Sentences with phrase «as principal residences by»

Not exact matches

General manager of building and licensing Kaye Krishna said a principal residence would be defined by the dwelling unit — in contrast with Vancouver's proposed empty - homes tax, which defines principal residence as the entire parcel of land.

Finally, you could shelter some or all of the profit by declaring the cottage as your principal residence.

HUD defines a principal residence as the property occupied by a borrower for the majority of the calendar year.

In a nutshell, any residential property owned and occupied by you or family at any time in a given year can be designated as a principal residence.

The capital gain of $ 60,000 is multiplied by this number and then divided by a ten - year ownership period (assuming you've already declared a different property as your principal residence for 2006).

A taxpayer and their spouse are entitled to designate a property as their principal residence and claim a capital gains exemption for some or all of the years that it was owned by them.

«consumer debtor» means a «natural person who is bankrupt or insolvent and whose aggregate debts, excluding any debts secured by the person's principal residence, do not exceed two hundred and fifty thousand dollars or such other maximum as is prescribed»;

Borrowers may choose one of five payment options: (1) term, which gives the borrower monthly payments for a fixed period selected by the borrower; (2) tenure, which gives the borrower a monthly payment from the lender for as long as the borrower lives and continues to occupy the home as a principal residence; (3) modified tenure, which combines the tenure option with a line of credit; (4) line of credit, which allows the borrower to make withdrawals up to a maximum amount, at times and in amounts of the borrower's choosing; and (5) modified term, which combines the term option with a line of credit.

The line of credit is secured by collateral, such as the principal residence of the borrower.

Yes, as an immigrant, I can see that people on this continent are well trained by the banks to believe that principal residence is a good investment.

As for their $ 1 - million principal residence, it will likely keep going up in value by 2 % or 3 % a year.

By filling out the CRA's «subsection 45 (2) election» form you can claim the rental property as your principal residence and avoid paying capital gains on it for four years after you've left it, says Gerb.

Income received by foster parents is exempt, as is strike pay, income exempt by statute, certain war veterans» allowances and pensions, life insurance benefits, inheritances, lottery winnings and gains calculated as exempt on the sale of a principal residence.

For example, a trust that is no longer eligible to designate the property as a principal residence under the new rules, but owns that property at the end of 2016, must separate its gain into two components: The gain accrued to 31 December 2016 may potentially be sheltered by the principal residence exemption, and the gain accruing from the beginning of 2017 to the date of disposition that will be subject to tax.

Employees are automatically considered to have an immediate need if they require the money to cover certain medical care expenses, educational costs and payments needed to prevent eviction from a principal residence, as well as other conditions deemed necessary for hardship distributions by the IRS.

While you were a non - resident for CRA purposes, your property may have been your primary residence, but was not your Principal Residence as defined by the CRA.

According to the Canada Revenue Agency any residential property owned and occupied by you or family at any time in a given year could be designated as a principal residence.

So as the use of employer - sponsored pension plans has fallen over the last 50 years, Canadians have made up for it by increasing savings in RRSPs and TFSAs as well as by prioritizing owning their own home, which brings tax free benefits as the equity in their principal residence grows.

Debt secured by your principal residence or second home — such as a second mortgage or home equity line of credit — that is not used to buy, build or substantially improve the property.

If you own and occupy your property as your principal residence and file a Home Exemption Application by December 31, the exemption will take effect the following assessment year.

whether the home is intended to be occupied by the person who purchases or acquires the land, or their family member (s), as their principal residence;

After August 28, 1998, every court order establishing or modifying custody or visitation shall include the following language: «Absent exigent circumstances as determined by a court with jurisdiction, you, as a party to this action, are ordered to notify, in writing by certified mail, return receipt requested, and at least sixty days prior to the proposed relocation, each party to this action of any proposed relocation of the principal residence of the child, including the following information:

If the property is titled in both names and is used by the spouse as their principal place of residence, either spouse can ask the court to transfer the property to them.

n) You and / or Your Traveling Companion are hijacked, quarantined, required to serve on a jury, subpoenaed, required to appear as a witness in a legal action, provided You or Your Traveling Companion are not a party to the legal action or appearing as a law enforcement officer; the victim of felonious assault; having Your principal place of residence made inaccessible and uninhabitable by a Natural Disaster; or burglary or vandalism of Your principal place of residence within 10 days of departure.

Covered reasons for trip interruption are destruction to more than 40 % of your principal residence by fire or weather (after departure from home country) as well as the death of a parent, spouse, sibling, child or grandchild.

Family transportation: When as a result of an accident, the principal insured is confined in a hospital outside 150 kms of his residence, we will reimburse the actual transportation expenses incurred by the immediate family member, to reach the insured person up to a maximum of Rs. 50,000.

The home subject to the mortgage must be occupied by the borrower as the principal residence and the borrower must be current on mortgage payments.

A rental unit in a residential property that is divided into a maximum of three units, one of which is occupied by the owner of record as his or her principal residence.

A «qualified residence» is either the taxpayer's principal residence or another residence selected by the taxpayer for the taxable year that is also used as a residence.

Hybrid Adjustable - Rate Mortgage Loans — For adjustable rate loans secured by a principal residence in which there was an introductory fixed rate period, otherwise defined as a «hybrid adjustable rate mortgage» under the Act, a six - month advance notice requirement was added to inform the consumer of the upcoming reset of the interest rate.

The changes follow a Globe investigation in the Vancouver area that revealed a network of local and foreign buyers flipping homes for profit and avoiding taxes by classifying them as principal residences.

This was the federal law that allowed Florida home owners as well as home owners across the country to legally exclude from their income taxes any amount that was forgiven by the bank (on principal residences) after a mortgage loan modification, short sale, or from a foreclosure.

The residential unit must serve as a principal residence; The building must have been damaged by pyrrhotite, or the building's foundations must contain at least 0.23 % of pyrrhotite; Work is needed to ensure the integrity of the building's foundation.