Is it Time to Sell or Time to Buy?
DOWNSIZING YOUR RESIDENCE
SELLING A HOME CAPITAL GAINS TAX
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January 2015 Edition
 January 2015 Edition     
Is it Time to Sell or Time to Buy?
Is it Time to Sell or Time to Buy?
Is it Time to Sell or Time to Buy?†Home Sales in 2014 broke all previous price records, with many types of homes up as much as 9% and more in the GTA! The number of homes sold was only marginally higher than previous years but listing inventory was at historic lows throughout most of the year which combined with high demand drove home prices to record highs. In the big picture, GTA home prices have risen steadily since 1997, other than a 7 month correction and recovery during the US Banking crisis in 2008/2009, a minor hiccup in an 18 year upward run. In Newmarket average detached home prices were just over $200,000 in 1997. Today average detached home prices are hovering around $600,000, thatís a 200% equity growth for original owners from 1997.
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DOWNSIZING YOUR RESIDENCE
DOWNSIZING YOUR RESIDENCE
A great many moves in our lives are to larger residences to accommodate growing families. Or, perhaps our financial development allows us to move up to a larger home with more features and amenities. There is no stress involved in trying to reduce our life's stuff to fit into a smaller place.
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SELLING A HOME CAPITAL GAINS TAX
SELLING A HOME CAPITAL GAINS TAX
The Income Tax Act does not specifically set out whether or not a gain or loss is capital in nature. The taxpayer is responsible for reporting the gain as income or capital gain. This report may then be challenged by the Canada Customs and Revenue Agency with the onus of proof on the taxpayer.

Over the years, Capital Gain Tax has been determined based on a number of factors such as the intention of the taxpayer, relationship to the taxpayer's business, frequency of transactions, length of time held, nature of the transaction and objects of the corporation.
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Caroline Novinic, Salesperson
Right At Home Realty, Brokerage Inc.

office:905-953-0550
direct: Caroline: 416-716-4500
cell:
fax:905-953-0554
22 Gosnel Circ, Bradford West Gwillimbury