Hi David,
I have a rental property in Vancouver that I want to sell. Is true that if
I purchase another income property with this money then I will not pay
capital gains? Also does it matter where in Canada I can buy inorder not to
be subject to a capital gain?
Thanks
------------------------------------
david ingram replies:
Canada does NOT have a rollover provision unless the property was
expropriated by a government authority.
Stephen Harper had this suggestion as part of his election campaign and it
may well be brought in as law.
However, you will have to wait and see whether he can (s)wing it with his
very minority government.
The US does have the provision now and it is called a 1031 exchange.
> ------------------------------------------
>
>
> QUESTION: My husband and I are looking at purchasing my parents home for
> approximately $150,000 Cdn below the fair current market price in South
> Surrey area. Is there any way to not pay property purchase tax with this
> transaction? Is there a way to pay PPT at the agreed price vs fair market
> value price if it has to be paid?
> Thanks for your help.
>
---------------------------------------------------------------------------
>
> david ingram replies:
>
> As long as the house is / was your parents' home and they have lived in it
> for the past year or so (Maybe as little as six months) and it was not
> rented to strangers when you bought it, there is no PPT payable.
>
> Good luck
>
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Alireza Golbabai
School of Kinesiology
Simon Fraser University
British Columbia, Canada
E.mail: alig at sfu.ca
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