I recently bought a second home for my parents. When I sell that is the appreciation considered a capital gain?
@TheIndependentDollar
4 жыл бұрын
If it isn't your primary residence and you are an owner, then any profit made when the house is sold will be considered a capital gain for you. We will be releasing some videos in the coming week regarding real estate and rental income that you might find helpful.
@quranjourney48
4 жыл бұрын
Hi , thanks a lot for sharing. Can u plz guide me. I m tutoring kids at my home and earn Cash in the form of fee. How can I prove CRA myself as a “ self employed” ? Plz guide . What documents I can provide to prove ? Will really appreciate if u answer . Thanks
@TheIndependentDollar
4 жыл бұрын
If you are only accepting cash, it might be a good idea to speak with an Accountant to see how you should be recording information about your clients and all of your sales. You will need to have proper records in place should you ever get audited from CRA. At the most basic level, you will need to keep copies of your bank statements and receipts of all of your deposits that you received from your clients. It might be a good idea to consider accounting software to track all of your sales, clients and expenses so you have records of all of your business transactions.I would consider meeting with an accountant to get advice and also file your taxes so you understand what you need moving forward.
@ahmaddaboul2681
4 жыл бұрын
Great video
@TheIndependentDollar
4 жыл бұрын
Thanks!
@matthewmcmahon4769
4 жыл бұрын
Is the $100k on foreign property the upper limit for each individual item that you own?
@TheIndependentDollar
4 жыл бұрын
The $100k is the cumulative amount. So as an example, if you purchased $60k in U.S. Stock and you have $50k in a U.S. Bank Account, you are now required to disclose that on your taxes otherwise you could end up paying those penalties I mentioned.
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