{"id":3316,"date":"2017-02-25T10:35:16","date_gmt":"2017-02-25T16:35:16","guid":{"rendered":"http:\/\/www.montreal-realestate.ca\/english\/?p=3316"},"modified":"2019-03-12T10:45:11","modified_gmt":"2019-03-12T10:45:11","slug":"new-real-estate-tax-law-for-home-owners","status":"publish","type":"post","link":"https:\/\/www.montreal-realestate.ca\/english\/new-real-estate-tax-law-for-home-owners\/","title":{"rendered":"New Real Estate Tax Law for Home Owners"},"content":{"rendered":"

The Canada Revenue Agency (CRA) is smartening up and putting a new rule in place starting for the 2016 taxes, that requires all taxpayers to report the sale of their principal residence, whether they owe tax or not.<\/p>\n

Sales of primary residences have long been immune to the taxman, thanks to the principal-residence exemption, which eliminates the potential capital gain. We\u2019re never had to report it.<\/p>\n

This may be all there is to it, or maybe they\u2019re slowing introducing us for a big change to come.\u00a0 There is no plan as of yet to impose a tax on these types of transactions.<\/p>\n

The government will now be able to keep their eyes on the flippers who have been avoiding paying the capital gains. I\u2019ve seen a lot of flippers move in during the renovation period calling the property their principal residence, only then to resell after they\u2019re done.\u00a0 It will be harder to dupe the tax man if you are declaring one or two houses a year.<\/p>\n

If you would like more information to see how your property qualifies, please contact me jenn@montreal-realestate.ca<\/p>\n","protected":false},"excerpt":{"rendered":"

The Canada Revenue Agency (CRA) is smartening up and putting a new rule in place starting for the 2016 taxes, that requires all taxpayers to report the sale of their principal residence, whether they owe tax or not.<\/p>\n","protected":false},"author":2,"featured_media":8835,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","sfsi_plus_gutenberg_text_before_share":"","sfsi_plus_gutenberg_show_text_before_share":"","sfsi_plus_gutenberg_icon_type":"","sfsi_plus_gutenberg_icon_alignemt":"","sfsi_plus_gutenburg_max_per_row":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-3316","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages-finances"],"yoast_head":"\nNew Real Estate Tax Law for Home Owners - Montreal Real Estate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.montreal-realestate.ca\/english\/new-real-estate-tax-law-for-home-owners\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Real Estate Tax Law for Home Owners - Montreal Real Estate\" \/>\n<meta property=\"og:description\" content=\"The Canada Revenue Agency (CRA) is smartening up and putting a new rule in place starting for the 2016 taxes, that requires all taxpayers to report the sale of their principal residence, whether they owe tax or not.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.montreal-realestate.ca\/english\/new-real-estate-tax-law-for-home-owners\/\" \/>\n<meta property=\"og:site_name\" content=\"Montreal Real Estate\" \/>\n<meta property=\"article:published_time\" content=\"2017-02-25T16:35:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-03-12T10:45:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.montreal-realestate.ca\/english\/wp-content\/uploads\/2017\/02\/normal-18.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jennifer Lynn Walker\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jennifer Lynn Walker\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.montreal-realestate.ca\/english\/new-real-estate-tax-law-for-home-owners\/\",\"url\":\"https:\/\/www.montreal-realestate.ca\/english\/new-real-estate-tax-law-for-home-owners\/\",\"name\":\"New Real Estate Tax Law for Home Owners - Montreal Real Estate\",\"isPartOf\":{\"@id\":\"https:\/\/www.montreal-realestate.ca\/english\/#website\"},\"datePublished\":\"2017-02-25T16:35:16+00:00\",\"dateModified\":\"2019-03-12T10:45:11+00:00\",\"author\":{\"@id\":\"https:\/\/www.montreal-realestate.ca\/english\/#\/schema\/person\/38280264b1c3c37ddc5057d0457569d5\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.montreal-realestate.ca\/english\/new-real-estate-tax-law-for-home-owners\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.montreal-realestate.ca\/english\/new-real-estate-tax-law-for-home-owners\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.montreal-realestate.ca\/english\/new-real-estate-tax-law-for-home-owners\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.montreal-realestate.ca\/english\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"New Real Estate Tax Law for Home Owners\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.montreal-realestate.ca\/english\/#website\",\"url\":\"https:\/\/www.montreal-realestate.ca\/english\/\",\"name\":\"Montreal Real Estate\",\"description\":\"Great advice from an experienced broker\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.montreal-realestate.ca\/english\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.montreal-realestate.ca\/english\/#\/schema\/person\/38280264b1c3c37ddc5057d0457569d5\",\"name\":\"Jennifer Lynn Walker\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.montreal-realestate.ca\/english\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/4ba5ca067e223c96da90cce21cc1f0e101054986e0463f44435b3eafd1c512b0?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/4ba5ca067e223c96da90cce21cc1f0e101054986e0463f44435b3eafd1c512b0?s=96&d=mm&r=g\",\"caption\":\"Jennifer Lynn Walker\"},\"url\":\"https:\/\/www.montreal-realestate.ca\/english\/author\/jwalker\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"New Real Estate Tax Law for Home Owners - Montreal Real Estate","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.montreal-realestate.ca\/english\/new-real-estate-tax-law-for-home-owners\/","og_locale":"en_US","og_type":"article","og_title":"New Real Estate Tax Law for Home Owners - Montreal Real Estate","og_description":"The Canada Revenue Agency (CRA) is smartening up and putting a new rule in place starting for the 2016 taxes, that requires all taxpayers to report the sale of their principal residence, whether they owe tax or not.","og_url":"https:\/\/www.montreal-realestate.ca\/english\/new-real-estate-tax-law-for-home-owners\/","og_site_name":"Montreal Real Estate","article_published_time":"2017-02-25T16:35:16+00:00","article_modified_time":"2019-03-12T10:45:11+00:00","og_image":[{"width":640,"height":480,"url":"https:\/\/www.montreal-realestate.ca\/english\/wp-content\/uploads\/2017\/02\/normal-18.jpg","type":"image\/jpeg"}],"author":"Jennifer Lynn Walker","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Jennifer Lynn Walker","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.montreal-realestate.ca\/english\/new-real-estate-tax-law-for-home-owners\/","url":"https:\/\/www.montreal-realestate.ca\/english\/new-real-estate-tax-law-for-home-owners\/","name":"New Real Estate Tax Law for Home Owners - Montreal Real Estate","isPartOf":{"@id":"https:\/\/www.montreal-realestate.ca\/english\/#website"},"datePublished":"2017-02-25T16:35:16+00:00","dateModified":"2019-03-12T10:45:11+00:00","author":{"@id":"https:\/\/www.montreal-realestate.ca\/english\/#\/schema\/person\/38280264b1c3c37ddc5057d0457569d5"},"breadcrumb":{"@id":"https:\/\/www.montreal-realestate.ca\/english\/new-real-estate-tax-law-for-home-owners\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.montreal-realestate.ca\/english\/new-real-estate-tax-law-for-home-owners\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.montreal-realestate.ca\/english\/new-real-estate-tax-law-for-home-owners\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.montreal-realestate.ca\/english\/"},{"@type":"ListItem","position":2,"name":"New Real Estate Tax Law for Home Owners"}]},{"@type":"WebSite","@id":"https:\/\/www.montreal-realestate.ca\/english\/#website","url":"https:\/\/www.montreal-realestate.ca\/english\/","name":"Montreal Real Estate","description":"Great advice from an experienced broker","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.montreal-realestate.ca\/english\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.montreal-realestate.ca\/english\/#\/schema\/person\/38280264b1c3c37ddc5057d0457569d5","name":"Jennifer Lynn Walker","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.montreal-realestate.ca\/english\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/4ba5ca067e223c96da90cce21cc1f0e101054986e0463f44435b3eafd1c512b0?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/4ba5ca067e223c96da90cce21cc1f0e101054986e0463f44435b3eafd1c512b0?s=96&d=mm&r=g","caption":"Jennifer Lynn Walker"},"url":"https:\/\/www.montreal-realestate.ca\/english\/author\/jwalker\/"}]}},"_links":{"self":[{"href":"https:\/\/www.montreal-realestate.ca\/english\/wp-json\/wp\/v2\/posts\/3316","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.montreal-realestate.ca\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.montreal-realestate.ca\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.montreal-realestate.ca\/english\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.montreal-realestate.ca\/english\/wp-json\/wp\/v2\/comments?post=3316"}],"version-history":[{"count":0,"href":"https:\/\/www.montreal-realestate.ca\/english\/wp-json\/wp\/v2\/posts\/3316\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.montreal-realestate.ca\/english\/wp-json\/wp\/v2\/media\/8835"}],"wp:attachment":[{"href":"https:\/\/www.montreal-realestate.ca\/english\/wp-json\/wp\/v2\/media?parent=3316"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.montreal-realestate.ca\/english\/wp-json\/wp\/v2\/categories?post=3316"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.montreal-realestate.ca\/english\/wp-json\/wp\/v2\/tags?post=3316"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}