;
• taxable part of Canadian scholarships, fellowships, bursaries, and research grants;
• taxable capital gains from Disposing of certain Canadian property;
• income from providing services in Canada other than in the course of regular and continuous employment.

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Disposing of certain Canadian property

For the procedures you must follow if you sell or transfer, or plan to sell or transfer taxable Canadian property (such as real estate, business property, or unlisted shares of a Canadian corporation) see Disposing of or acquiring certain Canadian property.

Electing to file

There are two situations in which you can elect to file a Canadian income tax return for income from which Part XIII tax was deducted:

• when you receive Canadian rental income or timber royalties;
• when you receive certain Canadian pension income.

If you elect to file a Canadian income tax return, you may be able to claim a refund for part or all of the Part XIII tax deducted.

For more information:

• To elect to file for Canadian rental income or timber royalties, see the Income Tax Guide for Electing Under Section 216.
• To elect to file for certain Canadian pensions, see electing under section 217.

Filing your income tax return

You must file a Canadian income tax return if you:

• owe tax for the year; or
• want to claim a refund.

For more information, see "Do you have to file a return?" in the General Income Tax and Benefit Guide for Non-Residents and Deemed Residents of Canada.

When completing your tax return:

• you may be entitled to claim certain deductions or credits;
• do not include income that has had Part XIII tax deducted, unless you elect to file.

NoteIf you receive Canadian rental income or timber royalties and you elect to file, you must report this income on a separate tax return, but you do not include any other type of Canadian income on this separate return. In this situation, you could file more than one Canadian tax return in a tax year: one for the rental income or timber royalties; and one for any other type of Canadian income that you receive.

Which tax package?

The type of Canadian income you receive during the tax year determines which tax return package you should use.

• If you receive income from employment or business or from employment or businessand other types of income (capital gains and/or taxable scholarships, fellowships, bursaries, or research grants):
  • use the General Income Tax and Benefit Guide and the forms book for theprovince or territory where you earn the income;
  • if you receive the other types of income listed above (as well as receiving employment or business income), you will also need Form T2203, Provincial and Territorial Taxes - Multiple Jurisdictions.
• If you receive only capital gains and/or taxable scholarships, fellowships, bursaries, or research grants:
  • use the General Income Tax and Benefit Guide for Non-Residents and Deemed Residents of Canada.

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Filing due date

Your tax return has to be filed on or before:

• April 30 of the year after the tax year; or
• if you or your spouse or common-law partner carried on a business in Canada (other than a business whose expenditures are mainly in connection with a tax shelter), the return has to be filed on or before June 15 of the year after the tax year.

NoteA balance of tax owing must be paid on or before April 30 of the year after the tax year, regardless of the due date of the tax return.

Non-residents rendering services in Canada

If you render services in Canada (other than in the course of regular and continuous employment):

• the payer must withhold 15% of the gross amount of the payment;
• you may have to file a Canadian income tax return to report the gross income and net income (gross income minus expenses).

This generally applies to lecturers, consultants, entertainers, artists and athletes.

NoteIf you are employed or providing services within the movie industry such as producers, directors, actors, and other personnel working behind the scenes, see Film Advisory Services.

To complete your Canadian income tax return:

• use the General Income Tax and Benefit Guide and the forms book for the province or territory where you perform the services.
  • If you perform services in more than one province or territory, you will also need Form T2203, Provincial and Territorial Taxes - Multiple Jurisdictions, to calculate your taxes for the applicable year.

If all or part of the income is exempt from tax in Canada under the terms of a tax treaty between Canada and your home country, you may be able to claim a deduction on your Canadian tax return. For more information, see Line 256 - Income exempt under a tax treaty.

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Non-resident seniors

See the Residency status section of this Web page for an explanation of non-resident status for all individuals, including seniors.

The following information is also available for non-resident seniors :

• Non-resident seniors who receive Canadian Old Age Security payments may be required to file the Old Age Security Return of Income (OASRI).
• Non-resident seniors who receive qualifying Canadian income and want to elect under section 217 to file a Canadian income tax return.

Seasonal agricultural workers

See Seasonal agricultural workers, for more information on the following:

• seasonal agricultural workers from other countries;
• their Canadian employers;
• liaison officers who help seasonal agricultural workers from other countries meet their tax obligations in Canada (liaison officers are government officials -- usually working at an embassy or consulate -- who are responsible for administering theSeasonal Agricultural Workers Program).

Forms and Publications

• Income tax and benefit packages
• IT-221, Determination of an Individual's Residence Status
• T4058, Non -Residents and Income Tax