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The gain realized on the sale of a principal residence is not taxable. A gain realized on the sale of other real estate held at least 30 years, however, is not taxable, although this will become subject to 15.5% social security taxes as of 2012. (There is a sliding scale for non-principal residence property owned for between 22 and 30 years.)
New homes valued up to $450,000 may be eligible for a 36% rebate on GST charged up to a maximum of $6,300. [17] Provincial sales tax rebate programs on new housing are offered in Ontario, British Columbia, Nova Scotia, Saskatchewan, and Quebec (for QST). Terms and conditions vary by province.
Structured sales, such as the self-directed installment sale, are sales that use a third party, in the style of an annuity. They permit sellers to defer recognition of gains on the sale of a business or real estate to the tax year in which the proceeds are received. [61] Fees and complications should be weighed against the tax savings. [62]
Before 2006, a private annuity trust (PAT) was an arrangement to enable the value of highly appreciated assets, such as real estate, collectables or an investment portfolio, to be realized without directly selling them and incurring substantial taxes from their sale.
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[2] [3] [4] MPAC determines the assessed value for all properties across Ontario. This is provided in the form of an Assessment Roll, which is delivered to municipalities throughout the province on the second Tuesday in December. Municipalities then take the assessment roll, and calculate property taxes for each individual property in their ...
Jeffrey Goedde, 41, handed himself into the Jefferson County Sheriff’s Office on Wednesday, Dec. 18, according to court documents seen by PEOPLE
Two County Fermanagh brothers who scammed elderly homeowners in the United States out of hundreds of thousands of dollars have been sentenced to 18 months in a US prison and face likely deportation.