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| *The Commerce Journal>>>Canada Taxes |
In canada what deductions can you claim to offset capital gains when selling land? interest on mortagage? |
We have a piece of land in bc that we were planning to build on but are now thinking of selling. We have made a number of improvements to the land itself without building and want to get back some of the money we've spent... Mortgage interest is not a tax deduction in Canada. What you can claim is a portion of the property taxes you've paid. I believe if you buy the land for investing purpose, you can claim the imporvement cost you put on the land. Property tax would be added to the Adjust Cost Base of you land when calculating capital gains. |
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