The editorial readily admits it would be the country’s “most unpopular tax,” but suggests it’s a discussion worth having due to the enormous tax-free gains being made by today’s sellers.
Latest in Mortgage News: Rising Prices Spur Talk of Capital Gains Tax on Home Sales
The Department of Finance actually tracks the revenue the government is missing out on by not taxing home equity on principal residences: $7.1 billion this year alone.
When someone with multiple homes — including a vacation home — goes to sell, most people are eager to claim any tax exemptions they can, right away, to save money.
Cottage shopping during COVID? Don’t forget the tax implications
Jamie Golombek, managing director of tax and estate planning at CIBC Private Wealth Management, says that a couple is generally allowed one principal residence for tax purposes. When someone with multiple homes — including a vacation home — goes to sell, most people are eager to claim any tax exem…
Just remember that you can’t deduct these costs in the same way as, say, mortgage interest. I
5 Sweet Tax Deductions When Selling a Home: Did You Take Them All?
Take note of these estate planning tips.
The ins and outs of tax and estate planning for a RRIF
81-year old Lydia wants to minimize tax and maximize the estate value of her RRIF on death.
