real estate tax

Tax incentives offered by government includes HST rebates, principal residence exemptions, Home buyer's credit, Home buyer withdrawal plan. There is no reason why you should miss any of these just because you are not well advised.

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Capital gain tax can sometimes be triggered without the actual sale of the property.  This includes transferring real estate title to family members, leaving Canada, renting out a property, at death, Will drafting and estate planning.  Careful planning should be done when stepping into any of these situations to avoid triggering additional tax. 

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In general, Canadian tax residents are required to report their oversea properties to tax authority.  Failing such can result in heavy penalty.  It can become more complicated when your Canadian residency status is not clear.

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Is forming a corporation to hold real estate properties always a good strategy?  Like many other things in our lives, it depends.   Often real estate investors consults us on such approach, and only to find out there are many factors that needs to be considered. 

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