? for Canadian DVC owners

[wdw-ocd]

Dh and I are weighing the pros and cons of buying into a DVC timeshare and were wondering how it affects Canadians at tax time. Our tour guide, although very nice, was pretty clueless when it came to talking about taxes and the difference between purchasing a timeshare when we're in Canada versus purchasing while we were in Florida.

Do you claim your DVC timeshare on your taxes as property owned in the US when you don't really own it (even though it's deeded)? How does it work?

TIA!

 

[dsneygirl]

The question on your taxes is if you own foreign property over $100k I believe so it's a non issue for most.

 

[F4disneyfan]

No issue for us on our contracts and points

 

[Inga]

Not an issue for us as well...love DVC!

 

[belle1627]

Nope, not a problem, doesn't affect your taxes at all, not even brought up. We love DVC, wish we had done it sooner, but be warned once you buy you get add-on-its.

 

[F4disneyfan]

Nope, not a problem, doesn't affect your taxes at all, not even brought up. We love DVC, wish we had done it sooner, but be warned once you buy you get add-on-its.

I agree we have been through add on itis 2 times now and are trying to quell another family outbreak of this terrible disease LOL.

 

[mommylo]

Yes, I agree with the disease of addonitis. I suffer from "plan-ni-tis".

 

[wdw-ocd]

O.k., so paying taxes in Canada isn't an issue. Yay!

Speaking of add-onitis and plan-itis, can anyone tell me if it's better to buy resale rather than from Disney and what the restrictions are for borrowing points from the next year? We're a family of 6 who can only travel in the summer and holidays so it seems like we need A LOT of points to make DVC worthwhile.

Thanks for all of your quick responses!

 

[mrs.explorer1977]

We bought a 50 point contract resale (what we could afford at the time) and added on 50 at SSR right away. Then, we sold our original 50 points at HH and bought 100 points at AKV. So, we've got 150 points total now.

As for borrowing, I think you can borrow all your points from the previous year...so, you could have double your points every other year, or you could go every 3 years (?) and have triple your points -- bank the previous, use the current and borrow the next.

I'm not positive though...DH is the points expert around here! I just tell him where I want to stay and for how long and he makes it work!

 

[WDWcanuck]

Quick question,

Can Canadians buy resale? And, if so, are the same financing rates offer to us as they are offered to US residents?

Thanks.

 

[calgarygary]

O.k., so paying taxes in Canada isn't an issue. Yay!

Speaking of add-onitis and plan-itis, can anyone tell me if it's better to buy resale rather than from Disney and what the restrictions are for borrowing points from the next year? We're a family of 6 who can only travel in the summer and holidays so it seems like we need A LOT of points to make DVC worthwhile.

Thanks for all of your quick responses!

To decide if DVC is worth it to you, first decide how much you value staying onsite. If you do not think that paying $15K extra (and the associated carrying costs) than staying onsite is likely not for you. You will likely need to spend over $20K to accomodate your family comfortably in a 2 bedroom. Onsite, you are looking at either an annual 285 point contract or maybe 150 for every other year. At apx. $90/point, you could be looking at either $13-15K for an every other year trip or over $25K for an annual trip. Compare that to Sheraton Vistana Villages where $5-8K will give you an annual 2 or 2 bedroom lock off when purchased resale. Compared against most DVC resorts, the VV has superior accomodations but does not offer transportation or reasonable onsite dining.

Everyone has to decide what onsite is worth to themselves, for us, I will gladly stay offsite and save considerable $. The real way DVC comes out better in a $ comparison, is if you compare developer purchase to developer purchase.

Finally, I suggest that you first visit tug where you can get a great education in timeshares - both DVC and others.

 

[dsneygirl]

Quick question,

Can Canadians buy resale? And, if so, are the same financing rates offer to us as they are offered to US residents?

Thanks.

For resale you would do your own financing like a Line of Credit. We used the Timeshare Store and highly recommend them.

To the original poster check out the DVC forums and read, read, read. There is a tonne of good info and lots of people have done all kinds of number crunching.

 

[belle1627]

We bought our first contract throught The Timeshare store, they do not provide financing. We added the next contract through Disney, and got that financed. We opened an US acct. at RBC and we pay our dues monthly as well. We are thinking of adding on again, through the TSS again. They are awesome. I agree with another poster, go to the DVC forums, there is a wealth of knowledge there.

Good luck