powellbay1@verizon.n
About 20years ago I purchased a home in extremly poor condition. Over the years I rebuilt it to now it is a very nice cottage on a lake in Ontario. When I purchased this property I had to pay an additional 20% since I was not a resident. This non resident tax no longer exhists. Several thousands of dollars went into the upgrade. Some work was done by a contractor but most was done by family. Due to my age I find it necessary to sell
1 Answer
FISH-O
The property is worth a lot more today than it was when you purchased especially with the upgrades. Capital gains tax is the taxes you will have to pay within a certain period of time once you sell the property for a profit. If you reinvest in another property you can avoid this tax.
| 14 years ago. Rating: 1 | |
