Tax

The Principal Residence Exemption

The Principal Residence Exemption

Selling your home is a big decision, and the tax impacts of such a large transaction should not be overlooked. Typically, when an asset is sold, the owner must pay tax on the increased value of the asset over the time they owned it, also known as a “capital gain”. In Canada, only half of...

Canadian Home Buyer’s Credit

Canadian Home Buyer’s Credit

The Home Buyers credit is 15% of $5,000, which amounts to $750. It is a non-refundable tax credit. A non-refundable tax credit reduces the amount of taxes payable and therefore could potentially result in a refund if taxes paid were more than the taxes payable...