Level up tv show episode 1
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The last one is the occupation of the homeowners.The third one is the reason for selling - if the CRA believes that they've got a justifiable reason for selling, then it's far less likely that they will assess them for a flip.The second is the history of the ownership.The first factor is the length of the ownership - the longer they hold on to a property, the less likely it is for the CRA to come back and assess it for a flip.Blachford discusses five main factors that the court will look into to understand a purchaser's intention:.So, there is also no time limit for how long they can sell the asset and not pay tax. CRA looks upon the intention of the buyer at the time of purchase. That is not eligible for the principal residence exemption.
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According to Canadian legislation, if we are buying a property to sell it, then after selling, we are to pay tax on the entire profit made.Any kind of loan that has to do with our principal residence is tax-free, but we can never deduct the interest on that loan.His love for the court made him a tax litigation lawyer later on.ĭean narrates from his experience dealing with rental property personally and his career spanning years in the industry to understand tax laws from the court's perspective. Also, Dean knew that charities were all about taxes because they were not policed and only had the CRA to make sure they behave well and give tax receipts. When in law school, the only classes that made sense to him were about taxes. Blachford owns the tax firm Blachford Tax Law to specifically help clients with CRA (Canadian Revenue Agency) issues and matters related to capital gains and real estate.ĭean shares how he got into this field of expertise. Meet Dean Blachford, Specialist Tax Lawyer and Tax Litigator - Business Lawyers, as he joins me to talk about his experience helping individuals and corporations (property flippers, especially), successfully resolve disputes with the Canadian Revenue Agency. If you are into the real estate business and think you can sell off your property after a while and skip the taxes on the profit made, today's episode would be an eye-opener for you! Have you known how potentially disastrous it could be not to plan your capital gains rationally?