The proposed federal budget for 2022 has introduced a number of new rules relating to real estate, including rules to dampen speculation in the market. REALTORS® should be aware of these changes.
Posts tagged with “Tax Exemption”
Legally Speaking Federal Budget 2022: Taxation of Property Flipping, GST and Assignment Sales #548 
Legally Speaking Property Transfer Tax – Multiple Buyers and Exemptions #277
A decision involving the Property Transfer Tax Act points to a way, when the facts are right, to reduce the amount of the total tax payable when there are multiple buyers. Three individuals…
Legally Speaking Principal Residence – Calculations and Exemptions #147
A taxpayer bought a home and occupied it as his principal residence for 18 months and then rented one-third of it for 46 months. He then sold the home for a gain of $52,000, which the Minister of National Revenue…
Legally Speaking Tax Deductibility of a Real Estate Training Course #133
A real estate salesperson in Ontario paid $525 in 1985 to attend a four-day course “List More – Sell More,” which she found to be useful in increasing her commission income…
Legally Speaking Principal Residence Exemptions #42
In the first case, the question was whether or not the sale of 9.3 acres made by the taxpayers under threat of expropriation by a municipality, leaving 7/10ths of an acre upon which the taxpayers’ house was situated…