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  • Question about selling a property that was principal residence and then no more

    ... sell it in the next few years). I read the CRA website but I'm still a bit confused, so here's the simplest example I can put: - First: Bought property in 2015, has been principal residence since then. - Then: Move out of that property in 2024, and start renting it right away. - Finally: Decide ...

    • saisoj
    • Oct 27th, 2023 1:14 am
    • Forum: Real Estate

  • Looking for Some Tax Advice After Selling Property

    Scenario: 1) Husband and wife are Canadian citizens living in BC 2) They sell a property for $500,000, which was originally purchased for $250,000. 3) Husband's annual salary is $100,000 while the wife is a homemaker with no significant income. 4) Both husband and ...

  • Second property

    Hi, I am looking at purchasing a new (primary) property and renting out my current one, which I'll break even with. Currently owe 395k, worth 745k as per assessment (780k if look at comparables by last sold price in the building). What does this ...

    • lawonga
    • Sep 19th, 2023 6:23 pm
    • Forum: Real Estate

  • Capital Gains when selling property

    I owned two properties. One home I live in and a second property at a ski resort. Sold the second property a couple if years ago. Claimed that as primary residence knowing when we sold our house someday we would have to claim capital gains on this. Our ...

    • Kamloops
    • Sep 13th, 2023 11:04 am
    • Forum: Real Estate

  • CMHC Insurance and Property Tax?

    ... something randomly on reddit that if you purchase a house with CMHC insurance ie under 20% down, that the mortgage company by default pays your property tax for you (and includes the amount into your mortgage). Is this true? I've been paying it myself directly to the city ever since. I've called ...

    • Tijuana
    • Aug 28th, 2023 10:55 am
    • Forum: Real Estate

  • Co-own property VRBO rental income implications

    I came into a small chunk of money and jumped into a property with someone who is not my spouse. We currently 'split' use of the property - during their time they rent it out short term which I'm fine with. I would however like the person who I co-own ...

    • lwmaiden
    • Aug 21st, 2023 4:33 pm
    • Forum: Real Estate

  • MPAC- Are we getting new property values for the 2024 Tax Year

    Does anyone know whether MPAC is sending out new reassessed property values for the 2024 tax year? I was thinking yes, since it has been paused for so long because of COVID but I don't see anything on MPAC's website one way or the other. If they are coming ...

  • Found out the one who sign tenancy agreement with me is not the landlord of the property in Vancouver

    ... Because the lease agreement automatically transitioned into a month-to-month tenancy, I am now facing a significant rent increase by the actual property owner and have been asked to relocate. It's only now, during this forced relocation, that I've come to realize that the person who signed the ...

    • dodomor2
    • Aug 16th, 2023 2:01 am
    • Forum: Real Estate

  • Tips on How to Reach Property Owners?

    A bit of background. My property (which is part of subdivision) backs onto unused/ undeveloped land. I'd like to either lease or rent part of this land for my own use. It's not likely to be developed any time soon as it's entirety is ...

  • Carrying Charges, Interest Expenses. Can I use something other than property as collateral for a LOC?

    ... you can get a HELOC to invest in income generating investments - resulting in the interest expense becoming tax deductible. What if you don't have property to secure a LOC against? Is there other collateral that can be used? For example, if I have 500k in GICs, can I take a loan against the 500k ...

    • jcremer2007
    • Jul 11th, 2023 10:07 pm
    • Forum: Personal Finance

  • Renovating a non-habitable property with family members; what do we need to know?

    A group of family members (aunt/siblings) are looking to purchase a non-habitable property to fix up and sell/rent out. We're pretty new to real estate investing so I'm hoping to flush out our unknowns to make an informed decision. We've found a property listed for ...

    • mklop
    • Jul 3rd, 2023 9:18 am
    • Forum: Real Estate

  • Blending mortgage on new property and taking out a new mortgage for old property?

    Hey RFD, I'm looking to move, and there is potential that I will be keeping my old home and renting it out. There is currently about 500k of mortgage on it at 1.9% which we locked in for 5 year a few years back. The new home we're looking to purchase will require ~1.4M of mortgage. The obvious thing...

    • WordleTurtle
    • Jul 2nd, 2023 6:50 pm
    • Forum: Personal Finance

  • Cash Back Agent: Sell Property and Buy New Property

    Hello,I'm looking to work with an agent who will sell my condo ($900k - $850k), and assist in purchasing a new home (~ $1.1M). Looking for an agent who will give me a competitive cash back and reduced commission. Thanks!

    • RFDDakine
    • Jun 28th, 2023 7:43 am
    • Forum: Real Estate

  • App to map out property ?

    Hey guys I have to plant trees on my property as a result of cutting down some to renovate my house. Is there a mapping app that can map out your house., your property and some of the trees present currrently? I need to put in trees into the plan and show my landscaper where to plant them. Thanks

    • aokec
    • Jun 27th, 2023 12:28 pm
    • Forum: Real Estate

  • Decided to sell property

    I have tenants in my townhouse and their lease expire in the beginning of 2024. I informed them today and I'm waiting for their reply. I'm only worried about the tenant not leaving as their kids go to the school very close to the townhouse and the rent I'm charging is under the market price. I'm als...

  • Selling principal property

    I have two properties rented out, I live in one of them but I'm thinking to sell it in March-April 2024. I have a full time employment that brings me 6 figures/year. Is it a good idea to sell it next year? I'm a little worried considering the huge amount of tax I would have to pay. Give me your inpu...

  • CRA's interpretation of Capital Gains Tax on Property - Changes in Use

    - Subsection 45(3) of the Income Tax Act allows you to avoid capital gains tax for 4 years when changing your rental property to principal residence - looking backward. - Subsection 45(2) of the Income Tax Act allows you to avoid capital gains tax for 4 years when changing your principal ...

    • Jyelong
    • Jun 13th, 2023 11:45 am
    • Forum: Real Estate

  • Separate unit on property as in-law suite?

    ... in with us as they age and I do NOT want those miserable people under the same roof as us. I've sometimes seen homes with a small 2nd unit in property. From the outside it looks almost like an oversized shed or trailer (not the same though, they are actual buildings) but inside are nicely ...

    • Demari123
    • Jun 2nd, 2023 1:28 pm
    • Forum: Real Estate

  • Deemed Disposition of Property - changing use of property from principal residence to rental

    So, I am thinking of renting out my principal residence, and my understanding is that the change triggers a "deemed disposition of property". However, I don't understand how would I establish the fair market value of the property, so that when I sell it in the future I know exactly ...

    • Jyelong
    • May 25th, 2023 9:54 pm
    • Forum: Real Estate

  • Planting Shrubs Along Property Border

    ... get there. I have put a camera up and most of them have gotten the message but there's still a few rebels. Looking into planting shrubs along our property border and wondering roughly what it should cost. 4 or 5 boxwoods to cover 16ft. in Toronto Referrals welcomed. Thanks. (Parking 4 cars on ...

    • LiftedMind
    • May 24th, 2023 2:41 pm
    • Forum: Home & Garden

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