Canadians Looking into DVC

[Tollerwalker]

We are looking at guying 150 points. We are canadian and have some questions not necessarily in regards to being a canadian DVC member, but as a whole.

1) Is it better to buy from Disney or through a reseller
2) Aside from the lower maintenance dues and length of contract (currently 54 years) is there a benefit to SSR over other resorts? What are the contract expiiries for resells I may see? Like OKW, BCV, BWV, etc.
3) Are there any canadian members who use this site? Do you have any advice for us before we purchase? Do you think it is worth ot after the dues, and exchange rate? Are there any tax implications we should be aware of.
4) We are in NB which I guess DVC cannot sell to directly unless we are in Florida. Does anyone know of a way around this?

Anyone who has any advice that I have not asked about would be awesome. We are looking to make our decision soon and have talked to reps the last 2 times we were at Disney and are finally ready to pull the trigger. We want to make sure we make an educated decision about whether or not to do this and if we do - shoudl we buy from disney direct or not.

We do to disney every 1-2 years.

Thanks!
Jessica
tollerwalker@yahoo.ca

 

[Canadian Tom]

Hello: I'm Canadian Tom, if that doesn't tell you where I live, I don't know what will. We have bought over the last couple of years 2 150 point contracts at BCV and 1 123 point contract at SSR. Each one we bought direct from Disney. The price was right(with incentives) and with no hassels, on a resale there are possible problems,(offer, rofr, could be 5 weeks before you can make any ressies) and you may not get the contract if Disney exerts it ROFR then you have to start the whole process over again fro the start. The best advice I can offer you is to buy where you want to stay. We really like the BCV and that's why our points are there. The SSR was such a good deal I couldn't pass it up. Is it worth it, that is something you have to answer for yourself. For us, it is. Any other questions ask away. canadian Tom

 

[supernurse99]

Hi,

We initially thought of buying SSR directly from Disney (last March) but instead went the resale route. We got 190 OKW points for about the same price as 150 SSR points. The whole process went quite smoothly, even though we were newbies and a bit nervous at first. We are pleased with our purchase and it will be worth every penny (even with the exchange rate). There are no tax implications that we're aware of. Buying resale takes longer and the wait for ROFR can be a bit stressful. We would probably buy direct from Disney if we ever do an add-on. As for having OKW for "only" 37 years, we'll be 80+ by then anyways.The only regret, which you will hear quite frequently in this group, is that we didn't buy into DVC sooner.

Good luck,

 

[Cruelladeville]

Our contracts at BWV and OKW will end in 2042, and part of the dues are property taxes, which you can deduct on your income taxes in the US. As a DVC member, you will not pay taxes on your lodging at DVC hotels. The taxes that you pay as a cash customer is 11%, so DVC saves you that cost on top of your room costs.

I have bought both from Disney and from a resale. If you need to finance, you will need to go thru Disney, since resales are cash. However, if you have the money, buy resale because you will get it about $20 per point cheaper, depending upon the resort. If you are interested in BCV, it's a toss-up, and I would probably go with Disney, because you will have your points in less than a week after your deposit clears.

 

[mickeychick]

Hi. Another Canadian here. I took the DVC tour at SSR this spring and was really impressed. Almost bought at that time - went through with all the paperwork (very simple process), but then got cold feet. At the time, I was looking at financing some of it through Disney, and in the end I decided not to go that way.

I tend to go every 1-2 years as well, but I would usually only need a studio (no kids). I just recently made an offer on a small re-sale contract through the Timeshare Store (great experience so far!). I can easily afford the smaller contract, so no financing required. I may do a small add-on through Disney later, but ultimately I don't need that many points for my vacation needs. If there are times that I want to 'splurge' on a longer-than-usual stay, I figure I can either rent additional points or pay cash for a couple of extra nights. I want to keep my maintenance costs (in Canadian dollars) at a level where I don't even really notice paying them - rather than feeling like it's a burden.

This board is a great source of info - the folks here are experts, and very friendly. My advice would be to figure how many points you "need", as well as how many you "want", and then calculate the maintenance fees for each. Then factor in the fluctuating dollar. The exchange rate is decent now, but as we know, that can and does change often. I'd buy as many points as you can comfortably afford even if the exchange rate is horrible. For me, that's slighly less than 150 points, which means I had to go re-sale rather than Disney.

PM me if you have any questions, I'd be happy to chat.

 

[Tollerwalker]

I guess this is a question for any canadians that have had their DVC or over a year. Does this count as owning foreign property? Do we need to pay canadian tax for it? Vice versa, do we get to use the tax portion of our maintenance fees as a tax credit?

Also - does anyone live in a province that DVC is unable to sell into?

 

[Tollerwalker]

Oh - I forgot to ask about the annual pass option.

Does owning an interest in DVC mean we can buy an annual pass as a Florida resident? Does being a DVC member still give you a discount off the cost of the annua; pass?

Thanks again
Jessica

 

[RoyalCanadian]

DVC ownership does not give Florida residency privileges, however the AP discount is $100 off. A very nice discount, indeed.

 

[supernurse99]

Also - does anyone live in a province that DVC is unable to sell into?

We live near Winnipeg and DVC is not available in Manitoba.

 

[Dean]

1. It is certainly cheaper to buy resale but not as much of a difference as most timeshares. SSR is only now 49 years as it ends Jan, 2054.
2. SSR has lower fees but is not the only one and the truth is they are currently subsidized so may rise over time. The only benefit to SSR is buying through DVC though it may be possible even to buy SSR resale.
3. I'm not Canadian but you may want to look at the current benefits Disney is offering to Canadian guests, some of which you may lose out on if you buy DVC. Run the numbers.
4. You can buy DVC anywhere but you may be limited to resale if DVC is not able to sell retail in your area. You could also buy from somewhere else if you have a qualifying address you can get mail at temporarily or you could travel to FL.

Just run the numbers over several years and see if you would get a savings. I'd take into account lost income on what you paid, a depreciating amount for principle, yearly dues and any interest you paid compared to what you would pay over the next few years (and have paid over the past few years}. IF you don't have a track record of going most years for several and at least every other year, I wouldn't buy.

 

[dsneygirl]

I guess this is a question for any canadians that have had their DVC or over a year. Does this count as owning foreign property? Do we need to pay canadian tax for it? Vice versa, do we get to use the tax portion of our maintenance fees as a tax credit?

Also - does anyone live in a province that DVC is unable to sell into?

Neither. Foreign property has to be over $100k in value and you can't deduct any fees just like you can't deduct maintenance fees on your house.

 

[dlvanslyke]

We also live in NB and bought 150 points at BCV in 2002 when they were only $70/point. My husband flew down for 1 day to make the purchase - couldn't find any other way around this.

 

[bavaria]

We also live in NB and bought 150 points at BCV in 2002 when they were only $70/point. My husband flew down for 1 day to make the purchase - couldn't find any other way around this.

Also be aware that any add-on purchases will need to be done in person with DVC, unless you reside in Ontario. To avoid flying down for the day, purchasing a resale may be the way to go, particularly since the Timeshare Store has lowered costs on small contracts and has a financing option.

 

[mbb]

I guess this is a question for any canadians that have had their DVC or over a year. Does this count as owning foreign property? Do we need to pay canadian tax for it? Vice versa, do we get to use the tax portion of our maintenance fees as a tax credit?

Also - does anyone live in a province that DVC is unable to sell into?

2+ years here..

160 points at BCV We're from Nova Scotia, and DVC can't do business here, either

Just one tiny point - if you ever decide to sell your DVC, you may have to pay a "Foreign Investment Tax"...FRTPA or some such initals..it appears that it may be as much as 10%, or as little as nothing - depending, I guess, on how much profit you realize.

I'm sure if you give The Timeshare Store a call, they'll let you know all the ins and outs

We're happy, and yep, wish we had purchased earlier!!

HTH!

 

[snarfieca]

We're from Winnipeg and bought into DVC in 2001 at VWL. As many before have said - our only regret - not buying earlier. We bought right from Disney; their financing made it affordable for us.

We had originally thought of looking into DVC back in 1995 or 96 but I was employed only as a temp. When I got on permenent, I had inquired online about DVC & they sent me a letter saying Manitoba was outside their sales area. I thought that meant we couldn't buy in at all. It was cold & rainy when we were there in 2001 & I thought it wouldn't hurt to ask.

We've only missed one year since then. Having a kitchen - even a small one in a studio saves so much money on food.

We don't spend all the time in the parks. We relex more and enjoy our Disney time. We buy the passes with the no-expiry option - so they last more then 1 visit.

Brenda

 

[OnMedic]

Great thread... eh!

What are the financing options for Canadians? As far as I can see it is only DVC directly, as Tammac only deals with US Citizens I am told.

Thanks for the great info!

 

[T.E. Yeary]

That is correct, Tammac will only finance those that reside in the US.

Can anyone out there come up with a solution?



Tom

 

[OnMedic]

Tom,

I called you today but ended up chatting with one of your agents. She is looking into this with Tanmmac, but I guess I already have my answer. The only other answer... buy from DVC????

I hope someone can let me know who takes care of us canucks!

Cheers,

 

[Dean]

That is correct, Tammac will only finance those that reside in the US.

Can anyone out there come up with a solution?



Tom

That leaves unsecured loans through your bank, credit cards, home equity loans and the like, cash or buying through DVC.

 

[supernurse99]

Also be aware that any add-on purchases will need to be done in person with DVC, unless you reside in Ontario. To avoid flying down for the day, purchasing a resale may be the way to go, particularly since the Timeshare Store has lowered costs on small contracts and has a financing option.

Found that out the hard way when I called our guide yesterday. I thought I had it made because I'm going down with my daughter on August 28 and I wanted to do a small add-on while we were there. My DH and I both have to sign if we want those points.