Progressive societies outgrow institutions as children outgrow clothes.
-Henry George, economist, journalist, and philosopher (2 Sep 1839-1897)
 |
| Photo: Yellow Bug Boutique |
Hi OF'ies, Here are some cellphone pics taken by Hanneke, Tony and Aart from our hike to Divide Lake. Lovely day, not too hot, beautiful views with final
destination the picturesque canyon and Divide Lake:
https://www.flickr.com/photos/99264714@N02/albums/72157673233060156/with/29305075322/
You know by now how Flickr works, press the buttons to explore.Tony, the viking, took a dip in Divide Lake! Luckily we did not take a zoom photo because that may, yes ... may have been embarrassing. Enjoy! Aart
Capital Gains Tax
Hi Chloe, It was great to see you again today and thanks for the list of spots to check out in the Okanagan. We'll let you know where we get to and compare notes. As far as the capital gains tax goes, it is a bit of a tricky formula. Please confirm this with your accountant but the rough formula looks like:
Time that it was a rental unit (? years) / Total time condo was owned (18 years) to get a percentage
X
Dollar amount increase in value of the asset (approx. $400K)
Once you get that number you can divide it into its 3 parts, 11% / 44.5% / 44.5%. Anybody who is eligible to pay CGT will pay their regular tax mill rate on HALF their amount. As an example, if it was only rented for 3-4 years of the 18, you guys might get taxed on a total of $40-50K between the 3 of you. Hope that helps. Talk to you soon and have a great time in Penticton! Chris Naples, Real Estate Trading Representative, Macdonald Realty Ltd. Cell: 604.857.3578 Office: 604.960.1100
No comments:
Post a Comment