Category Archives: Real Estate

Reporting the Sale of a Personal Residence

On October 3, 2016, the Federal Government announced new rules that will require you to report the sale of your personal residence on your income tax return commencing with the filing of the 2016 return. This is a departure from past practice where the sale of a personal residence did not require reporting. There is still no requirement to pay capital gains tax on the sale of a personal residence however if you fail to report it, the penalties can be rather steep. The transfer of a personal residence without an actual sale (such as changing it from your home to a rental property or business property) will also need to be reported.

2016 Property Tax Assessments

Sold HomeIt is that time of year again.  The Province of New Brunswick will soon release property tax assessments for 2016.  Although generally you ought to receive a paper copy in the mail, you can also check your Tax Bill through this link:

Property Assessment Information

Reviewing your Tax Bill can help you determine if your property is over or under-valued.  If you have purchased a new home over the past year or there has been a change of ownership for your home (even between spouses), you should also make sure that you review your Tax Bill to ensure that you are still receiving the Residential Tax Credit.

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HST Registrant Database

You may be having renovations done on your home for which you are being charged Harmonized Sales Tax (HST). You may want to ensure that the person who is collecting HST is actually registered with the Canada Revenue Agency to do so before you pay the bill. The link below will take you to the Canada Revenue Agency’s database of HST registrants and allow you to search and confirm that you should be paying HST to that service provider. Continue reading