Ostroff, Fair and Company
*Ostroff, Fair and Company>>>Canada Taxes

Do you have to pay capital gains tax in Canada on a principal home that you buy an sell within one year?


Do you have to pay capital gains tax in Canada on a principal home that you buy an sell within one year?

if the intention was to make a profit then yes

but if you buy and sell home and that is how you make your living then yes (it does not matter if you live in them or how long you live in them)

there is an argument that if you are making a profit buying a house that you must consider the house inventory and then ou would pay tax on the full amount not just 50% (like with capital gains)

go to an accountant (CMA, CA, CGA); they will be able to look at your specific situation and help you
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