Paying Capital Gains on the Sale of Your Primary Residence
Posted on Jan 10, 2024
The capital gains tax, implemented by the federal government back in 1972, comes into play when you sell an asset—be it a stock, bond, or home—at a price higher than what you initially paid for it.Now, when it comes to selling your home, you might end up with a capital gain. If your property served as your main residence throughout your ownership...
What Are Capital Gains Taxes?
Posted on Jan 02, 2024
In Canada, the capital gains tax on your primary residence is a tax applied to any profit you make when selling your home. However, there is a Principal Residence Exemption (PRE) that can shield you from paying tax on the capital gains if certain conditions are met.
Here's a breakdown of the key points:
Principal Residence Exemption (PRE):
Principal Residence Exemption (PRE):
- If you sell...
What to Consider When Buying a Strata Property
Posted on Dec 27, 2023
If you're contemplating a purchase or sale of a condo, co-op, or strata property in Canada, it's crucial to have a clear understanding of the legal aspects. These distinct forms of real estate come with their specific legal nuances, offering both advantages and potential challenges.
Condos, Co-ops, and Strata Properties in Canada
Condos, co-ops, and...
Moving to the North Shore of Vancouver
Posted on Dec 22, 2023
If you’re planning on moving to Vancouver, or you’re simply considering a lifestyle change, the North Shore should be at the forefront of your list. This part of British Columbia offers abundant opportunities for career growth and the potential for long-term property value appreciation, and it seamlessly combines a multicultural atmosphere with a h...
Prepping Your Home For a Fast Sale
Posted on Dec 18, 2023
Are you considering putting your home on the market? Ensuring your property is in the best possible condition prior to showcasing it is crucial for a speedy sale, as a well-maintained, and appealing home stands a higher chance of securing a quicker sale.
Interior & Exterior: Improvements That Make a Difference
A worthwhile exercise involves revisiti...
Property Taxes: What To Know When Buying A New Home
Posted on Dec 03, 2023
Buying a new home in British Columbia (BC) involves several considerations, including property taxes. Property taxes are levied by local governments to fund services such as schools, roads, and emergency services.
In British Columbia, the assessment process for property taxes involves the BC Assessment Authority determining the value of a property a...
