GTA Accounting Insights

Category: Real Estate Tax

A Cautionary Tale Regarding The GST/HST New Housing Rebate

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…
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Rent or Buy Home in Canada. What’s right for you?

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…
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How is Capital gains tax calculated on Real Estate in Canada?

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…
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