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8 Realty News 778-868-7224 January

Capital gains Только у нас !

Accountant tax strategies
OLGA Grivtsova
Tax Specialist

Capital gains tax strategies minimized the amount of to designate the property as
change under new tax rules capital gains tax owed by a principal residence under
To help maximize capital strategically designating the new rules, but owns that Только для читателей нашей газеты
gains tax strategies under the when each property was property at the end of 2016, 15% скидка при покупке билетов на
new reporting requirement, their principal residence, must separate its gain into концерт.
here are eight tips and sug- for tax purposes. To make two components: The gain Для использования скидки
gestions this strategy work, however, accrued to 31 December выбирайте интересующий вас
Tip #1: You must remem- the properties can not be 2016 may potentially be
ber to report each sale income-producing during the sheltered by the principal билет на сайте https://tickets.gate-
Fail to report the sale— years they are designated as residence exemption, and waytheatre.com/TheatreManager/1/
whether intentionally or a principal residence. the gain accruing from the online?performance=8165 , добавьте
unintentionally—and you beginning of 2017 to the date билет к себе в "корзину", при оплате
risk an audit, penalties and Tip #4: But now you have of disposition that will be нажмите в нижней части экрана
interest charges and the abil- to keep much better re- subject to tax. на кнопку Add Coupon и введите
ity to shelter future home cords
sales through the principal While the new requirement Tip #6: House-flippers специальный код VERA.
residence exemption (PRE). to report all property sold watch out!
in 2016 and in future years For real estate investors that Также вы можете назвать этот код
Tip #2: A change in use is won’t impact strategic tax specialize in buying, reno- при покупке билетов по телефону
also considered a sale planning, it will put more vating and then quickly sell- 604.270.1812
Even if you haven’t actually onus on property owners ing homes—a process known
put your home up for sale, to establish and keep better as house-flipping—the new
the CRA will deem it to be records. It will mean dili- reporting requirements will Olga Grivtsova
sold if you change the use gently keeping all receipts force you to justify the “ordi-
of the property. Take, for and invoices—an important narily inhabited” rule. CPA, DFA
example, you decide to buy aspect of real estate invest- As Moody explains: “The Tax Specialist & Accountant
a new, larger home for your ment, particularly if you property also has to be a
growing family but want to want to increase your adjust- “capital property” of the 604-616-2472
hold onto your current prop- ed cost base (ACB) on the taxpayer.” This means that it
erty and rent it out. The CRA property, and save tax later cannot be part of the trade of olgagriva@shaw.ca
considers this a “deemed on when you go to actually the business. This obviously
disposition”—you haven’t sell the property. isn’t the case for house- Professional Tax Services
actually transferred the flippers. “House flippers are
ownership to another person, Tip #5: Big changes if you not eligible for the principal
but you have changed the own property through a residence exemption since
primary use of the property, trust properties that are quickly Inna Yevpak L.L.M.
from your family home to a Families that own a home or sold after the acquisition Notary Public
rental property. As such, the cottage through a trust may will likely not be considered
CRA will consider the home be impacted in a different capital property but rather as Tel.: 778-855-2127
sold, for tax purposes, at the way. The proposed changes business income and would Fax : (604) 484 – 2175
current fair market value. limit the types of trusts that not be entitled to the princi- iynotary@hotmail.com
are eligible to designate pal residence exemption.
Tip #3: You can still use a property as a principal For more info and tips please Real Estate Transfers, Mortgages,
Wills, Power of Attorney, Notarizations
strategies to minimize taxes residence. For example, a call me or contact:
For years, many Canadians trust that is no longer eligible olgagriva@shaw.ca #300-3665 Kingsway Vancouver, BC V5R 5W2

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