When you purchase real estate in Vancouver, you’d expect that, as time goes on, the value appreciates.
If you sell that property and the sale price is more than you paid, you have received a gain in value and this triggers a taxable capital gain for the Canada Revenue Agency (CRA).
Can you avoid paying that capital gains tax?
If you own real estate or are even thinking of buying, you’ll want to hear what this top Accountant has to say….
Go ahead and watch…
A capital gain is a profit that results from a disposition of a capital asset, such as stock, bond or real estate, where the amount realized on the disposition exceeds the purchase price.
The gain is the difference between a higher selling price and a lower purchase price.
Conversely, a capital loss arises if the proceeds from the sale of a capital asset are less than the purchase price. Capital gains may refer to “investment income” that arises in relation to real assets, such as property; financial assets, such as shares/stocks or bonds; and intangible assets such as goodwill.
You may have a capital gain or capital loss when you sell or transfer capital property. Some common types of capital property include land, buildings, shares, bonds, fund and trust units.
Mark Fidgett is a Vancouver mortgage broker and the driver behind www.NotaPennyDown.com
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604-273-2002
P.S. Who’s the next person you know who wants to save thousands off their mortgage? Be sure to give me a call so we can help them! 604-273-2002
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