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Does It Pay to Own Multiple Homes in Canada?

Location
Vancouver, Toronto, Calgary
Publish Date
2022/09/12

From a tax perspective, multiple homeownership is expensive due to higher costs on title transfers, capital gains and foreign ownership. Canada, unlike the US, taxes individuals based on residency, not citizenship status. 2nd homes and rental properties are subject to a capital gains tax on 50% of the gain or loss when sold. Also, provinces have land transfer taxes; in Ontario properties are taxed by a median rate of 1.5% of value when a title is changed. Foreign buyers pay additional taxes, compared to Canadian residents, like a withholding tax if they own a rental property in Canada.

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Canada, Ottawa, Vancouver Island, Edmonton, Kelowna, Quebec