On June 9, 2022, the federal government enacted the Underused Housing Tax. While REALTORS® do not assume direct responsibility, they can help inform their clients of their tax filing obligations.
Posts tagged with “Taxes”
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The federal government is introducing new tax changes that may impact homeowners and potential homebuyers beginning January 1, 2023.
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A recent BC Supreme Court decision highlights the potential risks for REALTORS® working with buyers whose residency or citizenship status is unknown or has recently changed.
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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.
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BCREA calls on the government to introduce transitional rules for all transactions impacted by the new tax measures introduced in Budget 2018…
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Section 18(12) of the Income Tax Act permits a self-employed individual to deduct expenses associated in using part of the home as a place of business…
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In one case, the conditional clause in a Contract of Purchase and Sale required the buyer to satisfy himself as to the tax implications of Canadian/USA/international law upon his purchase of Canadian property…
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National Revenue’s unsuccessful attempt to add to a taxpayer’s income may be of interest to your clients whose employers require them to move and to all licensees wearing uniforms…
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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…
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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…
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The response to the previous column discussing the lower rate of tax paid by a corporation carrying on an active real estate business confirmed that while everyone…
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As a result of changes in legislation, lawyers may now join the ranks of businessmen and other professionals who are allowed to incorporate their…
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The Property Purchase Tax Act, although it has only received first reading, is here to stay.
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These three Acts proclaimed by the Legislature in Victoria may contain a number of booby traps waiting to explode in the face of the unwary, but each contains at least one…
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Following the death of a woman in 1982 who lived on a parcel of land of 6.09 acres, the Department of National Revenue assessed a taxable capital gain of $202,800.00 on the deemed disposition of the property…
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For some years Victoria has had double the average population of Canadians over the age of 65 years, the result, of course, of its incomparable beauty and moderate climate….
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The high energy costs of the 70’s led to an increase in the number of free-standing wood stoves providing heat to economy minded home owners. This in turn led to a problem when the owner of the home containing the…
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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…
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The intention of the taxpayer as the determinative factor in whether one hundred per cent of the profit realized on the sale of property is taxed as income, or only fifty per cent as capital gain, is described in the…
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One of the results of the reduction in residential sales has been an increase in the number of trades of residential properties between people who can’t find a satisfactory cash buyer. For any one entitled to deduct…
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Two commissions paid but only one completed sale, and damages awarded of $43,588.98, all arising from the failure of prospective purchasers to complete the sale of their own home…