Eric Skicki

Tax Basics For Mississauga Condos

Mississauga Condo Taxes

As many of you already know, in Canada, taxes are due each year on the last day of April. Now I know that for many, taxes are one of the least favorite things to talk about, yet lots of people seem to be misinformed about tax basics and the implications they have on real estate. By no means am I a tax expert, but in this blog post I want to clear up some of the basic tax questions I get asked.

Capital Gains Tax–  Capital gains occurs when you sell a property at a higher price than you paid for it. The difference is known as your “capital gain”. Any property (with exception to your primary residence) is subject to a capital gains tax.

Calculating Capital Gains Tax – The formula for calculating  capital gains tax on real estate is : Capital gain x 50.00% x marginal tax rate = capital gain tax.  This can be best illustrated through the following example.

(more…)

Be Sociable, Share!

    Read more

    Be Sociable, Share!

      Leave a Reply