The “Big Five” Canadian banks offer investment funds and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Let’s explore the best place for you to invest.
Latest News
The best 5-year fixed mortgage rates in Canada + MORE Jul 18th
Mortgages
The 20 best credit cards in Canada for July 2023
Searching for the perfect credit card? In under 60 seconds, CardFinder narrows down your top matches without impacting your credit score, no SIN required.
Find my perfect card*
.... More »
“Get to know and minimize the investing fees you pay”: Michael McCullough, MoneySense contributing editor + MORE Oct 30th
Financial writer and editor Michael McCullough has made a career of helping Canadians understand a wide range of money topics, from real estate to alternative investments. In addition to being a MoneySense contributor and contributing editor, Michael writes for The Globe and Mail and BCBusiness, and.... More »
How Did TIFF’s Lightbox Become Its Money Pit? + MORE Apr 30th
You don’t notice what’s missing at first. Toronto’s TIFF Lightbox—that unassuming glass grid, dwarfed by the enormous monolithic condo protruding from the top of it—still looks the same. Inside the five-storey space is a surprising 16,000 square metres containing five cinemas, a screen.... More »
Making sense of the markets this week: September 22, 2024 + MORE Sep 20th
Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors.
U.S. Fed cuts rates for the first time in four years
The U.S. dollar remains the most important currency in the world, a.... More »
Wall St ends mixed, US Treasury yields spike on robust data, solid earnings - Reuters Oct 17th
Wall St ends mixed, US Treasury yields spike on robust data, solid earnings ReutersThe close: TSX higher, S&P 500 flat as bond yields continue march higher even as Canadian inflation eases The Globe and MailStock market today: Wall Street drifts and yields rise as U.S. shop.... More »
Capital gains on subdivided land, and HST on vacant land
– moneysense.ca
Our primary residence of three years is built on a double lot. We received a partial discharge of our double lot and built our house on it for cash. Do we have to pay any capital gains? We did not plan on doing this when we first purchased it.
–Devon
Is there GST on land sales?
First, when you sell real estate, including vacant land, Devon, there may be income tax implications, like capital gains tax, as well as GST/HST sales tax implications. Generally, the sale of a principal residence is exempt from income tax.
How does principal residence exemption work?
Now, in order for a property to qualify for the principal residence exemption from capital gains tax, it must meet four criteria:
–Devon
Is there GST on land sales?
First, when you sell real estate, including vacant land, Devon, there may be income tax implications, like capital gains tax, as well as GST/HST sales tax implications. Generally, the sale of a principal residence is exempt from income tax.
How does principal residence exemption work?
Now, in order for a property to qualify for the principal residence exemption from capital gains tax, it must meet four criteria:
It is a housing unit, a leasehold interest in a housing unit or a share of the capital stock of a co-operative housing corporation you acquire only to get the right to inhabit a housing unit owned by that corporation.
You own the property alone or jointly with another person.
You, your current or former spouse or common-law partner, or any of your children lived in it at some time during the year…
