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| *The Commerce Journal>>>Canada Taxes |
Sold home in quebec, made a profit, is it taxable> do i have to claim it when i fill out my income taxes?? |
Sold home in quebec, made a profit, is it taxable> do i have to claim it when i fill out my income taxes?? If the house was your principal residence, then it is not taxable. There are a few potential gotchas here though: 1) The amount of land sold with the house must be reasonable. A house on 1 acre is free of tax. The same house on 100 acres would have some of the value taxable (the value of the land in excess of a reasonable amount - this is open to interpretation, but if the lot was small, no problemo). 2) You must have actually lived in the house. If you had utilities in your name, received mail there and lived there, then it should be good enough for the tax folks. 3) You should not have had a string of sales of principal residences in a row. If you lived in the house for a couple of years, no problem. If this was the tenth house that you are counting as your principal residence in the last 24 months, then Revenue Canada will decide that you are a Real Estate Speculator and you will have to pay taxes. If there is any question on any of these items, ask someone at H&R Block (they run year round), an accountant or even someone at your local tax office. Don't try to sneak anything on your taxes - the penalties are too harsh for the modest payoff. |
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