MORE REAL ESTATE MATTERS:
CAPITAL GAINS:
Whenever you sell a Real Estate
Property, you must determine whether you are required to pay Capital
Gains Taxes. Generally, if you are selling your principal
residence, there will be no Capital Gains Taxes payable. However,
for many Buyers of Bow Valley Property, the Property is not their
principal residence and sometimes they are earning revenue from it.
In addition, many Sellers are Non-residents of Canada and may or may not
be subject to Canadian income taxes. Whether your sale of Property
is subject to Capital Gains taxes is an issue you should deal with your
Canadian Accountant about. It is an issue that is not deal with by the
Seller's Lawyer. See also
Non-Resident
Sellers
CONTRACT FOR NEW HOME-CONDO TO BE CONSTRUCTED
GST:
GST stands for Goods and
Services Tax and is a value added tax created by the Canadian Government
and payable by the Buyer and collected by the Seller. GST is generally
NOT PAYABLE on the purchase and sale of USED real estate Property used
for residential purposes.
GST may or may not be payable on the
purchase of a vacant Lot.
GST is payable on the purchase of a
NEW House of Condo.
Unless it is a straight forward,
normal purchase, you should consult with your Accountant to determine
the implications, to you, respecting the Goods and Services Tax Act.
PERSONAL PROPERTY - CHATTELS:
Virtually every Contract
respecting the purchase of a House or Condo includes, what is know in
law as Personal Property or Chattels. We know them as fridges,
stoves, dishwashers, satellite dishes, hot tubs, etc.
These items don't legally
transfer with the Transfer of Land, however "convention" has it that
they do. To legally transfer Personal Property a Bill of Sale
should be used.
PORTING A MORTGAGE
RENTAL POOLS
Investment Real Estate
An Introduction to Land Titles in Alberta
Land Title Procedure Manual
Alberta Land Titles
Alberta Land Title Fees
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