question about selling house in canada.... - GoFuckYourself.com

qwe · 08-26-2005, 03:02 PM

lets say I bought a house 4 months ago in ontario, and now I want to sell it and get a bigger house, is there anything I need to watch out for, like pay some taxes or something ? heard I need to wait a year before I can sell ?

basically can I sell and buy without getting hassled about taxes or what not ?

qwe · 08-26-2005, 04:27 PM

any1 ?

ravo · 08-26-2005, 05:23 PM

Is it your "principal residence"? If so, there are no tax implications. But, with anything, see a lawyer for the right answers.

sonofsam · 08-26-2005, 05:24 PM

for a sale of 400 grand + i think it would be in your best interest to consult with an accountant/lawyer

the Shemp · 08-26-2005, 05:27 PM

Quote:

Originally Posted by qwe

lets say I bought a house 4 months ago in ontario, and now I want to sell it and get a bigger house, is there anything I need to watch out for, like pay some taxes or something ? heard I need to wait a year before I can sell ?

basically can I sell and buy without getting hassled about taxes or what not ?

sounds like a "flip" ..........did you live in the house?

08-26-2005, 05:27 PM

Principal residence is OK. If you own another home you better hire an accountant and lawyer to make sure you don't get fuxored by the tax man.

NoCarrier · 08-26-2005, 05:31 PM

Depending on your bank, you might a penalty with your mortgage.

08-26-2005, 05:34 PM

I also think there is a taxable gain limit of $250,000, even if it was your principal residence. So if the property rose in value over $250,000 since you purchased it 4 months ago (which is unlikely, unless you have a horseshoe up your ass), then you have to pay tax on that. (or over $500,000 if you are married and filing joint returns)

qwe · 08-26-2005, 06:49 PM

Quote:

Originally Posted by the Shemp

sounds like a "flip" ..........did you live in the house?

it's not a flip... ya i only own 1 and only house which is this one... there won't be much gain since i'll sell it to my parents.... I simply want bigger one...

qwe · 08-26-2005, 06:51 PM

Quote:

Originally Posted by NoCarrier

Depending on your bank, you might a penalty with your mortgage.

why penalty, I will simply increase mortgage, don't it mean more business to the bank ?

NoCarrier · 08-26-2005, 06:57 PM

Quote:

Originally Posted by qwe

why penalty, I will simply increase mortgage, don't it mean more business to the bank ?

Well, you are going to pay off your 1st mortgage faster than usual, most banks will give you a penatly fee.

Doctor Dre · 08-26-2005, 06:58 PM

There are no official "laws" agaisn't it (I heard ... from my financial advisor), but the problem will probably with re-financing since banks made rules that block "flips" as much as possible.

Doctor Dre · 08-26-2005, 06:58 PM

Quote:

Originally Posted by NoCarrier

Well, you are going to pay off your 1st mortgage faster than usual, most banks will give you a penatly fee.

With most banks you can repay as much as 15 % of the total mortgage every year without penality nowdays...

NoCarrier · 08-26-2005, 07:10 PM

Quote:

Originally Posted by Doctor Dre

With most banks you can repay as much as 15 % of the total mortgage every year without penality nowdays...

You are right, but he wants to sell the house that he bought 4 months ago, now. The "as much as 15%" does not apply here. He will get a penalty. All he needs to do is sell the house at a higher price so he will get his money back.

qwe · 08-27-2005, 08:46 AM

how much is the penalty we talking about ?

08-27-2005, 09:23 AM

Quote:

Originally Posted by qwe

how much is the penalty we talking about ?

You have to ask your bank that, but you are probably looking at MINIMUM 3 months interest. Probably a lot more than that.

08-27-2005, 09:25 AM

Try these calculations to give yourself an estimate.

http://www.fcac-acfc.gc.ca/eng/publi...yCharges_e.asp

08-26-2005, 03:02 PM	#1
qwe Confirmed User Join Date: Jul 2003 Posts: 2,109	question about selling house in canada.... lets say I bought a house 4 months ago in ontario, and now I want to sell it and get a bigger house, is there anything I need to watch out for, like pay some taxes or something ? heard I need to wait a year before I can sell ? basically can I sell and buy without getting hassled about taxes or what not ?

08-26-2005, 05:23 PM	#3
ravo Confirmed User Industry Role: Join Date: Jun 2001 Location: Skype: ravo.fpctraffic Posts: 5,445	Is it your "principal residence"? If so, there are no tax implications. But, with anything, see a lawyer for the right answers. __________________ AdultAdBroker - Buy and Sell Your Flat Rate Banners, Links, Tabs, Pops, Email Clicks and Members' Area Traffic - updated Sept 2025

08-26-2005, 05:24 PM	#4
sonofsam Too lazy to set a custom title Join Date: Dec 2004 Location: Vancouver Posts: 18,638	for a sale of 400 grand + i think it would be in your best interest to consult with an accountant/lawyer __________________ I like turtles.

08-26-2005, 05:31 PM	#7
NoCarrier We need more free porn Join Date: Mar 2002 Location: Montreal Posts: 16,356	Depending on your bank, you might a penalty with your mortgage. __________________

08-26-2005, 05:34 PM	#8
evildick Guest Posts: n/a	I also think there is a taxable gain limit of $250,000, even if it was your principal residence. So if the property rose in value over $250,000 since you purchased it 4 months ago (which is unlikely, unless you have a horseshoe up your ass), then you have to pay tax on that. (or over $500,000 if you are married and filing joint returns) Last edited by evildick; 08-26-2005 at 05:35 PM..

08-26-2005, 04:27 PM	#2
qwe Confirmed User Join Date: Jul 2003 Posts: 2,109	any1 ?

08-26-2005, 05:27 PM	#6
evildick Guest Posts: n/a	Principal residence is OK. If you own another home you better hire an accountant and lawyer to make sure you don't get fuxored by the tax man.

08-27-2005, 08:46 AM	#15
qwe Confirmed User Join Date: Jul 2003 Posts: 2,109	how much is the penalty we talking about ?

08-27-2005, 09:25 AM	#17
evildick Guest Posts: n/a	Try these calculations to give yourself an estimate. http://www.fcac-acfc.gc.ca/eng/publi...yCharges_e.asp