Monday, May 6, 2013

Get ready condo flippers, Canada Revenue Agency is hunting you

Garry Marr | 13/04/20 | Last Updated: 13/04/20 11:09 PM ET - You just sold your condo, you made a hefty profit and know you have to pay your taxes.

The bill might be more than you think.

If it’s your principal residence, there’s no tax, as long as you have the paperwork to prove it. The Canada Revenue Agency is taking a closer look at the condominium sector in what some in the industry have dubbed the “Condo Project.”

You might want to think very carefully about how you record that housing sale you made in 2012
Even if you own up to it being an investment property, you may not be allowed the capital gains tax break and that means a bigger hunk of your profit going to Ottawa.

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