Capital Gains Tax Canada and real estate with Vancouver mortgage broker – Income tax Canada

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A capital gain tax Canada is a profit that results from a disposition of a capital asset, such as stock, bond or real estate, where the amount realized on th…

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Mark Fidgett says:

Who pays #CapitalGains #tax in #Canada #Vancouver #realestate

Mark Fidgett says:

If you own #realestate or are even thinking of buying, you’ll want to hear
what this top #Accountant has to say about #CapitalGains #tax #mortgage

Ryan Christiansen says:

I think it’s very important to mention that the Capital Gains Tax is
applied after your property ceased being your primary residence and became
a rental unit(s). So, if you are thinking of renting out your property,
it’s important that you get a valuation/appraisal done right before you
rent it to lessen your Capital Gains Tax.

For example, your property cost 300K when you bought it, and it is now
appraised at 400K. You have been living in it all this time. Now, you
decide to rent it out, and in a year from now, when you go to sell it, it
is worth 420k. You will only pay Capital Gains Tax on 50% of the increase
(which is just 20K NOT 120K).

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