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How the taxman could deem your house sold, even if you don't sell

April 7, 2017

 

New rules about principal residences and tax exemptions from the Canadian Revenue Agency, that came into effect in 2016, mean you could end up paying more tax on your properties.

 

And that applies even if you don't sell your house.

 

For example, if you change the use of the property - from your home to a rental property - the CRA will consider this a "deemed disposition". 

 

If you stop being a resident of Canada, for tax purposes, this can also trigger the "deemed disposition" with the CRA.

 

When you eventually do sell the property, you will need a property appraisal to report the value of the home at the time of the sale. Not just the cost of the home when you bought and when you sold. Getting a professional property appraisal will be key to filing your taxes appropriately.

 

Money Sense has a good rundown on some tips for dealing with these new tax rules. Pay special attention to Tip 4 for how a professional property appraisal will be required.

 

 

 

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Canada

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