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Canadian Real Estate/Capital Gains
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Question
QUESTION: Hi Penny,
We recently emigrated from British Columbia, Canada. We sold our principle property prior to leaving the country. We owned and lived in this property since 2002. Do we have to pay Capital Gains tax?
ANSWER: Hi Michelle,
Your primary residence is not subject to capital gains tax, so no Capital Gains tax is payable.
Regards,
Penny
---------- FOLLOW-UP ----------
QUESTION: Hi Penny, Thank you for your quick response. I know we don't have to pay it if we remain in Canada, but this has become a heated discussion with my husband and I. We left the country last year and sold our home when we did so. So his main concern is that we sold it to emigrate. Just to be absolutely certain that I am not wrong in this matter, even if we sell the house for reason of EMIGRATION we don't have to pay Capital Gains Tax?
Thank you for your time,
Michele
Hi Michelle,
I don't believe so - but check with your Accountant to be sure. Here's a link to Rev Canada Capital Gains that you may find helpful http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-17
Regards,
Penny
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Answers by Expert:
Penny MacKenzie
Expertise
General Residential Real Estate, Real Estate Agency, Real Estate Terminology, Real Estate Marketing
Experience
Penny MacKenzie is a full time Burlington Real Estate Agent with over 15 years of experience. An active member of the Burlington Business Community Penny is Past President of The Burlington Chamber of Commerce and Past Chair of Tourism Burlington. Penny has also served on the Board of Directors of the Burlington Art Centre Foundation. Penny is also past chair and co-founder of Party In Pink an incredible women only fundraiser for Breast Cancer Support Services. In just four short years this event has raised over $250,000 in support of women who are currently undergoing treatment for breast cancer.
As a full time Realtor Penny is experienced in the Burlington and Area real estate market. She has personally handled all types of real estate transactions, however, she is an Experienced Residential Realtor, qualified to help families reach their residential home buying and selling goals.
Organizations
Hamilton-Burlington Real Estate Board, Oakville-Milton Real Estate Board, Ontario Real Estate Board, Canadian Real Estate Board
Publications
www.blogburlingtonsbesthomes.com
Education/Credentials
Licensed Realtor with Keller Williams Realty the fastest growing Real Estate Company in Canada!
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