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The Tax Implications and Considerations When Moving
With the ever-increasing mobility of the labour force in Canada causing more and more people to relocate across the country for work, it's important to consider the potential tax implications if faced with a move. A few of the main topics have been summarized below for
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Changing Personal Real Estate to Income Property and Vice Versa
Deciding to move can always be a challenge. What happens if you decide to move but instead of selling your home, you rent it out to tenants? Or you decide now that the kids are all grown up that you want to sell your home in the suburbs and live in your downtown
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Capital Gains Tax and Principal Residence Elections
I often get asked by clients how the tax treatment differs for various properties they own, and what the tax ramifications are of designating certain properties for a certain use. It is very common these days for someone to rent out their principal residence while they
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HST Rebates on Purchasing a New Home
If you are in the process of purchasing a new home from a builder, one of the most important decisions you will have to make is whether you (or a relation) will be living in the house or renting it to tenants. The reason this distinction is important is that it
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Disposition by Non-Resident – Purchaser Beware
To facilitate the Canadian Government collecting its income tax on dispositions of "taxable Canadian property" (TCP) by non-residents, Canadian tax law makes purchasers of TCP liable for remitting Canadian withholding tax. As a result, any purchaser acquiring TCP from
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