Trusted Tips and Resources

Trusted Tips & Resources

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

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!



Trusted Saskatoon real estate expert Kari Calders tip on what Justin Trudeau’s win will mean for the real estate market

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.

 

Trusted Saskatoon Real Estate expert Kari Calder tip on what Justin Trudeau’s win will mean for the

real estate market from her Century 21 Blog

 

What will Justin Trudeau’s win mean for the real estate market?

October 19th’s majority win lead by Justin Trudeau of the Liberal Party will push an overhaul of Canada’s tax system, infrastructure spending, and the economy in general. But what changes can homeowners expect to come from this new government in office and how does this affect real estate? 

 

 

Sherry Cooper, chief economist for Dominion Lending Centres, said the unexpected majority win will lead to a rebalancing of economic policy in Canada.

While much is yet to be determined, the Liberals have promised to increase government spending for transit, social, and green infrastructure which will lead the country to budget deficits for the next three years.

The majority win takes the pressure off the Bank of Canada in terms of lowering the overnight rate in its announcement expected October 21. In recent years, the Bank of Canada has been doing all the work when it comes to stimulating Canada’s economy. With the Liberal’s promise to increase spending, this should take some pressure off the Bank of Canada to further lower the already low interest rates.

The infrastructure spending plan could also have an impact on mortgage rates if the government issues more bonds to pay for the expenditure. This will lead investors looking elsewhere and mortgage rates to become stable to moderately higher over the next year. 

 

 

This would then lead to moderate cooling of overheated markets like Vancouver and Toronto while other stable markets are to remain untouched.

It will be interesting to see just exactly how our local Saskatoon real estate market will be affected by the new federal government change, only time will tell.

 

Kari Calder is one 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

Saskatoon Real Estate Agent

Century 21 Fusion

kari@saskatoonrealestate.net

 

 

Trusted Saskatoon real estate expert Kari Calder compares July 2014 and 2015 real estate numbers

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.

 

Trusted Saskatoon Real Estate expert Kari Calder compares July 2014 and 2015 real estate numbers

from her Century 21 Blog

 

 

 

The July 2015 Saskatoon real estate market sales had increased from 2014 where 419 houses for sale in Saskatoon sold. This year we saw a market decrease with 444 houses in Saskatoon selling for the month of July.

The average home price in Saskatoon did not see significant changes from last year with the average house price at $361,128 for 2015. This is down 1.0% from last year’s $364,484 in July.

Currently, the average time to sell a house in Saskatoon had increased from June’s 42 days to 52 days.

By the end of July, homebuyers in Saskatoon had 2,047 homes to choose from with 726 of those being condos for sale in Saskatoon.

Listing inventory in Saskatoon had increased with 916 new house listings in Saskatoon in 2015 while in 2014 we saw 932 new units placed on the market, signifying a decrease of 2.0%.

 

 

Kari Calder is one 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 

Saskatoon Real Estate Agent 

Century 21 Fusion 

kari@saskatoonrealestate.net 

 

 

Kari Calder a Trusted Saskatoon Realtor and a Saskatoon Real Estate expert

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.

 

Trusted Saskatoon Real Estate expert from Century 21 share $450,00 across the board  

from her Saskatoon Real Estate Blog 

The average house price in Canada for the month of June ended up at $453,560. Comparatively, the average house price in Saskatoon for June was $360,550. Since last year, sales are up 9.6% across Canada. In Saskatoon, we saw a decrease or 0.3% from the same time last year. With the average house price sitting around $450,000, ever wonder what you can buy with that? Here’s a rundown.

In Yellowknife, the average house price for June 2015 was $449,567. There you can purchase a 3 bedroom home with granite counters, newer kitchen, and sprawling backyard leading onto greenspace.

 

Vancouver will net you less property for your money but that’s no surprise. for $458,000, you are able to purchase a a 1 bedroom/1 bath condo with a great city view. Average house price here was $631,962 for June 2015.

 

In Calgary, the average house price in June 2015 was $403,087 just down from the previous year at $407,166. There, you can purchase a 2 storey townhouse with 3 bedrooms/2 bathrooms, open floor plan with modern kitchen. This townhouse is listed for $469,900.

 

In Montreal, the average home price is $278,567 for June 2015. This unit, listed for $459,900, has 3 bedrooms, 2 balconies, and tons of character. It’s a suite contained within a large home located on the second floor.

 

St. John’s seems to get you a bit more for your money. For $459,900, this home includes a hot tub and basement suite. 4 bedrooms/4 bathrooms with over 2,600 sq ft. The average price of homes here for June 2015 was $280,605.

 
 
In Toronto, detached houses could easily net you over the $1 million mark. If you want to be downtown and around $450,000, then it’s condo living for you. This 1 bedroom + den condo is next to the Roger’s Centre and CN Tower but does not include parking.
 
 
 
 
In Saskatoon, you can buy this City Park character home that’s been renovated to include a loft style master bedroom. It’s 4 bedrooms/2 bathrooms and has a double garage.
 
 
If you’re looking to buy a home in Saskatoon or area, even if your budget isn’t $450,000, contact me and I’d be happy to educate you about our market and find you a place you can call home.
 
Kari Calder
Saskatoon real estate agent
Century 21 Fusion
 

Trusted Saskatoon directory team share a testimonial from a happy client of Kari Calder

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.  

Here we share a testimonial from a happy client:

The Trusted directories were set up based upon the principals of good business, and the foundation of good business is integrity. Simply put, if you don't care about your customers needs as a business then you will never be trusted.  

When Sara the Trusted founder came up with the ' Trusted directories concept ' she wanted to have clear, simple guidelines or ' guarantees' laid out for all to see , and she knew it was important for the Trusted partners to sign contracts to uphold those guarantees (and for the partners to be held to them by Trusted).  

Read The Trusted Guarantees here 

On a regular basis we get feedback from YOU the public when they have used the directory to find a Trusted business and we like to share it with you.

  

“Working with Kari was an absolute treat. My first time working with Kari was in 2013 when I was looking to sell my place and buy new. She spent countless hours with me showing me properties and always made me feel like I was her only client. My life situation changed suddenly and we ended up having to put the whole thing on hold indefinitely. She was so understanding and never made me feel like I had wasted her time. A year later life changed again and I needed to sell. As I was making the move to another city, I trusted Kari for a referral and she did not fail me there either. In what seemed like an impossibly slow market, Kari kept things positive and made me confident that it was going to sell and then it did! Not only is Kari super knowledgeable and professional, she is also very personable and trustworthyl. Through the entire process, Kari was always honest and communicated openly. She provided direction but never pushed me to make any decision I was not prepared to make. At the end of the day, I could not have asked for a better experience. She’s at the top of her game and I was so glad to have her on my team. - Alicia“

 

Alicia Stefiuk

Purchaser 

 

THANK YOU Alicia for taking the time to share your experience and thanks Kari Clader for truly showing you deserve the trusted status! 

When we give the Thumbs up to a business IT MEANS something!

 

 

Kari Calder is one 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 

Saskatoon Real Estate Agent

Century 21 Fusion 

kari@saskatoonrealestate.net 

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