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Can you survive on Canada’s government pension alone in retirement? Experts say you might be surprised + MORE May 8th
Until fairly recently, CPP replaced a quarter of your average work earnings — but it’s already providing more. We asked experts what to do if CPP and OAS will make up most of your retirement income..... More »
Simplii and Diljit Dosanjh team up on eve of Dil-Luminati tour Feb 24th
Simplii and Diljit Dosanjh, a world-renowned Punjabi singer and actor, are joining forces to underscore the Canadian alternative financial institution’s focus on newcomers.
Fresh off an appearance at Coachella, the Diljit Dosanjh Canada tour starts in Vancouver on April 27, 2024 at BC Pla.... More »
7 common crypto scams and how to avoid them Aug 10th
Cryptocurrency investing offers new and exciting opportunities, but it’s also rife with scams and tech-savvy con artists. And, as the money invested in crypto grows, so do the scams.
“Crypto investments are the top type of investment scams reported to CAFC (the Canadian Anti-Fraud Centre).”.... More »
Webull Canada Review 2024 + MORE Jan 19th
Webull has arrived in Canada. The buzzy stock trading platform, which has 11 million customers around the world, announced on January 2 that it was accepting applications for Canadian accounts.
Is Webull available in Canada?
Yes. Webull Corporation, a popular Cayman Islands-owned a.... More »
Understanding Risk In Commercial Real Estate Investing May 15th
Managing risk is an essential part of investing in any asset class. Risk and return are positively correlated in many asset classes, and real estate is no exception. This is the reasoning behind the idiom, “the higher the risk, the higher the reward.”
That’s why investors need to understand th.... More »
This week, our question comes from 23-year-old Lea. She asks, “What are some basics on entering the stock market and investing in stocks for a first-timer?”Understanding the 1994 capital gains tax election
– moneysense.ca
I built my cottage in 1992 and did not know about the CRA T664 (election of claim eliminating capital gain up to $100,000 for future increase in value). I knew nothing about this for income purposes at the time; can I still make a claim?
Also, who determines fair market value (FMV)—do you just look at comparable properties yourself and pick one? Do you get a real estate agent to assess it?
–John
What is the CRA form T664?
It sounds like you have done some research on this capital gains exemption, John, or at least received a bit of advice from someone. I will tell you right off the bat that there seems to be a slight misunderstanding about how the 1994 tax exemption for capital gains works.
Form T664 was a tax form used to make an Election to Report a Capital Gain on Property Owned at the End of February 22, 1994. In 1985, a $500,000 capital gains exemption was introduced for Canadians that was subsequently decreased to $100,000 in 1988. The exemption was repealed in 1994, although a lifetime capital gains exemption remained for the sale of qualified small business corporation shares and qualified farm properties…
Also, who determines fair market value (FMV)—do you just look at comparable properties yourself and pick one? Do you get a real estate agent to assess it?
–John
What is the CRA form T664?
It sounds like you have done some research on this capital gains exemption, John, or at least received a bit of advice from someone. I will tell you right off the bat that there seems to be a slight misunderstanding about how the 1994 tax exemption for capital gains works.
Form T664 was a tax form used to make an Election to Report a Capital Gain on Property Owned at the End of February 22, 1994. In 1985, a $500,000 capital gains exemption was introduced for Canadians that was subsequently decreased to $100,000 in 1988. The exemption was repealed in 1994, although a lifetime capital gains exemption remained for the sale of qualified small business corporation shares and qualified farm properties…
We spoke to experienced real estate experts to find five tactics that will give you the upper hand in your next property bidding war.
