Canada Revenue Agency Income Tax Real Estate Tax Fraud
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Canada Revenue Agency Wants to Tax Real Estate Investors 100%
This could be scary news for Canada’s hot real estate market and real estate entrepreneurs. Canada Revenue Agency has launched a “Condo Project” to take a closer look at the income reporting of real estate investor in the condominium sector.
Taxation on gain from real estate income in Canada is collected at a preferred rate. That is why any one with savings prefers to invest in real estate. Here is how the income from Real Estate is taxed in Canada.
a). Profit from sale of a Principal residence is a tax free income; subject to you meet the criteria to claim that home as your principal residence.
b). Profit from sale of a Rental Property or Investment Property is treated as Capital gain under the Income Tax Act. As it’s a Capital Gain, taxpayer pays tax on only 50% of the income reported on the sale of an investment property. For Example, when you sold your property, if you had a profit of $100.000, 50% of that profit is taxable. So, if you are at 46% tax bracket, your tax on the profit will be $23,000. more »
BC Province Canada Revenue Agency Income Tax
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Discount Coupon is Available on Facebook Now
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