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Section 1031 (a) of the Internal Revenue Code (26 U.S.C. § 1031) states the recognition rules for realized gains (or losses) that arise as a result of an exchange of like-kind property held for productive use in trade or business or for investment. It states that none of the realized gain or loss will be recognized at the time of the exchange.
The federal government levies a value-added tax of 5%, called the Goods and Services Tax (GST), and, in five provinces, the Harmonized Sales Tax (HST). The provinces of British Columbia, Saskatchewan, and Manitoba levy a retail sales tax, and Quebec levies its own value-added tax, which is called the Quebec Sales Tax.
Established in 1997, the Real Estate Council of Ontario is a not-for-profit corporation that regulates the trade of real estate in Ontario in the public interest. On behalf of the Government of Ontario, it administers and enforces the Real Estate and Business Brokers Act, 2002 and its regulations. In Ontario, any individual or business trading ...
Learning what a 1031 exchange is can allow you to defer taxes on the gains each time you trade investment properties, which allows you to reinvest more of the proceeds each time you trade. But, if ...
Like-kind exchange. A like-kind exchange under United States tax law, also known as a 1031 exchange, is a transaction or series of transactions that allows for the disposal of an asset and the acquisition of another replacement asset without generating a current tax liability from the sale of the first asset.
Canadian property law, or property law in Canada, is the body of law concerning the rights of individuals over land, objects, and expression within Canada. It encompasses personal property, real property, and intellectual property. The laws vary between local municipal levels, up to provincial and then a countrywide federal level of government.
They indicated that property assessments for the 2022 and 2023 property tax years will continue to be based on the fully phased-on January 1, 2016, current values. In August 2023, the Ontario government announced that it was postponing a provincewide property reassessment as it conducts a new review of the accuracy and fairness of the system.
The IRS lets you exclude up to $250,000 ($500,000 for married joint filers) in capital gains from capital gains tax from the sale of your primary home. If your second home is appreciating faster ...