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Nesgroup address: misc.invest.real-estate - Date & Time for the message: Sun, 27 Mar 2005 21:09:13 GMT
/ Author of the message: "Don" |
Title of the message: |
Re: Canadian Tax : Selling Primary Residence (Less Than 2 Years)
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Text of the message: |
"Amit Chandel" <amit@desiboy.com> wrote in message news:2326277f.0503271059.24830abc@posting.google.com... > I recently bought a brand new house in Vancouver, BC as a first time > homebuyer, and moved in 5 months ago. Due to an offer from work, I > may have to relocate back to Toronto. > > Would I be subject to pay capital gains tax in Canada ? This has only > been my primary residence for 5 months. No, not unless your capital gain was enormous, $250,000 if you are single and $500,000 if married. I believe that in Vancouver the median house price is somewhere around $450,000 Canadian dollars. Considering the real estate commission and closing expenses, you would have to sell that median house for somewhere around $500,000 or more to have any capital gain at all. It is not too likely that it has gone up that much in 5 months, although prices have certainly been moving upward. . |
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Estaplace.com is one the Ceglia Giovanni projects, started on 20 July 2005, and online since 20 August as a real estate platform for listings, mainly operating on the Italian and American/English market in the Internet, Estaplace would like to become the point of referiment for home sellers and home buyers, a site where private owners or real estate agencies can have the possibility to show their offers to the world. Estaplace.com is only one of the Giovanni Ceglia's sites. Everyday Giovanni Ceglia works to improve new Internet tools and services for online marketing and business. Estaplace.com will become the biggest portal for real estate business and investments online.