Strata Corporations pay for building and common facility insurance. Individual owners should purchase insurance for improvements, liability and contents.
RENTAL MANAGEMENT FEES
Rental management companies charge a fee of approximately 35-45% of your suite’s gross revenue. The benefit is that they handle everything from check in and cleaning to submitting taxes on your behalf. It is basically ‘hands off’ for you. You can also handle rentals yourself if you choose.
Buyers will be responsible for the transition of accounts at BC Hydro, Terasen Gas, cable, phone and internet in most cases (except phase 2 and some phase 1 properties where strata fees are all inclusive).
Make arrangements with an accountant to file your annual Canadian tax returns for the property. Returns for the year ending December 31 are due by April 30. GST Remittance (if applicable)- confirm with your property manager if they are collecting and remitting the GST on your behalf. You will need to file an annual GST return with the CRA.