Tax Exemption

Property Transfer Tax – Multiple Buyers and Exemptions #277

Legally Speaking

By Gerry Neely B.A. LL.B A decision involving the Property Transfer Tax Act points to a way, when the facts are right, to reduce the amount of the total tax payable when there are multiple buyers. Three individuals bought one parcel of land in 1994 valued at $760,000, taking the fee simple title in their

Principal Residence – Calculations and Exemptions #147

Legally Speaking

By Gerry NeelyB.A. LL.B. A taxpayer bought a home and occupied it as his principal residence for 18 months and then rented one-third of it for 46 months. He then sold the home for a gain of $52,000, which the Minister of National Revenue (MNR) taxed as a capital gain. The taxpayer appealed successfully and

Tax Deductibility of a Real Estate Training Course #133

Legally Speaking

By Gerry NeelyB.A. LL.B. A real estate salesperson in Ontario paid $525 in 1985 to attend a four-day course “List More – Sell More,” which she found to be useful in increasing her commission income. Her deduction of this amount on her tax return was disallowed and she appealed. Her grounds of appeal were that

Principal Residence Exemptions #42

Legally Speaking

By Gerry NeelyB.A. LL.B. In the first case, the question was whether or not the sale of 9.3 acres made by the taxpayers under threat of expropriation by a municipality, leaving 7/10ths of an acre upon which the taxpayers’ house was situated, was exempt from taxation as falling within the principal residence exemption. Fourteen years