There are various factors to consider when deciding between renting and owning a home. Both options have their advantages and drawbacks. Renting provides flexibility and requires less responsibility for maintenance, while owning allows for equity build-up and the freedom to customize the property. It’s crucial to evaluate your financial situation, long-term goals, and personal preferences before making a decision. Additionally, seeking advice from a financial advisor or real estate professional can provide valuable insights based on your specific circumstances.
Tax sheltered investment
No capital gains tax on primary residence.You may need to show reasons to move up or down in primary residence but in all the years we have watched no one we know has complained about not being able to sell with out capital gains on the principal residence. So this is a good way to help deal with inflation.
In Canada, the sale of your primary residence is generally exempt from capital gains tax. This exemption can be a significant benefit for homeowners, as it allows individuals to reap the financial rewards of property appreciation without incurring additional taxes. However, in order to qualify for this exemption, certain criteria must be met, such as using the property as your principal residence for the entire period of ownership. It’s important to consult with a tax professional or real estate advisor to ensure compliance with the specific regulations and to fully understand the implications of the tax laws related to primary residences in Canada.
Kevin Griffiths
percypaschal
The Proprietor Review 