How to defer or minimize taxes when selling a property, and NOT BUYING A NEW ONE?
My wife and I are planning to sell a house we've lived in for 2 years. We are not planning to buy another house in canada, but invest money in indisputable estate outside the country.
What do we want to do surrounded by charge to minimize and defer paying taxes in Canada?
Any relieve would be appreciated.
Rado
Answers:
If the property be your principal residence* for every year you owned it, you do not enjoy to report the public sale on your toll return.
*For a property to be a taxpayer's principal residence for a unique year, he or she must designate it as such for the year and no other property may enjoy be so designated by the taxpayer for the year. Furthermore, no other property may enjoy be designated as the principal residence of any beneficiary of the taxpayer's household section for the year.
put the currency into a fresh biz. An interesting
regulation; R and D prefacing every strange biz.
Therefore, you can enjoy your cake and drink it too.
Taxes within Canada and the US are base on
year long accomplishments. IF you hold x expenses
within a biz [think R and D again] you owe no
taxes on any taxable movement that year.
I can speak about u more if desired.
[stay stirring, not downcast, re taxes!]
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What do we want to do surrounded by charge to minimize and defer paying taxes in Canada?
Any relieve would be appreciated.
Rado
Answers:
If the property be your principal residence* for every year you owned it, you do not enjoy to report the public sale on your toll return.
*For a property to be a taxpayer's principal residence for a unique year, he or she must designate it as such for the year and no other property may enjoy be so designated by the taxpayer for the year. Furthermore, no other property may enjoy be designated as the principal residence of any beneficiary of the taxpayer's household section for the year.
put the currency into a fresh biz. An interesting
regulation; R and D prefacing every strange biz.
Therefore, you can enjoy your cake and drink it too.
Taxes within Canada and the US are base on
year long accomplishments. IF you hold x expenses
within a biz [think R and D again] you owe no
taxes on any taxable movement that year.
I can speak about u more if desired.
[stay stirring, not downcast, re taxes!]