DVC Purchase Process as Canadians

[Carolynleanne]

Hi there,

My husband and I have decided to take the plunge and join DVC with the resale market! We're just waiting for the right contract to come up but are hoping to have one within the year for around 160 points.

Just wanted to check in with some fellow Canadians who went through the process. Any tips? Especially in regards to resale? Did you have to do a bank transfer or were you able to use a credit card to put it through? It'd be nice to get the West Jet points on our card with it... that'd cover our families flights on our first trip

Thank you!

 

[deedubb]

You can use a cc for the deposit, but will have to send the rest by bank draft/wire etc. I would suggest using Knightsbridge if transferring large sums of money.

If buying direct from Disney, you can use a cc for the full amount.

Good luck!

 

[Disney_Alli]

We did a bank draft from our bank for the entire amount while points might have been nice as far as I know it's not an option on the resale market.

 

[bababear_50]

Hi Carolyn
I am a DVC owner,,OKW and AKV
I have bought my contracts over the period of a number of years,,3 resale and 1 from Disney.
I was able to use my Westjet Mastercard on the deposit amount for all 4 transactions.
The remainder was paid via bank draft from my bank.
The Disney transaction for a small point contract last year netted me the entire purchase= Westjet dollars.
It was nice to get a few Westjet dollars in the deal. Flights from here to MCO can be expensive.

I see from your signature that you have been many times but I wanted to mention that sometimes buying two smaller point contracts gives you
a bit of flexibility when considering selling. (smaller contracts sell faster and for a reasonable price).
Maybe drop by the DVC forums and listen to what the experienced pros have to say,,I'm still learning.

https://www.disboards.com/forums/disney-vacation-club-forums.200/

Congrats and a almost Welcome Home!

Regards
Mel

 

[mort1331]

As the others have said deposit by Cc. We did our balance by wire transfer with RBC.
Few other hings to think about. Set up a US base acxount..rbc.td both have some
Then you can pay your dues monthly. Also i would buy resale only with the big 4 resalers that have been around. Stay away from ebay and others.
Mel was right goto the dvc forum here lots of great advice on pricing what was offered and accepted.
Good luck

 

[MoreTravels]

You need to be aware of a few issues. If you own DVC and other things, you may have to declare foreign property to CRA at tax time.

Also you will lose 10% in withholding taxes to IRS when you sell. Some people say you can get it back but you have to get a tax ID and file American tax return and be registered in their database to get that refund. You may not get any refund at all if your other income make you disqualified from it. So most Canadians just forfeit 10% so they don’t have to be part of American tax database.

 

[Carolynleanne]

Hi Carolyn
I am a DVC owner,,OKW and AKV
I have bought my contracts over the period of a number of years,,3 resale and 1 from Disney.
I was able to use my Westjet Mastercard on the deposit amount for all 4 transactions.
The remainder was paid via bank draft from my bank.
The Disney transaction for a small point contract last year netted me the entire purchase= Westjet dollars.
It was nice to get a few Westjet dollars in the deal. Flights from here to MCO can be expensive.

I see from your signature that you have been many times but I wanted to mention that sometimes buying two smaller point contracts gives you
a bit of flexibility when considering selling. (smaller contracts sell faster and for a reasonable price).
Maybe drop by the DVC forums and listen to what the experienced pros have to say,,I'm still learning.

https://www.disboards.com/forums/disney-vacation-club-forums.200/

Congrats and a almost Welcome Home!

Regards
Mel

Thanks for the help and advice, all! Mel, I'm curious about this... we initially thought we'd get around 160 resale for AKL, but you suggest getting two smaller contracts instead? Isn't that complicated when trying to book a week at one location? I'd hate to have to jump around to two different Resorts within one week. We like to get settled.

 

[deedubb]

Thanks for the help and advice, all! Mel, I'm curious about this... we initially thought we'd get around 160 resale for AKL, but you suggest getting two smaller contracts instead? Isn't that complicated when trying to book a week at one location? I'd hate to have to jump around to two different Resorts within one week. We like to get settled.

You don't have to get them at different resorts (eg. you could get 100 points and 60 points at AKL, same use year). Booking with 2 contracts like that is no more complicated than having a single contract. However, the only advantage I see in getting multiple smaller contracts is if you want a huge number of points. For example, if you wanted to buy 500 points, splitting that into 2 or 3 smaller contracts will make it easier to sell in the future. If you want 160 points, I would just buy one contract. Otherwise, you're paying for closing costs twice.

 

[bababear_50]

Hi
My reasoning for smaller contracts has to do with the resale value of them,,and liquidity of them,,,many people buy into DVC and then circumstances change,,job loss,new baby, buyers remorse etc. Life Happens. Yes there would be 2 closing costs but two 80 point AKV contracts are easier to liquidate than 1 160 AKV contract. For me it is easier to just use one contract for my own personal needs and if I choose I can rent out the other contract to generate money for a trip elsewhere. Buying small also gave me the time I needed to pay cash and also decide if I was happy with my purchase.

I always tell people if you could only stay at your home resort and no other resort would you be happy? DVC does not guarantee you 11 month availability to book at any of the resorts except your home resort and as more and more people buy in that may even at certain times prove difficult if you are not on the ball and on the computer/phone on that date. I like having the booking priority at my two favourite resorts.
Be aware of when you travel and what the current and future demand for that time period is for your home resort. Know the size of Villa you need and now and perhaps in the future.


P.S.
Before I did the *DVC Grand Tour*--(this is where I went to Disney World and visited every one of the DVC resorts before buying in) ,,, I never thought I'd choose OKW--But I just fell in love with the resort the minute I got off the boat.
I mention this because I see you've stayed in the Beach Club area resorts twice.


Hugs
Mel

 

[mort1331]

You need to be aware of a few issues. If you own DVC and other things, you may have to declare foreign property to CRA at tax time.

Also you will lose 10% in withholding taxes to IRS when you sell. Some people say you can get it back but you have to get a tax ID and file American tax return and be registered in their database to get that refund. You may not get any refund at all if your other income make you disqualified from it. So most Canadians just forfeit 10% so they don’t have to be part of American tax database.

1st no need to declare foreign property, it is not. Since it is only yours for a max time. 2nd they have increased to 15% for withholding tax. But depending how much it is at the time will determine if you want to go after it.

 

[Carolynleanne]

Got it. I understand where you're coming from. We LOVE Beach Club, but so far I've never come across a resale on that Resort. I actually love the look of Old Key West, but I noticed on several forms it said they're one bedroom only sleeps four? We're a family of five, so we absolutely need a resort that can hold five in a one bedroom. Proximity to the Parks is not of huge importance to us, as Canadians it's more about that vacation feel. We're from the West Coast, so places like CCV and VWL hold no significance to us - it looks like home, haha! The main reason we assumed we'd buy at AKV is because of the amount of available contracts and the fact that it's more affordable. They've got a great pool area and theme and the spaces are roomy