Trusted Saskatoon Blog | All posts tagged 'Real Estate Saskatoon'

Kari Calder A Trusted Saskatoon Realtor tip on the new tax implications of selling your home

13. Feb 2017 Admin Saskatoon Mortgages, Saskatoon Real Estate, Trusted Tips

The decision to purchase your home is one of the most important decisions you will ever make, and will also be one of your largest investments. Done right, it can also be one of the most exciting and fulfilling times in your life! Kari Calder a saskatoon Realtor with Century 21 Fusion is there to help you through the process, and provide you and your family with the peace of mind that comes with knowing that you have a realtor working with your best interests in mind. In Kari's latest real estate tip Kari explains the tax implications of selling your home. Kari Calder is a Trusted Saskatoon Real Estate Agent!

In 2017, Finance Minister at the time Bill Morneau introduced changes to the current tax model around selling your primary residence. This, along with the new mortgage rules is an attempt to ensure foreign investors abide by our current tax laws. Although these changes are focused on foreign investors, the changes will also have an effect on those Canadians who inadvertently did not pay tax when selling their principal residence.

Disposing of your principal residence

When you sell your home or when you are considered to have sold it, usually you do not have to pay tax on any gain from the sale because of the principal residence exemption. This is the case if the property was solely your principal residence for every year you owned it.

Reporting the sale of your principal residence

If you sold your property in 2021 and it was your principal residence you have to report the sale and designate the property on Schedule 3, Capital Gains (or Losses). In addition, you also have to complete. page 1 of Form T2091 if the property you sold was your principal residence for all the years you owned it, or for all years except one year, being the year in which you replaced your principal residence.

You have to report the sale.

For the sale of a principal residence in 2016 and subsequent years, the CRA will only allow the principal residence exemption if you report the disposition and designation of your principal residence on your income tax and benefit return. If you forget to make this designation in the year of the disposition, it is very important to ask the CRA to amend your income tax return for that year. The CRA will be able to accept a late designation in certain circumstances, but a penalty may apply.

Here’s another important part to note. If you fail to report the sale, you won’t be entitled to the principal residence tax exemption. If you forget to designate a property as your principal residence in the year of the sale, you could ask CRA to amend your tax return for that year. They likely will do so for a fee.

The onus is placed on the homeowner to understand the rules. What can you do going forward?

Ensure you’re filling out a Form T2091 to designate a property as your principal residence.
Talk to your accountant if you have any questions about whether or not your real estate sale was considered the sale of a principal residence (for example, adding or removing a suite to the home you live in may require you to report even if you haven’t sold)
You’ll also want to track the cost of capital improvements you make to your residence going forward. Keep your receipts! This could save you money later on taxes if it turns out the sale of your property is no longer qualified under the principal residence tax exemption.

Kari Calder is one of Saskatoon's top Century 21 Fusion real estate agents. Kari can assist with all of your Saskatoon buying and selling real estate needs and she is a TRUSTED SASKATOON REALTOR

Kari Calder is a Trusted Saskatoon Real Estate Agent!

Meet Trusted Saskatoon Real Estate Agent Marla Janzen

19. Aug 2014 trusted Saskatoon Real Estate

Marla Janzen is an award winning SASKATOON REAL Estate expert she takes action to sell her client's homes and find them the perfect new place to live while negotiating the best terms and price possible. She loves what she does and takes great pride in providing excellence in customer service to all of her clients.

She is one of our wonderful TRUSTED SASKATOON REAL ESTATE EXPERTS listed on the SASKATOON DIRECTORY.

Meet Marla Janzen in this video - see why she is your best choice for a Saskatoon Real Estate Agent and also hear from her clients.

Find Marla Online at http://www.century21.ca/marla.janzen she is a Century 21 Fusion Realtor Saskatoon..or checkout her listing in REAL ESTATE SASKATOON here on www.trustedsaskatoon.com, Marla Janzen is TRUSTED SASKATOON REAL ESTATE EXPERT.

Marla Janzen Trusted Saskatoon Real Estate Expert shares tips for the first time Homebuyer

27. May 2014 trusted Saskatoon Real Estate, Trusted Tips

Marla Janzen is an award winning SASKATOON REAL Estate expert she takes action to sell her client's homes and find them the perfect new place to live while negotiating the best terms and price possible. She loves what she does and takes great pride in providing excellence in customer service to all of her clients.

She is one of our wonderful TRUSTED SASKATOON REAL ESTATE EXPERTS listed on the SASKATOON DIRECTORY and loves to provide Trusted Tips that help the public!

Marla Janzen from century 21 Fusion is the realtor for BC Based home builders Westbow Construction's Radius at The Legends condo project in Warman SK, and she invited the Trusted team up for a tour around the show condos and to meet the owner of Westbow Construction Dick Westeringh. We figured we would take along our video camera so you could see for yourself why living in Warman should be a consideration for anyone thinking about moving!

Here Marla shares tips for the first time Homebuyer:

Are you a first-time home buyer in Saskatoon or Warman and eager to get into the market? Here are some basic steps to take to help you decide whether you're ready to take the plunge. Purchasing a home is a major decision and most people start by falling in love with a specific property before knowing if it is even a feasible purchase for them.

Losing the home you had your heart set on can be very discouraging. Before talking to a Realtor, here are a few steps to ensure you are not disappointed when you find the right home for you.

1. Check the selling prices of comparable homes in your area. You can also do a quick search of actual MLS listings in your area on a number of Web sites.

2. See what you can afford. Talk to your bank or a mortgage broker who will look at your financial situation and help you to know what kind of housing will be within your price range.

3. Find out what your total cost of owning a house will be. Many buyers look only at the mortgage cost, but forget things like, including taxes and homeowners insurance which are additional costs. Even a basic budget can help you to know what your monthly expenses will be.

4. Get estimates. A good idea once you know what kind of mortgage you can afford, is to get quotes for things like property tax and home insurance. To estimate property tax, you can check out home listings in the area you are interested in along with homes that are within your price range. Property Tax information is listed with the property info. To get an idea of what you'll pay in insurance, make a call to a local insurance agent for an estimate, based upon these same homes you’ve identified as possibilities.

5. Find out how much you'll likely pay in closing costs, like Land Titles searches, lawyers (which are required), Mortgage closing fees, etc. Discuss these fees with your lender before committing to purchase.

Mortgage Calculator-How Realtors Help.ca

Once you have these details and feel comfortable with what your monthly costs will be contact Marla Janzen from Century 21 Fusion, in Saskatoon and Warman, at www.marlajanzen.ca to find exactly the right property for you.

Find Marla Online at http://www.century21.ca/marla.janzen she is a Century 21 Fusion Realtor Sakatoon based at 703 Circle Drive, Saskatoon..or checkout her listing in REAL ESTATE SASKATOON here on www.trustedsaskatoon.com, Marla Janzen is TRUSTED SASKATOON REAL ESTATE EXPERT.

Marla Janzen Trusted Saskatoon Real Estate Expert tempts us to visit Radius at the Legends in Warman SK

10. Sep 2013 trusted Saskatoon Interior Decorator , Saskatoon Painters Decorating & Design, Saskatoon Real Estate, Trusted Tips

Marla Janzen is an award winning SASKATOON REAL Estate expert she takes action to sell her client's homes and find them the perfect new place to live while negotiating the best terms and price possible. She loves what she does and takes great pride in providing excellence in customer service to all of her clients.

She is one of our wonderful TRUSTED SASKATOON REAL ESTATE EXPERTS listed on the SASKATOON DIRECTORY and loves to provide Trusted Tips that help the public!

Marla Janzen from century 21 Fusion is the realtor for BC Based home builders Westbow Construction's Radius at The Legends condo project in Warman SK, and she invited the Trusted team up for a tour around the show condos and to meet the owner of Westbow Construction Dick Westeringh. We figured we would take along our video camera so you could see for yourself why living in Warman should be a consideration for anyone thinking about moving!

Tour of 425 Langer Place - 2 storey, 3 bed condo - interior decorating and staging was done by Fresh Living - your Trusted Saskatoon Interior decorators

Find out more about Westbow Construction and what they stand for in this candid interview with Marla and Dick

What asked Dick how it was to deal with Marla - A Trusted Saskatoon Realtor- this is what he had to say . " Every once in a long while you might meet a person that is perfectly suited for the role they play in life. Marla Janzen is such a person. I have had the privilege of working with Marla this past year and each time I meet Marla, I appreciate her more. Marla presents herself well and then lives up to her presentation. Marla does her home work, she knows her products and she knows her competitors products. Marla goes the extra mile to ensure that her costumers have everything that they need to make an informed decision. Marla is a real estate salesperson that does not feel like salesperson. She is more of a friend that helps you make the right decisions. Marla is not about making another sale as much as making a new friend. Marla works hard, has good ideas, and she is fun to work with. Marla wants the deal to be good for everyone involved. I am happy working with Marla and I am confident that Marla’s customers will be well served by Marla. Thank you Marla for being a vital part of the “Warman Westbow Team.” Dick Westeringh

Find Marla Online at http://www.century21.ca/marla.janzen she is a Century 21 Fusion Realtor Sakatoon based at 703 Circle Drive, Saskatoon..or checkout her listing in REAL ESTATE SASKATOON here on www.trustedsaskatoon.com, Marla Janzen is TRUSTED SASKATOON REAL ESTATE EXPERT.