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General / Orillia proerty
« on: May 17, 2007, 04:13:55 AM »
Does any one know the results of today's sale in Orillia.. please let us know thanks
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General / Re: Buy through a corporation!
« on: May 17, 2007, 04:11:29 AM »
Cost of fixi up and renovation cost can be added to your ACB adjusted cost base, example if you have purchased a proerrty for $50,000 and cost of renovation is $15000 and selling exoeses are $5000 and you sold this proerty for $100,000
your gain or profit from adventure in nature of trade depends how you treat your deal eiither capiital or business would be
Proceed of Dispostion (Sale) $100,000
Less: Cost of proertry $50000
Renovation 15000
Selling expenses 5000
Revised ACB $70000
Gain or profit $30000
If you are going to treat this as income that full $30 K is taxable and if you are going to treat this as capital than taxable capital gain is $15000.. keep in mind that taxable capital gain can be offset against any current or previious year capital losses and capital losses can be carried forward indefinately..
You can get more informaition on captial gain and losses from CRA website and theri gudies..
at www.cra.gc.ca
your gain or profit from adventure in nature of trade depends how you treat your deal eiither capiital or business would be
Proceed of Dispostion (Sale) $100,000
Less: Cost of proertry $50000
Renovation 15000
Selling expenses 5000
Revised ACB $70000
Gain or profit $30000
If you are going to treat this as income that full $30 K is taxable and if you are going to treat this as capital than taxable capital gain is $15000.. keep in mind that taxable capital gain can be offset against any current or previious year capital losses and capital losses can be carried forward indefinately..
You can get more informaition on captial gain and losses from CRA website and theri gudies..
at www.cra.gc.ca
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General / Re: Oshawa Property
« on: May 17, 2007, 03:59:15 AM »
not advertised yet .. keep watching good luck...
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General / Welland Property .. Gutted old School
« on: May 08, 2007, 01:26:00 AM »
Does any one know if the Wellland property old gutted school is still on for tax sale ? it was advertised last week in the Entrain Gazette.
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General / Re: Oshawa Property
« on: May 08, 2007, 01:15:40 AM »
Winning tender amount has to be minimum $$$$ prescribed by the municipality which includes the all the back taxes owed up to the point the certificate is registered against the property. However at the time of closing buyer has to pay the taxes from the time of certificate registered and current which could be a minor amount. Like in the case of Oshawa propert the taxes owed were $18K+ are included in the highest bid of $141150 plus the closing cost and tax adjustment..
Does any one know how did they resolved the legal issue which was raised on the date of sale by one 2 of the participants..
Does any one know how did they resolved the legal issue which was raised on the date of sale by one 2 of the participants..
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General / Re: Oshawa Property
« on: May 05, 2007, 06:41:23 PM »
Does any one know how the city decided finally on the tax sale and the legal consequences.
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General / Re: Oshawa Property
« on: May 04, 2007, 02:14:03 AM »
I was there this afternoon and 2 guys objected that to reject all the tenders, as there was words written "Tax Sale" on the envelopes provided by the city.. they are going to get the legal opinion also there was a issue of tax sale was conducted by the deputy treasurer and envelope was not addressed to City Treasure not in according to Municipal act tax sale. there were 92 bids Highest was 141150 and second highest was 141100.. good luck next time. Any one looking at the Hamilton properties. Please post details if you availabel thank
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