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A recent decision in the Companies’ Creditors Arrangement Act (“CCAA”) proceedings of Bellatrix Exploration Ltd. (“Bellatrix”) serves as a useful reminder to professionals that a court-ordered charge may not be enough to ensure their fees will be paid at the end of the day.
- Find Out What Your Real Estate Tax Obligations Are
- Reporting Property Sales
- Selling Your Principal Residence
- Selling A Property Other Than Your Principal Residence
- Buying from A Non-Resident
- Reporting Your Rental Income
If you sell or rent property, you have an obligation to report the sale and all the income you earn from your real estate transactions. Familiarize yourself with your tax obligations to make sure you follow all relevant tax laws. That way, you won’t end up missing out on deductions, or paying penalty and interest charges in addition to any taxes ow...
If you sell a property – even if it’s your principal residence – you must report the sale on your tax return when you file. How you report depends on what type of property you sell.
If you sell your home, you are generally eligible to claim the principal residence exemption, which means you won’t owe taxes on the profit from the sale. Learn more about selling your principal residenceand how to report.
If you sell a property other than your principal residence for more than you paid for it, you may have a capital gain or it may be considered business income. Similarly, if you sold the property for less than you paid, you may have a capital loss or business loss. In all cases, you must report this information on your income tax return. A secondary...
If you buy property in Canada from a non-resident, you could be liable for paying the taxes on the profits earned by the seller. Protect yourself and ask your real estate lawyer if you need a certificate of compliance before any money exchanges hands. More information is available on buying from a non-resident.
When you rent out property, there are tax implications related to the income you collect and the expenses you incur. Find out how to report your rental income.
Mar 26, 2016 · A recent court case revolving around capital vs. income provides an interesting case study for real estate investors with 10 key lessons, including those on intention, integrity, and reliable records (which was directly related to working with a knowledgeable real estate accountant).
The median salary of a real estate agent in Canada is $46,212. Most real estate agents make one or zero sales per year, while a select few make a large number of transactions. Only the top 10% of agents make more than 10 sales per year.
Feb 1, 2024 · Realtor commissions are the compensation paid to the real estate agents who assist Canadians in buying and selling real estate properties. These fees cover every range of services offered by realtors to guide buyers and sellers through the complex procedures of real estate transactions.
Real estate transactions can be complex, but with careful planning and attention to detail, you can avoid common pitfalls and ensure a successful outcome. Thorough research, proper financial planning, clear communication, and understanding of contracts are key to a smooth transaction.
Aug 26, 2022 · This article highlights the most noteworthy legal and practical considerations surrounding the conclusion of real estate M&A transactions in Canada, including key agreement terms, financing...
