Real Estate Investing Tax Tips You Need To Know
The Canadian Real Estate Investor
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Is the CRA Exempting the Principal Residence Exemption?
CRA is ramping up their collections department right now to try and get back a lot of those. What I'd recommend is, you know, just discuss it with your accountant before signing on a dotted line. You have to be living in it for the purposes of living in it. If it smells like you are buying this property to do something to generate profit ... then there is some risk there that could be reassessed as business income. Unless you turn that into a business and start treating it as such. So, probably good to find an accountant and get yourself a business license for that one.
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