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COVID19 Financial Relief for Tenants

On May 25, 2021 Premier Jason Kenney announced the Government of Alberta’s plans for reopening.  This announcement is in response to the dropping number of new COVID-19 infections and pandemic-related hospitalizations in Alberta. Coupled with the news of the number of citizens with at least one dose of a COVID-19, it looks like the province is on track to reopening in a planned three stage approach.

The uncertainty during this state of emergency continues to be a challenge for many — even as we head into the staged re-opening.  Many tenants who are not paying their rent are experiencing legitimate income problems and economic hardships. Especially those who rely on a steady income to pay for their bills and other responsibilities.  Not every job comes with the option to work from home.  Similarly, not every job has been deemed an essential service and people have been laid off or in a position of reduced hours.  The fear of displacement due to outside forces is a very real fear for many.  This is further compounded by property owners who are in turn facing financial hardship and economic distress when rental payments are not honoured.

A common issue discussed in the world of property management is how to handle late rental payments and in the most challenging of circumstances, how to deal with a failure to pay rent. Evictions are a last resort option — but if you do go down this road, check out Emerald Management & Realty Ltd.’s recent blog post: Evicting a Tenant for NonPayment of Rent for some useful information about the eviction process and how our team can help! 

Overall, the majority of the feedback we have received from tenants is that they have the desire or willingness to make partial payments and agree to a re-payment plan, but have been unable to pay rent in full due to financial hardships.

If you are facing this type of situation, during the state of emergency, below are some of the resources we’ve used and have shared to help tenants and landlords manage rental payments.  

For financial relief from various government jurisdictions, tenants can search out support from:

 

There are also personal wellness supports available.  These resources are also important, especially recognizing the stressful impact of finances, unemployment, unforeseen difficulties and stressful events like COVID-19:

While every situation is unique and no solution is a “one-size-fits-all” approach, the team at Emerald Management & Realty Ltd. has collaborated on many collection calls.  Depending on the situation, the team has reached out to touch base and check-in with tenants to avoid adding the additional frustration of collection letters and/or 14-day Notices of Eviction.  Again, this can be a challenge to navigate as not every situation is the same as situations vary.  It is important to proceed with care and caution as property managers are not social workers.  The above links and resources are a start to help those facing hardships get the help needed.

For more information about potential supports, visit Emerald Management & Realty Ltd.’s COVID-19 focused blogs that have been published.


The Sundance Apartments: Live and Work above it all!

The following is some useful information about The Sundance Apartments proudly managed by Emerald Management & Realty Ltd.  Located in Downtown Calgary, the Sundance is conveniently situated in Calgary’s West End Core, just 2 blocks from River Valley pathways at 836 – 5 Avenue SW, Calgary.

Currently offering FREE 1 Months Rent at The Sundance Apartments! Move-in ready 1 & 2 bedrooms available. 1 bedrooms starting at $870/month; 2 bedrooms starting at $1145/month (net incentives).  The Sundance Apartments is located at 836 – 5 Avenue SW, Calgary.

Schedule a tour today of your next rental home and check out the urban rental lifestyle of living above it all in Downtown Calgary! Call Emerald Management & Realty Ltd. today at 403-237-8600 to book a tour of your next rental home!

Highlights:

The Sundance Apartments overs a variety of spacious and affordable layouts with spectacular views of downtown Calgary and the beautiful landscape of the north west.

  • incredible views to enjoy while living and/or working above all that downtown Calgary has to offer
  • pet friendly and close proximity to several green spaces for the enjoyment of your pet
  • conveniently located by the C-Train, Bow River bike and pedestrian pathways
  • public transit and proximity to major traffic routes makes it easy to access grocery stores, local shops, nightlife, restaurants and coffee shops
  • outstanding shopping at the CORE, TD Square, Kensington & 17 Avenue SW
  • Prince’s Island and Eau Claire Village is nearby and accessible for the health enthusiast seeking to take advantage of the bow river pathway
  • if fitness is a top priority, you are just minutes from outdoor tennis courts, golf, REPSOL Sports Center … AND endless walking/jogging/biking opportunities
  • close proximity to SAIT, University of Calgary, Bow Valley College,  Mount Royal University and Western Canada High School

The Sundance Apartment Features:

Sundance Apartments is located in Calgary’s West End Core, conveniently located 2 blocks from River Valley pathways. Easy access to pubs, great restaurants, art galleries and shopping malls. In addition to the great location and close proximity to everything Downtown Calgary has to offer. In addition:

  • The building has a positive atmosphere
  • Friendly on-site management, and larger updated and renovated suites
  • Onsite Manager available during business hoursUtilities included: Heat, Water AND Electricity
  • Smart Card laundry access
  • Pet Friendly
  • Underground and covered parking available starting at $50/month
  • In-suite storage
  • Restaurants and convenience store located in the building 
  • Private balcony
  • Elevators
  • Welcoming lobby
  • Spectacular City views

Your next rental home at The Sundance Apartments is just around the corner! Contact our friendly team at Emerald Management & Realty Ltd. by calling 403-237-8600 and book your personal tour today!

 

Virtual Tours:

 

 


Understanding Non-Resident Taxes and the Benefits of Property Management

It’s no secret that when it comes to paying taxes in Canada, things can get complicated fast. It can be difficult enough for a Canadian citizen to navigate the taxes they owe each year, let alone for foreign non-residents. The worst part? If you’re a non-resident and don’t provide the Canada Revenue Association (“CRA”) with what it requires come tax season, you can incur heavy fines and penalties. 

Fortunately, the property rental and management professionals at Emerald Management & Realty Ltd. have the necessary expertise to help non-residents of Canada assist with the withholding and remittances required for properties managed in Calgary and surrounding areas. 

To that end, let’s take a look at what non-resident taxes are, what you need to know about them as a non-resident of Canada, and why you should consider purchasing investment property.

An Introduction to Non-Resident Taxes

Before we talk about non-resident taxes, let’s quickly define what non-residency status is. For all intents and purposes, you can consider yourself a non-resident for tax purposes if you aren’t a government-recognized Canadian citizen or live in another country during the tax year. 

If you are certain that your residency status is that of a Canadian non-resident, then you owe non-resident taxes called Part XIII tax or Part I tax. In short, this means that you are responsible for filing these taxes on whatever income you make from business done in Canada. Depending on the kind of income that you receive, your tax obligations, like the type of tax you file, may vary.

It can be incredibly time-consuming to understand which types of income in Canada are subject to which non-resident tax. Investment property owners often opt to engage the services of a property management company or appoint a local agent to collect and submit withholding tax from their rental property. 

We highly recommend that you consult the expertise of your tax specialist in collaboration with a qualified property management companies such as Emerald Management & Realty Ltd. to make sure you understand your tax obligations and which sources of your income are taxable.  While we do not file your taxes for you, your accountant or tax specialist that prepares your annual Canadian tax returns may also be able to assist you assess additional concerns and potential benefits tied to your non-resident status.

Answering Common Questions About Non-Resident Taxes

There is a lot of information to digest about tax obligations that apply to Canadian non-residents, to say the least. We’ve compiled a short list of the most frequently asked questions we receive when it comes to understanding and paying non-resident taxes in Canada.

  • Am I considered a Canadian non-resident? For tax purposes, you should consider yourself a non-resident in Canada if you live in a different country for the majority (more than 183 days) of the government-recognized tax year.
  • What are the types of non-resident taxes? Tax obligations for Canadian non-residents are the Part XIII tax and Part I tax on income from business done in the country.  This includes income earned from revenue properties such as investment rentals.
  • Do I need to file an income tax return? Generally speaking, non-residents in Canada pay tax returns on Canadian income if they need to claim a refund or are obligated to pay a Part XIII or Part I tax.
  • Is there a deadline for submitting my non-resident taxes? The tax return date in Canada is April 30 of the year after the tax year, or June 15 of the year after the tax year for non-residents with a spouse performing business in Canada.  Your return must be filed by June 30th of the following year.  As the Owner, you are responsible to make sure the proper return is filed and for any assessments by CRA.

  • How much do I have to pay or withhold?  In accordance with CRA’s guidelines as of May 2021.  Once your property is rented, Emerald Management & Realty Ltd. as your agent, would withhold and remit 25% of the Owner’s gross rental income to CRA.
  • How is a T4 different from a NR4 statement?  A NR4 statement is similar to a T4, but it is a statement of rental income for a non-resident.

How do I protect myself as a non-resident or foreign resident?

  • Consult with our team at Emerald Management & Realty Ltd. and your account and/or tax specialist to determine if non-resident taxation applies to you.  
  • Check and go direct to the source.  Visit CRA’s website for more information and contact them with any questions or concerns.
  • Take steps to collect the required documentation and review it with your accountant or tax specialist prior to submission
  • Ensure that you complete the remittance of NR4 tax on time to avoid penalty or further complications

Benefits of Property Management

It is worth understanding the benefits of owning property if you’re considering purchasing real estate for yourself. At Emerald Management & Realty, we help our clients realize the biggest benefits and profit from our experience that comes with our property management services such as:

  • Peace of mind for yourself and the management of your tenant
  • Licensed property management brokerage that can support you with the preparation and remittance of NR4 filings to the CRA
  • Timely rent collection
  • Lower vacancy rates
  • Fewer potential turnovers resulting from professional tenant screening
  • Smaller chance of legal problems
  • Property emergency support 24 hours a day, seven days a week
  • Preventative maintenance programs to preserve and improve on the equity of your rental property investment

If you’re considering how property management services may be right for your real estate needs, then you’ve come to the right place. The professionals at Emerald Management & Realty make it simpler for non-residents to enhance their property investments and maximize profitability.   For more information on how we can help and our cost for NR4 support, contact our team today!

Make your property work for you by getting in touch with our experienced, friendly team today on our website or by calling us at 403-237-8600


Evicting a Tenant for Non-Payment of Rent

For an investor buying a rental property, it’s not unusual that now and then, there will be some issues with a tenant.

While good property management can help mitigate or prevent potential problems. real estate investment in never trouble-free. One of the most common complaints is that some tenants are always late with their rent and then they finally stop paying.

Evictions are usually the last resort — but if you do have to take that route, this article will provide more background about the process involved.

Most common reasons for evicting a tenant

Evicting a tenant is usually the chosen route for the following reasons:

  • Non-payment of rent
  • Breaching other terms of the rental agreement
  • Damaging the rental property
  • Repeatedly disturbing or endangering others in the property

Remedies for a breach of the rental agreement

If the tenant breaches the rental agreement, a landlord can terminate the tenancy by:

  • Giving the tenant a 14 day notice to vacate; or
  • A 24-hour notice (for causing significant damage, assault or threatening the landlord or another tenant)
  • Applying to the Residential Tenancy Dispute Resolution Service (“RTDRS”) or Court of Queen’s Bench for an Order to Vacate

14-Day Eviction Notice for unpaid rent

To seek an eviction for a tenant’s failure to pay rent, the 14-Day Notice of Eviction must be properly served — and, in order for it to be enforced, it must: 

  • Be in writing and show the date of service
  • Specify the address of the property
  • Include the amount of rent that is owed at the due date (or when the notice is given)
  • Provide the reason for the termination
  • Include the date and time the tenancy is due to end
  • Be served by the landlord or property manager;
  • Include a statement that says that the tenancy will not be terminated if the tenant pays all rent due on or before the termination date specified

If the tenant won’t leave

If the tenant doesn’t pay after the 14-Day Notice has been served or if the objective is to terminate the relationship with a tenant sooner than later, it’s best to make an application to the Court of the Queen’s Bench or contact the RTDRS to arrange a court hearing.

 The costs involved:

  • Filing for a hearing with the RTDRS
  • Registering the Order with the Court of the Queen’s Bench
  • Hiring a bailiff if the tenant doesn’t move out even after getting an Order
  • Hiring a full service eviction company or lawyer
  • Seizing, storing and/or selling assets left behind by the tenant

If the tenant fails to comply with the Eviction Order, it’s possible to apply for a Writ of Possession.  A bailiff is engaged to help recover the property, allowing you to legally change the locks and possibly have the police charge the tenants with trespassing.

It’s wise to keep all records and documentation on-hand, as these may be needed for the Court.  Documentation helps to demonstrate the actions you took to correct the situation, how many times you spoke with the tenant about the outstanding rent, expenses you may have incurred and it also provides a record of any possible damage to the property.

If you need help with matters relating to eviction of tenants

At Emerald Management & Realty, our team of property management professionals has lengthy experience working on eviction cases and can work on the paperwork and communications and collaboration with other professionals to assist with the eviction of tenants before, during and after court eviction dates. 

If you have any questions or are looking for assistance in matters relating to tenant evictions, we’re here to help. Call us at 403-237-8600 or fill out our contact form and we’ll be in touch as soon as possible.


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