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Subscribe to this list via RSS Blog posts tagged in principal residence

In a prior Blog on the “Time Bomb Ticking on Canadian Home Construction Industry” we discussed the problems facing Canadians who make money buying, fixing up, and reselling their alleged “principal residences”.

We said then: “An individual buying a run-down house, fixing it up, and living in it a while, and then selling for a tidy income tax exempt profit (the house being the individual’s principal residence) sounds like a recipe for success. [But repeat] that 21 times in a row, and you may have a different kettle of fish!”

Apparently, all you have to do is “repeat 2 times in a row” to be liable for income taxes on our profits, and uncollected GST/HST on your sales revenue!

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