capital loss

That Foreign Property Question

• • 0 Comments

Today’s Blog was written by Rahul Sharma, Partner, Fasken LLP, Toronto Many Canadians today have or are thinking of acquiring some form of foreign real estate.  For some, the property was inherited from parents or left behind in the “old country” following a relocation to Canada.  For others, the property is a vacation home or pied-à-terre in another place. A villa in France or a place on the beach in the….

That Foreign Property Question Continue Reading »

Estate Planning, Property, Real Estate, Tax Issues, Wills

Principal residence – deceased vs. estate (Part 2): Time is of the essence

• • 0 Comments

In my previous blog, Principal residence – deceased vs. estate, I discussed the opportunity for an estate to claim a capital loss on a property that was previously the principal residence of the deceased and carry it back to the deceased’s final tax return under subsection 164(6) of the Income Tax Act (ITA). A number of readers reached out to me regarding the difficulties of realizing the loss and filing….

Principal residence – deceased vs. estate (Part 2): Time is of the essence Continue Reading »

Estate Administration, Real Estate, Tax Issues

Principal residence – deceased vs. estate

• • 3 Comments

The over-heating of the housing market that started in 2021 is starting to slowly cool off as a result of rising interest rates. This cooling of the over-heated housing market has given rise to a potential scenario that was originally addressed by the Canada Revenue Agency (CRA) in a technical interpretation issued in January of 2009[1]. The potential scenario exists when a decedent is deemed to have disposed of their….

Principal residence – deceased vs. estate Continue Reading »

Estate Administration, Real Estate, Tax Issues
Scroll to Top