Send us a textSelling property in Ontario involves navigating a range of taxes, including capital gains, property flipping rules, and the underused housing tax. The principal residence exemption offers a tax advantage for primary homes, but recreational properties and those sold quickly are treated differently. Recent changes to tax laws, including the capital gains inclusion rate, make understanding these implications vital for homeowners and investors. The Canada Revenue Agency actively monitors real estate transactions, underscoring the importance of accurate reporting to avoid penalties. Seeking professional advice from tax experts or real estate lawyers is recommended to ensure compliance and optimize tax outcomes.https://www.houseinbrampton.ca

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