Sentences with phrase «as the principal residence as»

Prior to 1982, each spouse could designate one property as their principal residence for any given year, but after 1981, spouses could only designate a single property as their principal residence as a family unit for each year of ownership.

Land Transfer Tax Credit (Ontario): For Ontario residents, you can claim up to $ 2,000 if you are purchasing a home as a principal residence as long as you and your spouse or common - law partner has never owned a home, or an interest in a home, anywhere in the world.

Not exact matches

Tax specialists and policy makers speculate that a possible plan would allow a capped amount to be tax - free on the sale of your principal residence with any proceeds over this amount to be taxed as capital gains in your tax bracket at the time of sale.

As an example, a cap of $ 500,000 in tax - free capital gains on any principal residence means that a home sold for $ 1 million that was purchased for $ 100,000 in 1985 say, would have $ 400,000 taxed at the owner's tax rate at the time of the sale (about 35 % for the average middle class Canadian).

«If you claim part of your home as business usage, I can see them perhaps taxing a portion of the principal residence when you sell,» says Bell.

The average homeowner receives $ 1,823 a year through programs such as tax - free capital gains on the sale of principal residences and the Home Buyers Plan that lets first - time buyers withdraw money from their RRSPs for downpayment.

The suggested fixes include capping loans at 65 per cent of the home value, introducing new and more conservative means of estimating how much a residence is worth, and amortizing the loans (meaning that borrowers would have to repay the principal within a certain time frame, as in a mortgage, whereas now they can simply keep paying interest on their HELOCs).

Nor did he report the sale of his cottage in 2014 because he correctly understood that a cottage can also generally qualify as a principal residence.

But homeowners may exclude from taxable income up to $ 250,000 ($ 500,000 for joint filers) of capital gains on the sale of their home if they satisfy certain criteria: they must have maintained the home as their principal residence in two out of the preceding five years, and they generally may not have claimed the capital gains exclusion for the sale of another home during the previous two years.

Since he didn't file Form T2091 (the form used to designate a property as your principal residence) and report the sale on his tax return, the CRA deems him to have designated the city home as his principal residence for all the years he owned it, with the result being that no tax was owed.

William was entitled to designate his city home as his principal residence for each year he owned it.

If you forget to designate a property as your principal residence in the year of sale (for 2016 and later years), you should ask CRA to amend your tax return for that year.

For home purchases, in order to obtain a VA loan, you must certify that you intend to occupy the home as your principal residence.

Mr Maples claimed the maximum second home allowance possible while registering the RAC in London's Pall Mall as his principal residence.

This time Woody Allen has no problem identifying his principal characters as Jewish, including one Member of the Tribe who is an outright gangster (Corey Stoll as Ben Dorfman), and two folks who are lower - middle - class products of 1930's Jews living in a humble Brooklyn residence (Jeannie Berlin as Rose and Ken Stott as Marty).

In 2011, she was appointed assistant principal at a school in New Orleans, a job she held for two years, before arriving as «principal in residence» at NOCP a few months before Sylvanie Williams» then - principal departed.

Before becoming principal at Barton, Carter spent a year as a «principal - in - residence,» or apprentice principal, at Dodge, where he implemented a literacy curriculum, helped draw up the budget, and participated in meetings with teachers, among other activities.

Principal - in - residence Catalina Sibilsky talks about how she refers to the second year of SABLE as «learning in action.»

Matching principals» new responsibilities, such as aligning pre-K through grade 3 learning and new teacher evaluations systems, with proper levels of support «would be a dream,» says principal - in - residence Susan Holiday, also from Prince George's County, Maryland.

Adopting core values like «No Excuses,» «Whatever it Takes,» and «Sweating the Small Stuff,» IDEA Mays aims to follow in the footsteps of schools like IDEA South Flores, where Boyd served as principal in residence last year, and the five other IDEA San Antonio schools that received all possible distinctions from the Texas Education Agency (TEA) this year based on their standardized test scores.

But there are other tax deductions you can take on your principal residence or second home — such as property taxes.

Investment properties (properties in which the borrower does not reside in as his or her principal residence) may only be refinanced without an appraisal

Investment properties (properties which the borrower does not occupy as his or her principal residence) may only be refinanced without an appraisal.

Maturity events include the borrower moving out of the home, the borrower passing away, the borrower failing to pay the proper taxes and insurance on the home, or the borrow failing to stay in the property as his / her principal residence for a period exceeding 12 months.

Buyers must live in the property they purchase as their principal residence.

You will only owe tax only on $ 50,000, as the additional $ 100,000 gain is sheltered using the principal residence exemption.

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.

«Even though you may have a property that you consider to be your principal residence, such as the family home where you live most of the year, another property, such as a cottage or even a vacation property located outside of Canada, can be your principal residence,» he says.

There are nuances related to real estate like whether or not a property might qualify as a principal residence, whether a capital gains exemption was declared in 1994 if you inherited prior to that and so on that you also need to consider.

Besides their $ 850,000 principal residence, the Devis own one - sixth of a strip mall (their share is valued at $ 200,000) as well as a nearby investment property worth $ 300,000.

You have discretion as to which property you deem to be her principal residence and you may be able to designate one property as her principal residence for some period of time and one property for another period of time.

I have no problem with buying a big home: while described as «massive,» a $ 515,000 principal residence is hardly an egregious purchase these days.

If you are going to treat it as the sale of principal residence, make sure you act soon.

Monthly payments are contingent on maintaining home as principal residence, paying all property taxes, and homeowner's insurance, home maintenance and otherwise complying with loan terms.

Monthly payments are contingent on maintaining home as principal residence, paying all property taxes, and homeowner's insurance, and otherwise complying with loan terms.

In this case the original property can be designated as the principal residence for enough years to offset the maximum amount of gains possible.

A property owner can designate the property as their principal residence up to 4 years in which it isn't normally inhabited.

In that case as a family unit you'd own two properties at the same time, but only one can be designated as your principal residence.

First, a family unit — and this includes spouses and any children under age 18 — can only designate one property as a principal residence in each calendar year.

The principal residence exemption — known as the PRE — can help save you tons of money.

The house will likely at least provide an inflation buffer and if their principal residence, it will be tax free as well.»

That's because the CRA allows you to claim any property you own in Canada as a principal residence, as long as you ordinarily inhabit that property.

Suppose you owned a property that you used as a vacation home for 14 years, but then sold your principal residence and lived in it as your principal residence for the next 14.

From what I've read: In Canada, for tax purposes, a family unit (i.e. you, your spouse, and your dependent children) can only claim one property as principal residence, for the purpose of claiming the principal residence capital gains exemption.

So, you need to pick which property you'll be claiming as your principal residence for tax purposes, as only one home can be designated principal residence for any given year.

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

In order to reinforce the new home is your principal place of residence, make sure to change your address with CRA as well on all government issued IDs when moving in

3) You are expected to meet normal credit underwriting standards and must occupy the property as your principal residence.

If you don't have the full purchase price in cash, you'll need financing which is more complicated than a principal residence because lenders see them as higher risk.

The home must be used as the principal residence of the borrower.