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Carried Interest Break Targeted in Senate and House Tax Plans
 
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Canadian Real Estate Street Smart REI   November 17, 2017   20   0   0   0   0   0
By John Voskuhl (Bloomberg) --An 11th-hour amendment added to the Senate tax plan would limit the so-called “carried interest” tax break for investment managers. The provision was contained in a list of changes that Senate Finance Chairman Orrin Hatch offered just before 10 p.m. Thursday in Washington, minutes before the panel approved a proposal for overhauling the U.S. tax code. The change would limit the break to gains on sales of assets held three years or more, mirroring a provision that the full House approved Thursday. Carried interest is the portion of an investment fund’s profit -- typically 20 percent -- that’s paid to investment managers. Under current law, it’s taxed as capital gains, making it eligible for rates as low as 23.8 percent for gains on assets sold after more than a year. The House and Senate proposals would extend the holding requirement to three years. President Donald Trump has made the favorable tax treatment of carried interest an issue. During his campaign he said hedge fund managers were “getting away with murder.” Minutes before Hatch offered the amendment -- one of several he introduced Thursday night -- Senator Claire McCaskill, a Missouri Democrat, had complained that the Senate bill contained no provision for limiting the carried interest break. On Thursday afternoon, the House approved its tax bill. Several hours later, the Senate finance panel approved its own tax plan. While both measures would cut taxes for...
 
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Canadian Real Estate Street Smart REI   November 17, 2017   16   0   0   0   0   0
Gap, Ross Surge as Discount Format Still Luring in Shoppers Nov 17, 2017 10 Must Reads for the CRE Industry Today (November 16, 2017) Nov 16, 2017 10 Must Reads for the CRE Industry Today (November 15, 2017) Nov 15, 2017 10 Must Reads for the CRE Industry Today (November 14, 2017) Nov 14, 2017
 
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Canadian Real Estate Street Smart REI   November 17, 2017   18   0   0   0   0   0
By Lindsey Rupp (Bloomberg)—Gap Inc. and Ross Stores Inc. are showing that growth is possible for apparel retailers. You just have to offer cut-rate prices. Both apparel companies saw their shares spike on Friday after posting comparable sales that exceeded analyst estimates. Gap relied on its budget-minded Old Navy chain for growth. Ross, meanwhile, used its off-price strategy to outperform expectations despite the hurricanes that battered Texas and Florida. The results indicate that Americans are still willing to hit the mall and stock up on apparel, if they feel like they’re getting a deal. While many shoppers increasingly prefer to order their clothes online, Ross and Old Navy show that low prices remain a brick-and-mortar draw -- especially for families and younger shoppers. “Gap Inc. has been able to rely on Old Navy to push up performance,” Neil Saunders, an analyst at GlobalData Retail, said in a note. “The brand remains a popular destination.” Gap shares rose as much as 9.2 percent, the most intraday in over a year, to $30 on Friday, while Ross jumped as much as 13 percent to $73.94 -- the highest level since going public in 1985. The companies have outperformed larger rivals, such as department stores, which have struggled to adjust to the new consumer landscape. Gap’s same-store sales rose 3 percent in the latest quarter, outperforming the 1.3 percent estimate compiled by Consensus Metrix. This was powered by Old Navy, which grew 4 percent by that measure. Even...
News Canadian Real Estate Magazine   November 17, 2017   29   0   0   0   0   0
The cost of investing in Toronto is rising and some investors are beginning to look elsewhere, but are ROIs in Canada’s largest city really that paltry? Brad Lamb, owner of Brad J.Lamb Realty Inc.and Lamb Development Corp., says Toronto condo investments proffer diminishing returns. “It’s getting harder and harder in places like Toronto and Vancouver to buy a home, like a condo, and rent it and have it make any sense as an investment because you’re paying $1,000 per square foot,” he said.“You’re paying $500,000 for a one-bedroom condo apartment that’s 500 square feet and you’re going to rent it for $2,000 a month, but when you add up your mortgage, your condo fees and taxes, it doesn’t cover it.” Lamb says Hamilton is becoming increasingly attractive to investors. “Toronto’s real estate unaffordability shines a nice light on Hamilton, so investors are looking at alternate places to invest and prospective homeowners are looking for other places to live, where they can have a decent life in a nice home,” said Lamb. However, Akshay Dev, a sales agent with REMAX Realty One disagrees with that assessment.Not only do Toronto condominiums appreciate faster than Hamilton’s, they can still be had on the cheap when compared to other international cities. “You have to look at
News Canadian Real Estate Magazine   November 17, 2017   28   0   0   0   0   0
by Paolo Taruc First National Financial announced Wednesday its mortgage investment fund will be terminated by next month. Unitholders are not required to take any action, according to the fund’s manager, Stone Asset Management.Instead, the fund will pay them a special distribution before termination.The payout will be based on the amount necessary to eliminate the fund's liability for non-refundable income tax under the Income Tax Act. The move comes as the favourable tax treatment for the forward purchase and sale agreement (“Forward Agreement”) – an integral part of the fund’s portfolio – is set to expire on 19 December. First National said it will no longer be possible for the fund to provide its unitholders with exposure to the Portfolio on the originally intended tax-advantaged basis. “As a result of the upcoming Forward Termination Date, loss of the intended favourable tax treatment and reduction in the size of the Fund's assets as a result of redemptions over the past number of years, the Manager [Stone Asset] has determined to terminate the Fund on or about the Forward Termination Date,” it added.  Stone Asset will apply to delist the units of the fund from the Toronto Stock Exchange.It is expected that the units will be delisted at the close of
 
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Canadian Real Estate Street Smart REI   November 16, 2017   22   0   0   0   0   0
10 Must Reads for the CRE Industry Today (November 15, 2017) Nov 15, 2017 10 Must Reads for the CRE Industry Today (November 14, 2017) Nov 14, 2017 10 Must Reads for the CRE Industry Today (November 13, 2017) Nov 13, 2017 10 Must Reads for the CRE Industry Today (November 10, 2017) Nov 10, 2017
 
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Canadian Real Estate Street Smart REI   November 16, 2017   18   0   0   0   0   0
(Bloomberg)—House Republicans passed their version of legislation to overhaul the U.S. tax code by slashing the corporate tax rate, lowering tax burdens for most individuals and adding an estimated $1.4 trillion to the federal deficit over the next decade. The vote Thursday represents a key milestone in President Donald Trump’s quest to cut taxes for businesses and individuals -- though challenges remain for the GOP’s far-reaching tax plans to fundamentally reshape aspects of the U.S. economy. The Senate is debating its own separate plan, and it isn’t yet clear the chamber will have enough votes to pass it. The Tax Cuts and Jobs Act H.R. 1, passed the House in a 227-205 vote. Thirteen Republicans voted against it; all but one of them represent high-tax states that have the most to lose from provisions that would eliminate individual deductions for state and local income taxes. “We are in a generation defining moment for our country,” House Speaker Paul Ryan said from the House floor before the vote. “What we’re doing here is not just determining the kind of tax code we’re going to have -- what we are doing here is determining the kind of country we’re going to have.” “Under this plan, the average family at every income level gets a tax cut,” Ryan said. Studies have shown that many of the tax bill’s benefits would go to the highest earners -- and some middle-class taxpayers might actually pay more. Republican ‘Nos’ ...
 
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Canadian Real Estate Street Smart REI   November 16, 2017   23   0   0   0   0   0
(Bloomberg)—An activist investor in Cedar Realty Trust Inc. is calling for an investigation of sexual harassment claims in a lawsuit filed against the company’s chief executive, Bruce Schanzer, and said any evidence uncovered to back up the allegations should result in his immediate suspension or firing. Snow Park Capital Partners criticized the Port Washington, New York-based company for failing to respond swiftly or strongly to the suit by Nancy Mozzachio, Cedar Realty’s former chief operating officer, in a Nov. 9 letter obtained by Bloomberg News, saying the initial statement “utterly fails to appreciate the severity of the allegations.” "What is very relevant to us is whether there was a pattern of sexual harassment and multiple women that had complained to Bruce in the past," Jeff Pierce, New York-based Snow Park’s managing director said in an interview. "The other question I want an answer to -- and I want it to come from the board, not management -- is whether Cedar funds were used to settle such claims." Mozzachio claimed in her suit, filed Nov. 2, that the chief executive officer “regularly leered” at women working for the firm and spoke inappropriately, calling her “babe” and making other comments. Mozzachio alleged she was also harassed by the company’s chairman, Roger Widmann, and faced retaliation after voicing her concerns to a lawyer. Snow Park also called for Widmann’s actions to be reviewed. Cedar Realty’s independent board members said in a statement that Snow Park’s comments were “misinformed and factually...
 
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Canadian Real Estate Street Smart REI   November 15, 2017   20   0   0   0   0   0
10 Must Reads for the CRE Industry Today (November 14, 2017) Nov 14, 2017 10 Must Reads for the CRE Industry Today (November 13, 2017) Nov 13, 2017 10 Must Reads for the CRE Industry Today (November 10, 2017) Nov 10, 2017 10 Must Reads for the CRE Industry Today (November 9, 2017) Nov 09, 2017
 
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Canadian Real Estate Street Smart REI   November 15, 2017   32   0   0   0   0   0
(Bloomberg View)—Corporate America has been giving way for several decades to uncorporate America -- pass-through entities that don't pay corporate income tax and now account for close to 40 percent of the revenue and more than 60 percent of the net income of U.S. business. The earnings of pass-throughs flow to their owners' individual income tax returns, and the current House and Senate tax plans both include big tax cuts (around $450 billion over 10 years) for those owners. These have usually been pitched as tax breaks for "small business," which isn't entirely wrong but is misleading. More than 95 percent of businesses in the U.S. are pass-throughs, and the vast majority of those are small. But as I've written before, most pass-through revenue flows to a small minority of relatively large entities, and most pass-through earnings flow to people in the top 1 percent of the income distribution. There's another question I've wondered about, especially when I've seen proponents of the pass-through tax cut bring up manufacturing as a likely pass-through endeavor: What do pass-throughs do? That is, what industry sectors are they most likely to be in, and how does that compare with conventional "C corporations." First, a quick taxonomy: The four categories of pass-through are sole proprietorships, partnerships, S corporations and real estate investment trusts. The first two have been around forever, although in recent decades partnerships have taken on new form with the rise of limited partnerships, limited liability partnerships and limited liability companies. The latter two were created by Congress...
 
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Canadian Real Estate Street Smart REI   November 15, 2017   24   0   0   0   0   0
(Bloomberg)—For the past year, Amazon employees have been test driving Amazon Go, an experimental convenience store in downtown Seattle. The idea is to let consumers walk in, pick up items and then pay for them without ever standing in line at a cashier. Amazon is vague on the mechanics, but the store relies on a mobile app and some of the same sensing technology that powers self-driving cars to figure out who is buying what. Employees have tried to fool the technology. One day, three enterprising Amazonians donned bright yellow Pikachu costumes and cruised around grabbing sandwiches, drinks and snacks. The algorithms nailed it, according to a person familiar with the situation, correctly identifying the employees and charging their Amazon accounts, even though they were obscured behind yellow polyester. Amazon Go represents Amazon.com Inc.’s most ambitious effort yet to transform the brick-and-mortar shopping experience by eliminating the checkout line, saving customers time and furthering the company’s reputation for convenience. The push into groceries is a way for the company to get consumers to shop at Amazon more often. In September, the e-commerce giant acquired Whole Foods Market for $13.7 billion and has been cutting prices at the upscale grocery chain to drive traffic. On Wednesday, Whole Foods began offering deep discounts on Thanksgiving merchandise, including antibiotic-free turkeys, and signaled that the markdowns will get more aggressive as it adopts Amazon’s Prime subscription service. Shares at Kroger and Sprouts tumbled after the announcement. Amazon unveiled Amazon Go last December, saying...
News Canadian Real Estate Magazine   November 15, 2017   26   0   0   0   0   0
October sales indicate the housing market is bouncing back, and the Greater Toronto and Vancouver areas are leading the way. Sales last month were up 0.9% over September, even though listings declined 0.8%, which is in stark contrast to the August-to-September increase of 5%. The Canadian Real Estate Association compiled the data, and another key finding was that October’s sales-to-new-listings ratio of 56.7% was up 1% from September, indicating the market is balancing. Year-over-year sales in October decreased 4.3%, but the national average sale price of $505,937 was up 5%.However, the average sale price dropped to $383,000 when the GTA and GVA were removed from the equation. REMAX Integra CEO Pamela Alexander says inventory is still tight in Canada’s two largest housing markets, but that signifies a return to a stable and predictable market.Fortunately, she says, it will be nothing like the beginning of 2016, when there was unusually high activity and homes sold well over value. “It looks like it’s heading back to a normal market, like the one we’ve been experiencing for the last 10 years,” she said.“The market is trying to find its balance across the country, especially in its two biggest markets.” Looking ahead through the remainder of 2017 and into next year’s first quarter, Alexander expects stable
News Canadian Real Estate Magazine   November 15, 2017   33   0   0   0   0   0
by Paolo Taruc The Urban Development Institute (UDI) has criticized the decision of Vancouver authorities last week to deny the Beedie Living mixed-used condo project in Chinatown. “This ruling creates significant uncertainty because our members don’t know if they can rely on zoning, urban area plans, advice of city staff or recommendations of the Urban Design Panel,” said UDI president and CEO Anne McMullin in a statement. She described the move as a “surprise decision,” as the proposal was revised five times over four years and received the support of expert city staff, the city’s Urban Design Panel of design professionals. McMullin warned that the denials sends a “negative chill” throughout the industry at a time when when housing supply in market, rental and affordable homes has reached historic lows. “Our members, and the thousands of individuals represented in all facets of development and building, are concerned this decision undermines the integrity and reliability of the City’s rigorous planning regime, and puts into question future projects, not only in Chinatown, but across the City,” she added. Opponents of the development believe its construction would gentrify the area and price out the community’s marginalized residents.“In the neighbouring 189 Keefer building, we have seen 1 bedroom condos being sold for just under half
News Canadian Real Estate Magazine   November 15, 2017   104   0   0   0   0   0
Nightmare tenants are afforded a lot of protection under Ontario law, even when they refuse to pay rent or move out, but, fortunately, steps can be taken to ensure your due diligence is foolproof. While asking potential tenants for references and credit reports, as well as having criminal background checks performed, is par for the course, they can be forged or otherwise circumvented, as one Toronto landlord recently found out. A tenant named Mike Lemke had documents forged and friends acting as references—he even enlisted a legitimate real estate sales agent, who happened to be his friend, to represent him—to move into a high-end Liberty Village condo rental.Having experience exploiting the system, he stopped paying rent and refused to move out. Steve Arruda, a sales agent with Century 21 Regal Realty, represented the landlord in that case, and had the displeasure of dealing with Lemke.Upon moving into the condo in October 2016, Lemke’s metamorphosis into the tenant from hell didn’t take long. “He paid the first and last month’s rent, then he was there rent-free for six months,” said Arruda.“He’s one of those guys who knows the system and knows exactly how much time he has. “He was bragging about how he’d be there for six months, and bragging about how he has rights,
 
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Canadian Real Estate Street Smart REI   November 07, 2017   193   0   0   0   0   0
(Bloomberg)—Hotels used to be gauged by the campaign strategy that won the presidency for Bill Clinton: it’s the economy, stupid. Nowadays, politics may determine their future. The latest upheaval came with the arrest over the weekend of billionaire Saudi Prince Alwaleed bin Talal, whose Kingdom Holding Co. is co-owner of Four Seasons Hotels Ltd. and New York’s Plaza Hotel. Here are some hotel companies caught up in shifting political winds globally: Four Seasons Prince Alwaleed, a prolific and longtime investor in luxury hotels and management companies, was detained on Saturday, one of several family members caught up in  moves by Saudi Arabia’s King Salman to clear any remaining obstacles to his son, Crown Prince  Mohammed bin Salman, ascending to the throne. Alwaleed and Bill Gates’s Cascade Investment LLC teamed up a decade ago to take Four Seasons private for about $3.8 billion. Kingdom Holding and Cascade each own 47.5 percent, and a holding company for Four Seasons founder Isadore Sharp owns 5 percent. Four Seasons said the Saudi matter doesn’t affect the company’s day-to-day operations. “It is business as usual,” it said in a statement. Kingdom Holding shares have fallen more than 21 percent this week. Hilton Five months ago, another high-profile arrest, in China, of Anbang Insurance Group Co. Chairman Wu Xiaohui, raised doubts about whether Anbang would proceed with its plan to convert Manhattan’s landmark Waldorf Astoria hotel into luxury condominiums. The renovation is set to begin later this...
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The Canada Real Estate Investors Club's mission is...
 
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Last Step !!!!!!! Please choose from...
 
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ComFree Survey 5000 Canadian Homeowners - Would They Use A Realtor To Sell Their Home?
ComFree, part of the largest For Sale By Owner...
 
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Are you just starting your career in...
 
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