First Nations link cuts taxes for resort buyers – BiV

April 8, 2015

No GST or property transfer tax on Okanagan villas

Contemporary designs, golf and lake views attract visitors to the Okanagan’s largest resort development but it is huge tax savings due to an aboriginal link that may lead to back-to-back sellouts of the $440,000 villas.

“There is no GST and no property transfer tax,” said Curt Jansen, vice president sales and marketing at Skaha Hills. The average buyer can save about $50,000 in taxes, he estimated, compared to buying freehold property of the same value.

The tax savings flow from a unique long-term lease and profit-sharing agreement with the Penticton Indian Band (PIB) on whose land Greyback Construction is building 600 homes in the $250 million development at Penticton’s Skaha Lake.

Read More: http://www.biv.com/article/2015/4/first-nations-link-cuts-taxes-resort-buyers/