Sentences with phrase «on any principal residence means»

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).

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).

Not exact matches

Further, homeowners can only deduct interest on the mortgage for their principal residence, meaning you won't benefit from this tax break if you have a vacation home.

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).

Some people borrow against their principal residence for a downpayment using a mortgage or line of credit, but this can be risky and really means you're going all - in on real estate.

While you will qualify for the principal residence exemption — meaning you don't have to pay tax on the deemed disposition — your child will be on the hook for any capital gains from the time he or she is added to title until the home is sold.

Residential, owner - occupied real estate — No mortgage interest deduction in the Armey plan, deductions on mortgages of up to $ 100,000 in Specter's; no deduction for property taxes paid; no means of recovering costs for a principal residence converted to a rental.