sim2point4

We purchased some land in the popular Fall River area a year ago, and after an assessment for the purposes of a construction mortgage, have discovered that it is now worth $10,000 dollars more! For once we have done something financially sound, for anyone considering this area I thought this would be good to know!

sim2point4

Sorry forgot to mention Fall River is in Nova Scotia!

R I C H

We got re-assessed for city taxes a couple of months ago, and got our new notification of taxable value through last week. 65% increase above last years assessment. I'm not looking forward to our new monthly tax bill

A higher assessment is a double edged sword.

sim2point4

I suppose I never thought about the tax side of things, due to fact that we are not residents of Canada yet. But we are just pleased from a resale point of view if we have to sell if we don't achieve permanent residence!

Ontheboatout

Excepting 33% of that will go to the taxman!

sim2point4

Does that still apply if we don't own a property in UK, only renting at the moment, as in UK you don't get taxed on the equity made on one residence?

Ontheboatout

Non-residents of Canada who sell property are liable for Capital Gains Tax and the lawyers dealing with the transaction have to comply as a penalty will befall the purchaser if it is not paid.

http://www.cra-arc.gc.ca/E/pub/tp/ic...72-17r5-e.html

sim2point4

Oh well, it was a good dream while it lasted!

Ontheboatout

No, it's still a dream - property prices are rising so fast you would still make a profit. 66% worth, and you would still get your original capital returned.

sim2point4

Thanks for the info, don't feel quite so silly now!

kevinm

Interesting as i could be looking to buy land there too