Capital gains tax is the tax you pay on profit from selling property or investments. In simpler terms, this tax directly affects how much money you'll keep after selling your home.
In Canada, only a portion of your profit (currently 50%) gets added to your taxable income. This means if you sell an investment property and make $100,000 profit, only $50,000 gets taxed. The actual tax you pay depends on your income bracket. Higher earners pay a higher percentage on those profits.
The Principal Residence Exemption lets you sell your main home completely tax-free, which means capital gains tax becomes especially important for people with a second home or an income-earning property.
If you're getting ready to sell a home that may be eligible for
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The paperwork is one of the most confusing parts of the home-selling process. Selling real estate is a process that requires extensive documentation, much of it written in confusing legal language. Knowing what to expect when you sell your home can quell any nervousness about the selling process and help you make the right decisions when trying to sell. Once you understand it all, preparing the right paperwork before putting a home on the market can help make the process smoother and more efficient.
Planning to sell a vacation home can be an exciting time. However, there are a few differences when selling a vacation home that sellers should be aware of, as the process differs from selling a primary residence. Those who have only sold their primary residence in the past may be surprised at how buyers approach the purchase of a vacation home. Sellers who understand the minds of vacation home buyers may be able to more easily motivate an approved potential buyer to make an offer. Get inside the minds of potential vacation home buyers and speed up the sales process today.
Short sales in Alberta are typically undertaken by homeowners looking to prevent their home from going into foreclosure. However, not everyone understands how they work or what they ultimately mean for the sellers of the property. From credit scores to final sale price, find out more about how Alberta short sales operate for the lenders, buyers, and sellers.
Home sellers may have very different ideas about what they need to share with potential buyers. Some may want to give the buyers all the information they could ever want to know, while others would prefer to keep the conversations to the bare minimum. It's why local legislators decided to impose a few guidelines to protect the buyers and promote honesty among the sellers. Those getting ready to put their home on the market and market it to sell should keep the following in mind.
Selling a home is a big endeavour that no homeowner takes lightly. But sometimes, finding a buyer can be difficult. If the market is cold, that can make homeowners feel like if they don’t sell to the first person who makes an offer, the home won’t get sold. This is a common but misinformed mindset because not every buyer is a good buyer, and sellers need to be aware of the signs that a buyer may cause trouble and hurt the sale of the home. Here are some telltale warning signs that all sellers need to know when considering offers.