Vancouver Residents Are Just a Money Dispensing Machine
Our Vision is to Tax YOU!
I just love this phrase.
Vancouver residents cheerfully re-elected their Mayor in last election. Re-election of an incumbent Mayor means, you fully approve of his past actions and commited to his future actions and policies.
So, here we go again. Press the button of property owners and get some more money out of them. While the recession means tightening the budget and cutting expenses, it means a whole different thing for the Vancouver City Council.
We need more police force, while we do not have money at the moment. The city budget is already $52 million in deficit.
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Canada Revenue Agency Income Tax Property Tax Real Estate: Income Tax Property Tax Real Estate Tax Tax Rate
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Tax on Income from Real Estate Sale
Tax Bill on Real Estate
With the current market conditions of real estate in Vancouver and so many people buying property for their first home or investment property, it would be wise to take into consideration the tax implication, when you sell the property. Net Income from sale of property can be taxed as a business income or a capital gain, depending on the usage of the property and the primary intention of the owner.
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