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 HOME BUILDERS BEWARE . . . TAX DANGERS ABOUND! -- 2 page PDF (August 2007)
It is generally known that there is no tax on the gain on your principal residence when you sell it. The Income Tax Act deems the capital gain to be zero, and in practice you need not even report the gain to the Canada Revenue Agency, unless you have more than one residence for a given year and need to file a designation choosing one of them as your “principal residence”. Some small home builders try to profit from this rule.. Read more...
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