Sentences with phrase «residence is subject to capital gains taxes»

(Selling a primary residence is subject to capital gains taxes, too, but the first $ 500,000 in profit for a married couple is exempt from taxes; it's $ 250,000 for a single person.)

That's because any land or property that is not considered your primary residence is subject to capital gains tax in Canada (and it doesn't matter where you decide to purchase / build your next vacation property).

Not exact matches

If you're unable to designate your home as your principal residence for all the years you owned it, a portion of any gain on sale may be subject to tax as a capital gain.

So rental properties, cottages, vacation properties, etc. may be subject to capital gains tax if they don't qualify or you don't elect to treat them as your principal residence — even if they're in another country.

Real estate is subject to capital gains tax unless you claim a principal residence exemption (PRE) on a qualifying home.

Most tax experts believe that ordinary dividends and income, interest income, short and long term capital gains, rents, royalties, taxable annuity income, sales of primary residences above the $ 250,000 / $ 500,000 exclusion, gains from sales on second homes and passive income will all be counted and subjected to the 3.8 % surtax.

For capital gains tax (CGT) purposes houses are just like any other asset with one important exemption — that the gain on disposal of a person's principal private residence is not subject to CGT.