Sale house
Hello question when someone sells house in Canada the money does that count as yearly income if your using it for another house in U.K. .
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Re: Sale house
Is this a house you live in as your principal residence? Or are you in business buying and selling houses?
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Re: Sale house
Yes it was
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Re: Sale house
Yes i
lived there for 17 years |
Re: Sale house
You won’t pay income tax on the sale of your home, but doesn’t Canada have an exit tax?
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Re: Sale house
I’m not quite sure what you’re asking - I don’t think that money from the house sale is classed as income but presumably any interest gained from that sum sat in a bank or building account, would be income. In the UK though, you don’t have to declare that interest in the same way as Canada, as long as it’s not a huge amount and takes you over your annual allowance.
If that was your only house, I don’t think Capital Gains Tax applies but I don’t know how the exit tax from Canada works - did you do the NR73? You may be able to get useful advice from the Citizens Advice Bureau to help you. |
Re: Sale house
Originally Posted by ianandhelena
(Post 12990009)
You won’t pay income tax on the sale of your home, but doesn’t Canada have an exit tax?
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Re: Sale house
Originally Posted by getoutofbritainquick
(Post 12990510)
I think you are speaking about the 25% withholding tax on investments etc. in Canada.https://www.canada.ca/en/revenue-age...ncome-tax.html. There is no tax (yet) on selling your primary residence but the Trudeau government is considering it for 'profit' made on selling a primary residence.
HTH. |
Re: Sale house
How would the Federal Government calculate the profit you made on your house ?
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Re: Sale house
Originally Posted by Diane Rowe
(Post 12990609)
How would the Federal Government calculate the profit you made on your house ?
https://www.theglobeandmail.com/inve...-be-warranted/ |
Re: Sale house
Thank you. I am hoping that nothing will change by the end of 2021.
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Re: Sale house
Also do you get taxed on house sale residence
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Re: Sale house
Originally Posted by Gloriajean
(Post 12990830)
Also do you get taxed on house sale residence
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Re: Sale house
I don’t think that I have to pay tax on the sale of my residence because it is my primary residence in Toronto.
Ref. Taxing the profit on your house though it would be hard if you had put a lot of money into it thus increasing the value. |
Re: Sale house
Originally Posted by Diane Rowe
(Post 12990867)
I don’t think that I have to pay tax on the sale of my residence because it is my primary residence in Toronto.
Ref. Taxing the profit on your house though it would be hard if you had put a lot of money into it thus increasing the value. |
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