Thursday, 16 January 2014

Tax Impact of Selling Condo at a Gain or Loss

What happens if you purchase a condo before the closing on an assignment contract and make a profit. What portion of the income do you have to include you your total income on the tax forms? Well I guess there are many factors at play here which will impact how the Canada Revenue and Customs Agency assigns the income received and how it will be taxed.

For instance, if a buyer purchased a condo in the pre-construction phase for $350,000 and before the closing of the unit with the developer. On assignment lets assume that this buyer is able to sell the unit now for $400,000 dollars with a profit of $50,000. How will this money be included in income? If the buyer has not received title to the unit before closing and the sale occurs the CRA will likely look on the profit as income, and not as capital gain. This will have the impact that the whole amount will have to be included on your taxes and not just half as if it were capital gains.

Excavation Begins on Icon Bay Halifax (Bedford) Nova Scotia

Word has spread online that the developer has received word from the developer that excavation has begun for Icon Bay Halifax, Office Condo Development. This 21 floor condo tower is going to be located across the way from the Fairview Container Terminal on the edge of the urban/suburban landscape of Halifax. 

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