Factor of production. Land This refers to all the natural resources that are available to be used in the production of goods. The correct amount of cost to allocate to a productive asset is based on those expenditures that are ordinary and necessary to get the item in place and in condition for its intended use. Forfeiture will result in the buyer “forfeiting,” or giving up, all money paid to the seller for the property pursuant to the land contract and the equitable title of the buyer will be extinguished. A complex is a lodging house with two rooms for rent. It is generally a requirement that there be a clear intention to operate the facility as a hotel, motel, inn, boarding house, lodging house or similar premises. 35. * What needs to be done to build on the land? Pursuant to paragraph (c) of the definition of residential complex, the entire building would constitute a residential complex. The resort consists of four cottages which are rented to the general public for short-term stays, i.e., less than 30 days, from the first of May to the end of September each year and which are closed for the remainder of the year. 3. All Things Considered for December 29, 2020 Hear the All Things Considered program for December 29, 2020. Travel trailers, motor homes, camping trailers or other vehicles or trailers designed for recreational use are specifically excluded from the definition of “mobile home”. 20. Physical characteristics of real estate. It is provided for your reference. Factors that Affect Land Value Not all land is created equal. Acceptable methods include basing the calculation on revenues (either daily or total), or on identical lease periods or intervals such as number of “room nights” sold, or on the number of rooms available for rent for periods of less than 60 days and those for periods of 60 days or more. In English common law, real property, real estate, realty, or immovable property is land which is the property of some person and all structures integrated with or affixed to the land, including crops, buildings, machinery, wells, dams, ponds, mines, canals, and roads, among other things. Excluded from this concept of subgroup is a group that is defined by a unique characteristic not generally found in the public at large, e.g., employees or shareholders of a particular company.). An individual is not considered to be a builder of a residential complex by virtue of the items (a), (b), (c) or (d) in paragraph 1 unless the individual satisfies one of those items and does so in the course of a business or adventure or concern in the nature of trade. Specific Performance. Rather, it would be considered to be a place of lodging. Land is the natural resource that an enterprise uses to produce goods and services to generate a profit. All the inputs are classified into two groups—primary inputs and secondary inputs. Whatever is used in producing a commodity is called its inputs. These natural resources includes raw materials from the ground, non-renewable resources such as petroleum and renewable resources such as timber. (As long as the residential unit is in a residential complex and the tenant leases the premises for residential purposes for a period of continuous possession or use of one month or more, the supply of the leased premises is exempt under the provisions of paragraph 6(a) of Part I of Schedule V. For a discussion of exempt rentals, see Section 19.2.2, Residential Real Property—Rentals.). Zoningis related to land use but is how governments regulate and control it. He decides in what proportion factors should be combined. The following guidelines may be used to determine if a building, or part thereof, is a hotel, motel, inn, boarding house, lodging house or similar premises that provides all or substantially all of its accommodation for periods of continuous possession or use of less than 60 days. ), 3. Real estate consists of the physical structures and infrastructure that accompany the land. Labor Land useis the function or functions that humans apply to the land available to them. Land and all things permanently attached by nature C. Land and all things permanently affixed to it ... All of the following would be considered real estate EXCEPT A.Fences B. Crossing barbed wire, erecting fences and “no trespassing” signs – under Oliver, these don’t establish the expectation of privacy in an open field that society recognizes as reasonable. Market Value: A … Not all of these guidelines apply in all cases since their applicability depends on the location and type of establishment. This preview shows page 19 - 21 out of 23 pages.. 37. permanently affixed to a floating platform; designed to be occupied as a place of residence for individuals. All Things Considered for December 5, 2020 Hear the All Things Considered program for December 5, 2020 This website includes study notes, research papers, essays, articles and other allied information submitted by visitors like YOU. Normally, a one year period is appropriate. 5.4 The primary land clearing equipment shall be one of the following: 5.4.1 Crawler tractors with piling blades, cutting blades or earth blades. Also, as discussed in Section 19.2.3, Residential Real Property—Deemed Supplies, place of residence is a key concept in the application of the change-in-use rules under section 190 (conversion to residential use) and the self-supply rules under section 191 as GST/HST liability under these sections is triggered only if the tenant occupies the complex as a place of residence, rather than as a place of lodging. In this case, each of the four cottages rented to the general public for short-term stays qualifies as a “hotel” or similar premises and are thereby excluded from the definition of “residential complex”. 19.2.3 Residential Real Property—Deemed Supplies 17. d. each owner has a proprietary lease with the owners' association for the unit. 46. immobility, indestructibility, uniqueness. None of the above. 20. Land (other than a site in a residential trailer park) that is subjacent and immediately contiguous to the mobile home and that is reasonably necessary for its use and enjoyment as a place of residence also forms part of the residential complex. The following illustrates the use of different methods to determine the status (hotel or residential complex) of the lodging house: Short-term daily revenue/total daily revenue, Short-term total revenue/total revenue (1 yr. period), = (300 × $50)/[(300 × $50) + (200 × $30)]. As a result of the amendment, a multiple unit residential complex that contains one or more residential units that are for supply as short-term accommodation is no longer excluded from qualifying for a new housing rebate under one of these sections provided the residential complex is owned by an individual or has been provided by way of sale to the individual and it is used primarily (more than 50%) as the primary place of residence of the owner, a related individual, the owner’s former spouse or former common-law partner. Travel trailers and motor homes are not normally permanently affixed to the land in the same manner as a house (i.e., set on a permanent foundation) and, therefore, would generally not be considered to be a residential unit or residential complex. Effective April 23, 1996, short-term accommodation does not include occupancy in a residential complex or residential unit if it is supplied under a timeshare arrangement or if it is included in the part of a tour package that is not the taxable portion of the tour package. The expression “all or substantially all” means 90% or more. 41. Promises to sell crops annually B. All of the following would be considered improvements to land EXCEPT-sewers-crops-buildings-roads A person is considered to be a builder of a residential complex, or an addition to a multiple unit residential complex, if: 2. The uniqueness of land and its inability to be substituted is known as a. Nonhomogenity b. Scarcity c. Permanence of investment d. Nonheterogenity 21. 32. Often referred to as real estate, real property is one of the most important, and most lucrative, items bought, sold, and traded in the United States. The phrase law of the land is a legal term, equivalent to the Latin lex terrae, or legem terrae in the accusative case. As such, the house does not qualify as a residential complex and is subject to GST/HST when sold. Similarly, under other provisions in the Act, the residence must be the person's “primary” place of residence or “used primarily” as a place of residence. An individual leases a cottage in the country on a continuous basis over several years. 4. Primary inputs are also called factor inputs and secondary inputs are known as non-factor inputs. All factors of production are traditionally classified in the following four groups: (i) Land: It refers to all natural resources which are free gifts of nature. However, because certain buildings (e.g., mini-homes) that are now included under the definition of mobile home had been excluded prior to April 24, 1996, the change in the definition has different effective dates in the following circumstances: 11. Buildings C. Growing trees D. Farm Equipment. 2. Answer to: The following are all factors of production - land, labor, capital, and goods and services. He is loosely identified with the owner, speculator, innovator or inventor and organiser of the business. intended to be used as a place of residence or lodging for individuals if it has never been previously used or occupied for any purpose. c. each owner receives a separate real estate tax statement. The property has stood vacant since that time. On the land where the trees once stood there is erosion which flows into streams killing all … 33. A floating home is a structure consisting of a building that is: 8. What is considered the Holy Land? Which of the following is not considered to be a nonrecurring item? All factors to be considered. An entrepreneur acts as a boss and decides how the business shall run. b. one month, in the case of mobile homes or other residential unit, or. The compensation given to labourers in return for their productive work is called wages (or compensation of employees). Factor of production. For example, Jim Smith builds a single unit residential complex and intends to use it as his primary place of residence. all considered to be within the curtilage of the land and are areas in which there is a reasonable expectation of privacy. the person is deemed under subsection 190(1) (conversion to residential use) to be a builder. That is why land improvements are considered a completely different asset than land. The term is historic, arising from the now-discontinued form of action, which distinguished between real property … In the above example, soil, tractor, tools and farmer’s services are primary inputs because they render services only whereas seeds, manure, water and insecticides are secondary inputs because they get merged in the commodity for which they are used. “Place of residence” is a key concept in the definitions of “builder”, “residential complex”, “residential unit” and “short-term accommodation”. A small room in the Doe's cottage/home serves as a registration area and office. in any other case, the construction or substantial renovation of the complex; the person supplies a mobile home or floating home before it has been used or occupied as a place of residence (includes manufacturers and dealers); the person acquires an interest in the residential complex for the primary purpose of selling the complex, or interest in the complex, or making one or more supplies thereof by way of lease, licence or similar arrangement to persons (other than individuals who are acquiring the complex or part thereof, in the case of a condominium complex or residential condominium unit, it is not yet registered as a condominium, or, in any case, it has not yet been occupied by an individual as a place of residence or lodging ; or. Alternatively, production is undertaken with the help of resources which can be categorised into natural resources (land), human resources (labour and entrepreneur) and manufactured resources (capital). Human efforts done mentally or physically with the aim of earning income is known as labour. where appropriate, there is a common registration area; the rooms or suites in the establishment are furnished by the supplier; depending on the nature of the establishment, housekeeping services and other facilities such as restaurants, meeting rooms, or stores are available. Such amounts include the purchase price (less any negotiated discounts), permits, freight, ordinary installation, initial setup/calibration/programming, and other normal costs associated with getting the item ready to use. * Utility hookup and sewer options on the property. (b) Factors which indicate that a place is a person's place of residence and not being used for transient purposes include: (c) The determination of place of residence is a separate issue from that of whether an individual is a “resident” or “non-resident” of Canada. There were several proposals for a Jewish state in the course of Jewish history between the destruction of ancient Israel and the founding of the modern State of Israel.While some of those have come into existence, others were never implemented. It is not possible to reduce the notion of a place of residence to definitive factors. Land they say is appropriated from gifts of nature by human labour and entrepreneur is only a special variety of labour. A single unit residential complex is a residential complex with only one residential unit. All of the following are considered to be improvements EXCEPT A. Sewers B. Crops C. Buildings D. Roads A. Discontinued operations. Land can include anything that's on the ground, which means that buildings, trees, and water are a part of land as an asset. These centres are listed in GST/HST Memorandum 1.2, Canada Revenue Agency GST/HST Rulings Centres. The person brings his clothing and some of his personal belongings with him and rents a furnished residential unit in Ottawa. (A duplex is generally considered to be a multiple unit residential complex, but as noted in paragraph 48, a duplex is considered a single unit residential complex for purposes of GST/HST new housing rebates.). The meaning to be attributed to a “place of residence”, as opposed to “lodging”, is based on a determination of the purpose of the stay, the amount of time of the stay, and physical presence. not less than three metres wide and eight metres long; equipped with complete plumbing, electrical and heating facilities; designed to be towed on its own chassis on wheels to a site for installation on a foundation and connection to service facilities at that site; and. While possibly relevant for purposes of determining whether an individual is a “resident” or “non-resident” of Canada, an intention to remain at a place for an indefinite period of time is not necessarily required for that place to be considered an individual's “place of residence” for purposes of the Act. The definition of “residential complex” has been clarified to provide greater certainty that the time period of “less than 60 days” refers, as noted above, to periods of continuous possession or use. twelve months in the case of travel trailers or motor homes, or similar vehicles that are not residential units; a suite or room in a hotel, motel, inn, boarding house or lodging house, or in a residence for students, seniors, individuals with a disability or other individuals; occupied by an individual as a place of residence or lodging; supplied by way of lease, licence, or similar arrangement for occupancy as a place of residence or lodging for individuals; vacant, but last occupied or supplied as a place of residence or lodging for individuals; or. the person has an interest in the property on which the complex is situated and carries on or engages another person to carry on the construction of the complex or addition; the person has an interest in the complex and carries on or engages another person to carry on. The term real property refers to land, and any buildings, structures, and equipment permanently attached or fixed to the land. During such periods of use, the individual does not have to continuously occupy the premises on a daily basis. Any buildings, fixtures and appurtenances to the residential trailer park that are reasonably necessary for the use and enjoyment of the sites by individuals residing in the park, or for the business of supplying such sites (for example, a rental office), are considered to be part of the residential trailer park. The Promised Land [Columbia] Artist Robert Johnson. 6. For example, a free-standing garage or a tool shed could be characterized as an appurtenance. If you've ever played a settlement building game like SimCity, you'll know all about land use. All Things Considered for December 29, 2020 Hear the All Things Considered program for December 29, 2020. Thus, it is man-made material source of production. all public land is managed by the bureau of land management (blm).b. There are several factors that need to be considered when valuing land: * The current state of the land. The remaining discussion of the application of the GST/HST to residential real property is provided in the following sections: 19.2.1 Residential Real Property—Sales (e) The reasons for residing in a certain place, as well as leaving, may be important in determining whether an individual's abode is that individual's “place of residence”. has no municipal or provincial regulations relating to its operation as short-term accommodation. Machine For example, when a person is temporarily relocated for work purposes, (and possibly staying in hotel-type premises) or where there is a sudden unforeseen departure, the abode may still be considered a person's place of residence, even though the other factors may not be present. A floating home does not include pleasure craft and houseboats, even if used for residential purposes. However, park model trailers, travel trailers and motor homes may qualify as residential complexes if they are residential units and permanently affixed to the land in the same manner as a house. It refers to all of the laws in force within a country or region, including statute law and case-made law.. Look up law of the land in Wiktionary, the free dictionary. These residential complexes, commonly known as bed and breakfast establishments, may qualify for a new housing rebate provided the other requirements under the appropriate section are satisfied. that portion of the subjacent land that the residential units and related common areas represent of the entire building. ), 23. An individual rents a cottage in the country for a month from a co-worker. What and where he will produce and by what method. All Things Considered for December 2, 2020 Hear the All Things Considered program for December 2, 2020 Where the conditions of an applicable guideline are not present throughout the year, the building, or part thereof, may not be a hotel, motel, inn, boarding house, lodging house or similar premises, but rather a residential complex, regardless of the periods of accommodation provided. 44. Building b. John and Martha Doe are a semi-retired couple who run a small tourist resort in a popular vacation area in Ontario. Refer to this publication as well for a discussion of housing rebates and substantial renovations. To do that, we need to be able to engage in thoughtful dialog that makes room for many different perspectives on the relationship between people and land. Questiull 20 Consider a logging company which clear cuts all of the forests it owns so that it can increase its sales. A financial institution or other person that seizes an unoccupied residential complex from a builder who has defaulted on a financial instrument is also considered the builder of the complex if the financial institution or the person obtained an interest in the complex (prior to its occupation) for the primary purpose of supply. Physical characteristics of land include all of the following except: a. Fixity b. Immobility c. Nonhomogeneity d. c. Nonhomogeneity d. 51. public land can be protected or unprotected.d. 19.2.4 Residential Real Property—Special Issues. A. All of the following would be public land use controls EXCEPT: A. subdivision regulations B. zoning C. environmental protection laws D. deed restrictions (correct answer) Which of the following values is the most likely to set the residential price for a sale? 37. Instead, it gets treated as a completely separate asset purchase and is depreciated over its useful life just like other fixed assets. 13. The Promised Land [Columbia] Artist Robert Johnson. For example, for producing wheat, a farmer uses inputs like soil, tractor, tools, seeds, manure, water and his own services. Although the stay is for a specific period and somewhat temporary, it is not of a transient nature. Instead, it gets treated as a completely separate asset purchase and is depreciated over its useful life just like other fixed assets. geographic location of any given parcel of the land can never be changed. Real estate is a class of "real property" that includes land and anything permanently attached to it, whether natural or man-made. b) the sites would be suitable for use by occupants of a mobile home (whether or not the park in fact has mobile homes) as a place of residence of individuals throughout the year. Mr. and Mrs. Doe live in the fifth cottage which serves as their year-round residence. A mobile home on its own or together with any appurtenances to the home is also a residential complex where the mobile home is affixed to land. However, prior to April 24, 1996, (see paragraph 10) a mini-home was excluded from the definition of mobile home since it did not normally meet the dimensional requirements or the requirement for it to be towed “on its own chassis” that existed at that time. Ancestors of green plants began to colonise the land about 500 million years ago and it is generally accepted that they evolved from streptophyte algae (a group of green, fresh water algae). The whole of the property qualifies as a residential complex under this definition only if that property is used primarily as a place of residence of the individual, a related individual, or a former spouse. a. 48. However, the majority of students stay for the academic year. Under Hester and Oliver, an open field is not covered by the Fourth Amendment. All factors must be considered in determining whether or not a residential complex, unit or condominium unit is inhabited for the purpose of its occupancy as a place of residence. Land, therefore, includes all gifts of nature available to mankind—both on the surface and under the surface, e.g., soil, … Some economists are of the opinion that basically there are only two factors of production—land and labour. A residential trailer park is a trailer park encompassing at least two sites, where: a) 90% or more of the sites in the trailer park are supplied under a lease, licence or similar arrangement, or are intended to be supplied under a lease, licence or similar arrangement under which continuous possession or use of a site is provided for a period of at least. For additional information on motor homes and travel trailers, see paragraph 13 in this section. For example, a person who rents cottages on a short-term, daily basis every summer in a hotel-like operation and on a long-term basis during the winter may in fact be renting residential accommodation in a residential complex throughout the year. Land and labour are also known as primary factors of production as their supplies are determined more or less outside the economic system itself. 5. Generally, an appurtenance is something which is annexed to or belongs to another thing that is the main element of the item or object in question. state parks are considered unprotected public land. In this situation, the cottage is not being occupied as a place of residence of this individual as the stay is of a transient and temporary nature. (For example, subject to other factors considered below, short-term hotel accommodation would not normally be considered an individual's place of residence.). The method should be appropriate in the circumstances and be used consistently. For further discussion, see paragraphs 42 and 43. 5.4.2Excavator with piling rake. The accounting firm is now selling the property to an individual. Cumulative effect of change in accounting principle. Questiull 20 Consider a logging company which clear cuts all of the forests it owns so that it can increase its sales. ), A students’ association operates a building that provides accommodation to students who attend various colleges and universities in the area. The resort provides laundry and housekeeping services. Israel, also known as the Holy Land, is sacred to Jews, Christians, Muslims, Druze and Baha'is. A residential complex is that part of a building in which one or more residential units are located, together with. In this case, Jim is not considered to be a “builder” under the Act because he built the home otherwise than in the course of a business or an adventure or concern in the nature of trade. Further information Technical Information Bulletin B-092. Interest expense. the place in question is the only residence of the individual; the individual who is the occupant owns or leases the premises, as opposed to occupying the premises under a licence (such as a hotel room); if leased, the lease entered into between the landlord and tenant is of a long-term nature; the occupant is responsible for payment of utilities; there has been a change of address for postal, municipal/school tax and other purposes (e.g., driver’s licence, medical insurance); there is a telephone listing for the occupant at the place of residence; the individual has taken out an insurance contract for the home and/or its contents. Disclaimer Copyright, Share Your Knowledge A multiple unit residential complex is a residential complex having more than one residential unit, other than a condominium complex. How governments regulate and control it toll-free number 1-800-567-4692 for additional information to labourers return! 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