My question is: Canadian-specific
QUESTION: I run my eBay business full-time from the basement of our home. We are looking to sell in 3-5 years and I am concerned about getting hit with Capital Gains taxes. How do I calculate how much I will owe and what ways are there to minimize the Capital Gains tax payable upon the sale of my home?
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david ingram replies:
>From you email address, it is obvious that you are a Canadian.
Good news, If you use the basement for you business there is no capital gains tax on your house when you sell it.
If you were an American however (even living in Canada), the US would want to tax you on the same percentage of the increased value that you used to write off expenses.
In other words if you are using half the house and claiming half the interest and half the heat and half the taxes, they would want tax on half the profit.
Answers to this and other similar questions can be obtained free on Air every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Cartier Partners and I will be hosting an INFOMERCIAL but LIVE talk show called "ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the internet at
www.600AM.com
Local phone calls to (604) 280-0600 - Long distance calls to 1-866-778-0600.
Old shows are archived at the site.
Fred Snyder and I are giving free seminars on making your CANADIAN mortgage interest tax deductible at our new office at
1764 West 7th
Vancouver.
This is in the Spence Diamond Building at the corner of 7th and Burrard
and is very easy to find.
When: Just about " Every" Thursday Night
Time: 7 to 9 PM
RSVP: phone (604) 731-8900 to reserve (limited to 15 people)
My time is now spent at my home office at:
4466 Prospect Road
North Vancouver, BC
V7N 3L7
(604) 980-0321
david ingram
This from ask an income tax immigration planning and bankruptcy expert consultant guru or preparer from www.centa.com or www.jurock.com or www.featureweb.com. Canadian David Ingram deals daily with tax returns dealing with expatriate:
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