The tax laws in Canada are going to put up a few hurdles for homeowners ready to sell their vacation or second home. From capital gains to depreciation, it's clear those with second homes bear a heavier burden than their primary homeowner counterparts. Before officially listing a Sherwood Park home, it helps to have any idea of what the taxes will be like before pulling the trigger.
For informational purposes only. Always consult with a financial advisor before proceeding with any real estate transaction.
Capital Gains of Second Homes
Capital gains or losses refer to the appreciation or depreciation of any given asset from the time it was purchased to the time it was sold. A home purchased for $50,000 and sold for $200,000 would have a…