Real estate sales attract a lot of taxes that you must pay to the CRA. You have to be smart in your real estate business to ensure you minimize your taxes and maximize your profits. Most individuals in the real estate business do not know how to reduce their taxes on the sales of real…

There are a few things Canadians selling their U.S property should be aware of: 1: The 15% holding tax: As a Canadian or a non-resident of the U.S., you are subject to U.S. tax laws when selling your U.S. property. Regardless of the cost of your property, a 15% tax must be paid on the sale…

A house that is newly constructed or substantially renovated is subject to GST/HST. However, prospective buyers are able to recover part of the GST or HST under the new housing rebate if they intend to use the property as their primary place of residence. If you are planning to buy a new build, take time…

There may come a time when you have to make the tough decision of renting versus owning a property. For instance, if you need to downsize because your kids have left or you feel like your current space is being underutilized, it can be tough to decide whether to rent or own another property. We’ll…

In Canada only 50% of the capital gains are taxable. Capital gain is the difference between net sale proceeds and the purchase price of a property. We can calculate net sale proceeds by deducting commission and other selling costs, while land transfer fee, legal fee, and other closing costs can be part of the original…