• Q: Who can apply for the Newfoundland and Labrador Resort Property Investment Tax Credit?
• A: Any person or corporation paying Newfoundland and Labrador Income taxes.

 

• Q: How much is the credit?
• A: 45% of the purchase price. 

 

• Q: What expenses are the owner responsible for?
• A: The owner is responsible for only the property taxes and condo fees.  The operator/developer is responsible for operational expenses.

 

• Q: Will property tax increase?
• A: Steady Brook Inn has a written agreement with the Town of Steady Brook for 10 years at a fixed rate.

 

• Q: How much are condo fee’s and what do they cover?
• A: Condo fees are only $150 per month.  Because the developer/operator pays the operation expenses of the resort, condo fees contribute to a reserve fund only.  The reserve fund will be used for the eventual replacement of shingles, siding, windows, parking lot pavement, elevator maintenance, building structure, etc.

 

• Q: If furniture is damaged who is responsible?
• A: The operator is responsible for all furniture and other chattels in the resort.   

 

• Q: In the first year or two, if resort doesn’t make money because it’s new to the market, will I have to pay any expenses or increased condo fees?
• A: No, you have a guarantee of $5000.00 income plus $2000.00 of personal room rentals regardless of the cost of operation.

 

• Q: Does Steady Brook Inn have approvals to construct from the Town of Steady Brook?
• A: Yes, we have written approval in principal.

• Q: Is the price applicable to HST?
• A: Yes, HST is applied to the purchase price.  However, purchasers can have the HST deferred.