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Real Estate – New reporting rules for bare trusts as of 2023
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Real Estate – New reporting rules for bare trusts as of 2023

Real estate, T3 Trust filing

Real Estate – New reporting rules for bare trusts as of 2023

Bare trusts no longer exempt from filing Real estate investors who own properties under a Bare Trust arrangement need to be aware of CRA's new reporting rules. In prior years bare trusts were exempt from filing returns with Canada Revenue Agency (CRA). Going forward, any trust with a fiscal year end of December 31, 2023 [...]

By Personal Tax Advisors|December 14th, 2023|Real estate, T3 Trust filing|0 Comments

Real Estate Sales: Fully taxed, or capital gain?
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Real Estate Sales: Fully taxed, or capital gain?

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Real Estate Sales: Fully taxed, or capital gain?

Q: I am considering selling my rental property, which I have owned and rented out for a year. But my realtor said I should own it for at least two years for CRA to consider the profit to be capital gain rather than income. What is this about? A: The issue is whether the sale [...]

By Personal Tax Advisors|July 6th, 2023|Uncategorized|0 Comments