Sentences with phrase «of a principal residence by»

When you determine whether you are a first - time homeowner you must take into account any previous ownership of a principal residence by your spouse.

substantial destruction of your principal residence by fire or weather related activity; or 4.

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.

Both bills would also restrict the use of the exclusion of gain from the sale of a principal residence by increasing the number of years the homeowner must live in the residence from the current law's two of the past five years to five of the past eight years.

Not exact matches

The value of principal residences, on paper, accounts for more than a third of the total wealth held by Canadian households.

Mr. Rosenberg also pointed to last October's announcement by Finance Minister Bill Morneau that sales of a principal residence must be reported on one's tax return, whether or not tax is owed on the gain.

Benefits, including employee contributions, are not payable for employee hardships, unforeseeable emergencies, loans, medical expenses, educational expenses, purchase of a principal residence, payments necessary to prevent eviction or foreclosure on an employee's principal residence, or any other reason except a requested distribution for retirement, a mandatory de minimis distribution authorized by the administrator, or a required minimum distribution provided pursuant to the Internal Revenue Code.

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.

You may have additional rights if your loan is used to buy a home (but not for the initial construction of your home, or for a temporary loan of 12 months or less), a home equity loan, a second mortgage, or a refinance secured by your principal residence and if:

Therefore, I imagine that if you already have a principal residence, you would not be able to shelter another property from capital gains taxes simply by putting it in the name of your dependent minor --(and is that even possible?)

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.

Qualified principal residence indebtedness: This is the exception created by The Mortgage Debt Relief Act of 2007 and applies to most homeowners.

Certain parent assets are sheltered from need analysis, including retirement funds, net worth of the principal place of residence, small businesses owned and controlled by the family, and an age - based asset protection allowance that is typically around $ 50,000 for parents of college - age children.

The home sold must have been owned by the individual for the past ten or more years and have been the principal residence of the individual.

There is no limit on the interest rate if the loan is greater than $ 100,000 and the loan is not secured by a mortgage against the principal residence of the borrower.

The home must be your principal residence (the definition of which is known with certainty by no one).

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.

A: First a bit of background on the principal residence exemption: this is a dwelling you own and that is «ordinarily inhabited» by you or a member at some time during the year.

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.

If a written binding contract was entered into by a taxpayer before December 15, 2017 to close on the purchase of a principal residence before January 1, 2018, the old rules will apply if the home is purchased before April 1, 2018.

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

But if that inherited property was left to you by your deceased parents, it's quite likely that most of the capital gains would be sheltered by the principal residence exemption, says Nathan Bender.

For most Canadians, the new requirement to report the sale of a principal residence will be nothing more than a compliance exercise — but one shadowed by the threat of unrestricted audits and sizeable penalties.

For years, many Canadians minimized the amount of capital gains tax owed by strategically designating when each property was their principal residence, for tax purposes.

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.

Davies points out that «failure to report a principal residence sale on a tax return for the year of sale can be cured by late - filing a form.

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.

For purposes of this section, the term qualified energy audit means an energy audit of the principal residence of the taxpayer performed by a qualified energy auditor through a comprehensive site visit.

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.

Your or Your Traveling Companion's transfer of employment of 100 miles or more by the employer with whom You or Your Traveling Companion are employed on Your Effective Date that requires Your or Your Traveling Companion's principal residence to be relocated;

r) Your Traveling Companion's transfer, within thirty (30) days of the date of Your Covered Trip, by the employer with which Your Traveling Companion is employed on the Effective Date that requires relocation of Your Traveling Companion's principal residence.

q) Your transfer, within thirty (30) days of the date of Your Covered Trip, by the employer with which You are employed on the Effective Date that requires relocation of Your principal residence.

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.

-- Your or your traveling companion's principal place of residence made uninhabitable by fire, flood or other natural disaster within a specific number of days from departure

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.

NAR is issuing a Call for Action to its members that emphasizes the need for any tax legislation to do no harm to the economy by retaining the deductions for mortgage interest and property taxes, the capital gains exclusion on proceeds from the sale of a principal residence, and extension of mortgage cancellation relief.

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.

In Canada, resident sellers of a principal residence are usually eligible for an exemption from the capital gains tax that would otherwise be triggered by the sale of a principal residence.

Home Buyers» Tax Credit (HBTC): Like the Home Buyers» Plan, if you haven't lived in another home owned by you or your spouse or common - law partner in any of the four preceding years and you acquire a qualifying home (a housing unit located in Canada that will be your principal residence), you can claim an amount of $ 5,000 for the Home Buyers» Tax Credit (HBTC).

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.

Newly constructed principal residences where a Certificate of Occupancy or equivalent has not been issued by the appropriate local authority

The debt must be secured by a principal residence and the total amount of the outstanding obligation may not exceed the original mortgage amount plus the cost of any improvements.

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.

Qualified principal residence indebtedness: This is the exception created by The Mortgage Debt Relief Act of 2007 and applies to most homeowners.