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Tax Issues Can Become Complicated When Selling A Cottage

Author: 
Jamie Golombek
Publication date:
January 8, 2021
Article Summary: 

The blog discusses the complexity of tax issues when selling a cottage in Canada. The seller must decide which property (city or vacation home) yields a bigger gain and whether to claim tax exemptions on the capital gains of their home sale. The blog explains that a vacation home can often qualify for the exemption, provided it meets certain conditions. However, sellers must be diligent in reporting the exemption. The blog also advises homeowners to keep receipts for the sale and major renovations on both properties, whether they expect to claim it for a tax exemption or not.

Keywords: 

Tax issues, selling a cottage, Canada, tax exemptions, principal residence exemption, capital gains, vacation home, reporting exemption, major renovations.

Source Citation: 
Jamie Golombek
Tax Issues Can Become Complicated When Selling A Cottage
January 8, 2021
https://blueprintmanagement.ca/blog/tax-issues-can-become-complicated-when-selling-a-cottage/
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