Sentences with phrase «free on a principal residence»

At least be mortgage - free on your principal residence; it's OK to owe money on an income property if those payments are covered.

Not exact matches

A change here could put a cap on the unlimited amount of tax - free capital gains that Canadians have become accustomed to on their principal residence.

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).

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.

For most people, the gain in value on their principal residence is completely tax - free.

Tax - free cash to buy your home If you're familiar with the Home Buyers» Plan (HBP), then you know that if you and your spouse are first - time home buyers, you can make withdrawals for the down payment on a principal residence from your RRSPs.

Under current law, the first $ 250,000 of profit on the sale of your principal residence is tax - free ($ 500,000 for married couples who file joint returns) if you have owned and lived in the home for at least two of the five years leading up to the sale.

If you do not claim depreciation, your entire house may be regarded as your principal residence (see topic 107) and any gain realized on its eventual sale may be tax - free.

Any gain on the sale of a principal residence is tax - free.

Profits on sales of principal residences are also tax - free.

And, if the trust owns their home, the tax - free gain on the principal residence will continue.

What the principal residence exemption does is make any gain on the sale of your principal residence a tax - free profit.

A change here could put a cap on the unlimited amount of tax - free capital gains that Canadians have become accustomed to on their principal residence.

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).

And some capital gains are still entirely tax - free, such as the gain on your principal residence or the gain where appreciated publicly - traded securities are donated to a registered charity.

Taxpayers may realize up to $ 250,000 of gains on their principal residences tax free (or up to $ 500,000 for married taxpayers filing jointly).