Quote:
Originally Posted by Gnomes
No, I will sell it once the tenants moves or my term mortgage ends in a couple years
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you need to know the fair market value of the property at jan 1 2015... ask a realestate buddy.
you need to file a principal residence exemption... go to an accountant.
TaxTips.ca - Principal residence exemption
edit: re-reading this, and "election" is what I meant to type... not exemption. "principal residence election".
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Sometimes we tend to be in despair when the person we love leaves us, but the truth is, it's not our loss, but theirs, for they left the only person who couldn't give up on them.
Make the effort and take the risk..
"Do what you feel in your heart to be right- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't." - Eleanor Roosevelt
Last edited by tiger_handheld; 04-10-2016 at 08:47 AM.
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