by Macrealty Marketing Team | Oct 17, 2016 | In The News
Recently the Canada Revenue Agency (CRA) changed its administrative rules so that, unlike the past, if you sell your principal residence in 2016 or later years, you must report:
- The sale including the date and price of acquisition, the sale price and date and a description of the property; and
- The fact that the property was a principal residence
on your income tax return filed in 2017 if you want to claim the full principal residence exemption. The exemption means that no tax is paid on a property that is the principal residence of the seller. In the past CRA did not require taxpayers to report the capital gains on the sale of principal residences.
If you don’t claim the exemption then CRA will treat any gain in the value of the property as a taxable capital gain. One half of capital gains are deemed to be income in the year in which the capital gain is realized. The top marginal rate for income taxes in British Columbia is nearly 48% for income in excess of $200,000.
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by Macrealty Marketing Team | Sep 13, 2016 | In The News
B.C.’s finance minister, Mike de Jong, urges Canada Revenue Agency to “diligently” enforce the law following a report that speculators are flipping homes in B.C. without paying tax. Business News Network (BNN) invites Jonathan Cooper, Vice President of Operations at Macdonald Real Estate Group to share his opinions.
Tax evasion in B.C. real estate market happening but rare
(To view the video on mobile devices, please click here for direct play on BNN.)
About Macdonald Real Estate Group
Based in Vancouver, Canada, Macdonald Real Estate Group (MREG) has an annual sales volume of over $7 billion and over $2 billion in assets under management. With more than 20 offices and nearly 1,000 staff and REALTORS®, MREG offers a full range of real estate services, including residential and commercial brokerage, property and strata management, project marketing, and the MREG Canadian Real Estate Investment Centre in Shanghai, China. Macdonald Realty is the residential division of Macdonald Real Estate Group. For more information, visit www.macrealty.com.
