HONG KONG, Oct. 27, 2020 (GLOBE NEWSWIRE) — Tailor Insight, the fintech market research organization, recently released a research report ‘Tencent and WIMI Hologram Continue to Explore in the Field of Unmanned Driving’. The so-called AR navigation, just as its name implies, uses augmented reality technology to display ordinary navigation content in the form of AR real-world presentations. By deeply fusing the real road conditions captured by the on-board camera in real-time with the AI, a virtual navigation guidance model is generated, and superimposed to the real road to create a navigation screen closer to the real vision of the driver. The newly released AR navigation by Tencent adopts lane-level precise positioning technology, which makes the navigation guidance signs “fit” more accurately and realistically as if they were on the road. Users do not need to think and react, instead, they can make the right decision according to the guidance of navigation intuitively, which greatly reduces the reaction cost of users.The AR navigation system is part of the Internet of vehicles. The new AR navigation released this time adopts the lane-level precise positioning technology, which is more in line with the needs of users and strives to enable drivers to intuitively judge the navigation route. Meanwhile, it can provide practical information such as the number of remaining parking spaces.The navigation information can be directly projected in the front of the front windshield through the mobile vehicle-mounted projection equipment. In specific applications, the AR navigation can not only display basic travel guidance such as navigation arrows and traffic signs, but also combine scene prediction and personal preferences of the user to provide targeted information that the user needs or is interested in. For example, when the user wants to buy clothes, AR navigation will present nearby merchants/discount information. When a user wants to drink milk tea, it presents nearby shops, or even enters an indoor parking lot, and guide the vehicle to an available parking space, while telling the user where the nearest elevator is. In addition, Tencent also allows merchants to update dynamic information, which means that it has bred countless possibilities for commercial realization. According to Wang Wanxin, the general manager of Tencent Auto Union, mass-produced models equipped with Tencent’s AR navigation will be on the market this year.WIMI focuses on computer vision holographic cloud services. WIMI found that the application layer has gradually become the advantage of unmanned driving in this industry, and then some demands for unmanned driving will be discovered from this industry. In fact, every step WIMI has taken so far is to respond to the market demand and to cope with it.From the perspective of the value of the industrial chain, WIMI Hologram acts as an intermediate supplier, connecting the SDK operating platform and application developers. Apple, Google, Baidu, and Tencent all have their own AR SDK platforms. While WIMI Holographic, as an intermediate platform, is a supplement to the basic toolkit provided by the SDK platform, allowing users to complete software applications more conveniently. The holographic image processing function of WIMI is regularly optimized and improved, including two core technologies: holographic AI face recognition technology and holographic AI face change technology. Due to the development of video processing and recognition technology, WIMI’s holographic AR advertising and holographic imaging services based on image detection, recognition, template matching, image dynamic fusion and replacement are currently in a leading position in the industry.With the development of autonomous driving, people will see various applications and implementations of AR technology in the industry, and automotive equipment requires after-sales updates, which provides necessary opportunities for the corresponding upgrade of AR content and software. Therefore, AR has great development potential. It can be predicted that the market will soon need a platform related to automotive AR. Now, what still needs to be considered is the formulation of a common standard, which means that manufacturers, software developers, and content developers must work together to build a common ecosystem for the upcoming automotive AR.In short, autonomous driving has brought real impetus to the development of AR, but at the same time, AR may also be a key factor in helping the market transition from manned to unmanned driving. In the long run, automotive AR only opens the practical application market of the AR industry, paving the way for AR applications in other industries.About Tailor InsightTailor Insight provides easy and quick solutions that allow customers to capture, monitor, and audit market data from a holistic view down to an individual task on market research and industry trend insights. For more information, please visit http://www.Tailor Insight.comMedia contact Alex Xie, Senior Analyst Fintech Research Team, Tailor Insight Research info@Tailor Insight.com http://www.Tailor Insight.com
Toronto’s Real Estate Board Tells Brokers Stop Showing More Than 2 Years of Sold Data – Better Dwelling
Toronto’s golden age of real estate brokerage innovation is coming to an abrupt end. Toronto Regional Real Estate Board (TRREB) sent a memo this week, on sold data. The board informed brokers they will only be allowed to show two years of data going forward.
TRREB Ordered To Allow Brokerages To Show Sold Data
The board formerly known as TREB was sued by the competition bureau in 2011. The bureau argued it was anti-competitive to prevent real estate brokers from sharing sold information. This dispute went on for years, until the supreme court finally rejected any appeals in 2018. Shortly after, the board provided member brokers with a data feed, complete with sold data. Almost immediately, this brought Toronto real estate out of the dark ages.
Release of Sold Data Drove Brokerage Innovation
Allowing the display of sold data led brokerages to build a number of Zillow-like products. Some brokers began providing sold data to clients going back over a decade. Toronto’s formerly dated, agent-driven model, was suddenly refreshed. Buyers were able to research, without an agent acting as a direct barrier to information. Unfortunately, that wasn’t TRREB’s intention.
TRREB Memo Demands Halt On Displaying Data Over 2 Years Old
TRREB sent member brokers a reminder this week that included a restriction that was previously unclear. The board notes several restrictions, but the biggest one is how much sold data can be shown. The memo reads, “Only two (2) years of sold data can be displayed or accessed at any time on the VOW, Website, or App.”
The updated interpretation of the bureau ruling is going to have a big impact. Starting soon, brokerages will restrict sold data to just 2 years. Much of the innovation that allowed people to research on their own will disappear. Instead Toronto will return back to it’s agent-driven model, where individuals have to request details from agents. This coincidentally will also conceal readily available sold data from the 2017 detached frenzy.
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How should your clients own real estate properties? – Advisor.ca
Under the Canadian tax rules, capital gains realized on the sale of a principal residence are generally exempt from tax if the taxpayer qualifies for the principal residence exemption (PRE). The PRE can only be claimed by individuals and certain trusts (such as alter-ego, joint spousal, and qualified disability trusts) under specific conditions.
Given the costs involved in setting up and maintaining a trust, your clients may prefer personal ownership. However, in some cases, the costs are warranted due to the estate planning benefits of using a trust. For example, if your client wants to leave their property to a disabled child, a trust can be beneficial to ensure that the property is transferred to specific family members when the disabled child dies. Similarly, a trust can be useful in a blended family situation to control how, when and to whom the property is distributed after the surviving spouse dies.
A corporation can’t access the PRE, so any capital gains realized on the sale of the principal residence would be taxable to the corporation at high income tax rates (e.g., 50.17% in Ontario for 2020). In addition, personal use of a corporately owned property by the shareholder would be considered a taxable benefit to the shareholder. This could result in double taxation, as the taxable benefit included on the shareholder’s personal tax return is not deductible to the corporation and there is no step-up to the cost base of the property owned by the corporation. For these reasons, owning a principal residence through a corporation is usually the least tax-efficient approach.
If your client personally owns a rental property, the net rental income would be added to your client’s net income for the year and taxed at their marginal tax rates. In addition, net rental income is also considered “earned income” for the purposes of calculating RRSP contribution room. If your clients are not currently generating the maximum RRSP contribution room through other sources of “earned income,” the added income could be a benefit of owning rental property personally.
If rental expenses are greater than the net rental income in a year due to rental vacancies, the net rental loss may also be deductible against your client’s other sources of income. The deduction would provide tax savings and reduce the cost of maintaining a rental property during a poor rental market. This is generally allowed for real estate operations that are predominantly commercial in nature as opposed to personal or recreational. If the Canada Revenue Agency determines that your client is not primarily carrying on the rental operations to make a profit, then rental expenses either may not be deductible or the deduction may be limited to the extent of rental income generated from the property.
In terms of broader non-tax considerations, personally owned rental property is subject to creditor and spousal claims against your client. If this is a concern, personal ownership of the rental property may not be ideal.
If the corporation is not carrying on an active real estate business, any rental income earned inside a corporation is considered passive income and would generally be subject to high income tax rates (e.g., 50.17% in Ontario for 2020). This flat tax rate applies to every dollar of rental income earned inside the corporation and may be much higher than the graduated tax rates your client would have paid when earning the rental income personally. As such, your client may have lower after-tax dollars to reinvest and grow their investments in the corporation.
Passive rental income earned inside a corporation may affect your client’s access to the small business tax rate if their corporation is an active (non-real estate) business. In some situations, your client may decide to own real estate property used in a business through a corporation separate from the active business corporation. This can allow your client to use different ownership structures in each corporation to maximize income-splitting and tax-planning opportunities.
Unlike with personal ownership, net rental losses earned inside the corporation can’t be used to offset other sources of income by the shareholders. As a corporation is a separate entity for tax purposes, these losses are locked inside the corporation and can only be used by the corporation.
Despite the unfavourable tax consequences, a corporation provides some non-tax advantages. For example, a corporation will generally protect your client’s personal assets in the case of any lawsuits or creditor claims against the corporation. In Ontario and B.C., a corporation may allow your client to avoid probate fees or estate administration taxes on the rental property through the use of a secondary will.
However, using a corporation involves annual accounting and tax filing costs which may be greater than the one-time probate fees on the rental property.
Your client may consider owning rental property through a trust. There are various types of trusts available and each has unique requirements and tax implications.
Unless certain income attribution rules apply, rental income earned inside a trust would generally be subject to the highest marginal tax rate (e.g., 53.53% in Ontario for 2020), and rental losses realized in a trust can’t be allocated to trust beneficiaries and must be used by the trust itself. In most situations, the rental income may be allocated and distributed to a trust beneficiary so that it is taxed at the beneficiary’s marginal tax rates.
A trust is commonly used as an estate planning tool to minimize probate fees because the rental property owned by the trust would not fall into your client’s estate when they die. A trust can also provide protection against creditors and spousal claims. Similar to the option of a corporate ownership, your client should consider the costs involved in setting up and maintaining a trust to determine whether the potential benefits outweigh the costs.
There are various options available when deciding on the ownership of real estate property. It is important for your clients to understand the options available and obtain professional advice to determine which option works best for them.
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