Capital Gains Tax
April 26 2017 Posted by
Capital gains tax: a quick primer
Leading up to the last federal budget, there was speculation that Canadians should brace for some changes in capital gains rules. That didn’t happen, and that’s good news. The sale of your principal residence for a gain is still a tax freebie. If you are selling a property other than your principal residence, then you’ll pay tax on 50% of any gain you realize. That rate first went into effect in 1972. The inclusion rate was increased to 66.6% in 1988 and then to 75% in 1990 as part of a two-stage increase. But it was ratcheted back down in 2000, and landed once again at the 50% rate where it has remained to today. You are now required to report the sale of your principal residence on your tax return. While still tax exempt, you may be asked to prove that it was your principal residence. If the feds do once again increase the inclusion rate, we can expect the government to provide ample advance warning to allow people to adjust their financial situations. So basically no real changes, but keep good records!
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Derek was an excellent mortgage broker to work with and we would recommend his business to anyone buying a home. Derek helped us secure a mortgage that met all of the conditions we were looking for. He was extremely timely in his responses to us as well as helped teach us about important things that were in the terms of our mortgage. Derek worked with us under a tight deadline and followed up after everything was finalized to make sure we were satisfied with everything. We really enjoyed working with him and if we need another mortgage in the future we will reach out to him again.
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Sebastian and Penny
Derek was willing to offer advice and support throughout our mortgage transfer process. His response time to questions or concerns far surpassed our expectations. Derek made us feel his main focus was the best possible plan for us. It felt like we were dealing with a long time friend. We highly recommend taking advantage of all Derek has to offer. Follow him on Facebook for free advice, informative links and home improvement tips. The break up with our bank seemed daunting, but Derek made sure it wasn’t. We are extremely happy.
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We highly recommend Derek! He went above and beyond every step of the way. Very professional and personable. He worked until the last minute to ensure we were getting the best interest rate possible. Wonderful experience working with him!
Stacey and Chris
Derek helped us to secure a mortgage we were comfortable with and kept everything on track. He is very personable and had our best interest in mind. I would confidently recommend his services to friends purchasing a house.
Jerad and Sara
Derek was very thorough, very apt, and helpful throughout the whole application process. I found him to be forthright, upfront, and communicative about everything in his purview and power. I felt like he knew what he was doing and knew what questions to ask and what information to seek that would make both our lives easier. i am satisfied he found me a mortgage at a competitive rate.
Derek was very prompt at answering all questions we had. His attention to detail in all aspects of real estate finance was invaluable. He was able to get things done under a tight deadline. I highly recommend him.
Colin & Susanne
I approached Derek initially just to see if he had a line on competitive mortgage rates. Turns out my mortgage situation was a little more complicated as it involved transferring my current mortgage to another lender and consolidating some debt. Not only did Derek find me the best rate available, he also negotiated with the lender to get the rate down further. Perhaps the most important part of my experience with him though: I was dead set on refinancing a certain way which in retrospect was not the most optimal. Derek did some outside-the-box thinking and presented to me with another option, which at first, was out of my comfort zone. Without pressuring me, he did the research and presented me with an argument for his plan backed up by numbers and facts. Then he let me decide for myself. Derek displayed the perfect balance between not capitulating to my apprehension (which would have resulted in a less optimal situation for my family and future), and having patience with me believing that his research and data would be enough for me to “see the light”. Always felt, and feel, that Derek has my family’s best interest at the forefront of every suggestion and decision. To say Derek went above and beyond would be a huge understatement.
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