Real Estate Sales & Income Taxes

Whether you buy and sell homes as a business or hold real estate for rental purposes, knowing the tax consequences can save you from costly surprises. Business Income or Capital Gains If you are in the business of buying a home, making some changes and then reselling it for a profit then all of your gains are taxable and losses…

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Tax & Owning Rental Properties In Canada

Perhaps you moved out of the country for a few years and then decided to make it permanent or you have purchased property in Canada as an investment to generate income. No matter the reason, you should be aware that Canada imposes a withholding tax on the rents and sale of real property. Knowing the highlights can help you avoid…

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The Principal Residence Exemption

When you sell personal use property such as a car, jewelry, or furniture for more than you paid for it, you have to report and pay income tax on the net capital gain. The definition also includes real property, including the principal residence you own. The Income Tax Act provides a principal residence exemption for capital gains on the sale…

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Living Abroad And Becoming a Non-Resident

If you have left Canada to work in another country¬†or are considering moving from Canada, it is important to consider the income tax consequences and your tax options. If you are a resident of Canada, then you are required to pay income tax on your woldwide income. Leaving Canada to take up residency in another country may not be¬†enough to…

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Renting Property – A Little Tax Planning Can Go A Long Way

So you have decided to take the plunge. You have a house and lot picked out. The price is right and it looks like you will have a positive cash flow. Perhaps you even have some renters in the pipeline all ready to move in. But you still have questions about the tax implications. A little tax planning now can…

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