The new Canadian Mortgage Charter explained – CBC News + MORE Nov 23rd

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The new Canadian Mortgage Charter explained  CBC NewsWhen people are worried about job security they don’t buy a new house: mortgage broker  BNN BloombergCanada has a new measure to help homeowners pay their mortgages. Here’s what you need to know  NOW TorontoNot all mortgage-holders will benefit from new federal proposal: personal finance expert  CBC VancouverWhat is the Canadian Mortgage Charter? Everything you need to know about the country’s new housing initiative  The Globe and MailView Full Coverage on Google News

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A second property may be a lifestyle choice, like a vacation home. Or, it might be an investment decision, in the form of a rental property. And in some cases, it’s both. But there are significant tax differences between a primary residence and a second property, so before you start shopping for more real estate, make sure you know what taxes to expect.

Primary residences vs. secondary properties

The tax treatment of real estate in Canada depends on its use. The home you live in—your primary residence—is normally exempt from capital gains tax upon sale due to the primary residence exemption.

This exemption can even be used on vacation properties, so long as it is “ordinarily inhabited.” While the definition of “ordinarily inhabited” is vague, it means at a minimum you spent time living there during a calendar year. And while there’s an exception for years in which you move and own two homes, you can otherwise only declare one property as your primary residence at any given time…