TAX RULES HAVE CHANGED - WE CAN HELP
A change to the tax rules about Principal Residence Exemption means Canadians might owe tax on the sale of their home - even if they don't sell it!
If your home is being used as more than just your residence - for business purposes for example - or if you have a cottage or off-shore property that becomes your primary residence for a period of time, you will need to get your property appraised for the time the change happened. This can date back to 1972. Under the Canadian Revenue Agency tax rules, that change means your house was "sold" and you need to confirm its Fair Market Value at the time.
If the home is sold, or later becomes your principal residence only again, you'll again need to appraise the value at that time to calculate the capital gain.
At Leander Property Appraisals, we can help. Give us a call.
Since 1985, Leander Property Appraisals Inc. has served our clients from Oakville to Oshawa and up to Barrie.
Our local expertise sets us apart. Our appraisers live in your neighbourhood.
Our services include appraisals for:
Power of Sale
Property Assessment reviews
New construction projects
Our appraisers, as members of the Canadian National Association of Real Estate Appraisers (CNAREA), meet the highest standards of professional practice.