It is not magic! but it is not what it appears to be at first! Follow this link to get a better understanding of your property assessment!
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It has occurred to me on many occasions, that, whether in a public or personal situation, the number of times that I have personally have said to someone, "Why did you do that" or it has been said to me ;) and the adult (or the child inside each of us) responded "I don't know" (IDK) I recently heard an interview with Alan Jacobs the author of "How to Think" that made me stop, open my Amazon app and order the book he was talking about. He spoke about the "five minute rule", and I insert that section of the book for your consideration. In today's fast paced world of life and business, where the rule is, instant response required or expected, what if we were all to adopt the "5 minute rule"?
What amazing results would occur? Ronald Regan the actor and…
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You absolutely must declare it on your personal income tax form for the year it was sold in!
There is no tax on the sale but it has to be disclosed.
Here is the link to CRA which gives further information.
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http://www.cra-arc.gc.ca/gncy/bdgt/2016/qa11-eng.html
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