Buy a big house or 2 smaller houses

[Galip]

You are wrong. There are no tax on the profit if the property is your principal residence. If property is not your principal residence, it will be tax on the profit regardless if this is your only property.

I said the same thing above. You can't have more than one principal residence. If you buy a second house and try to sell it then your profit is subject to taxes.

 

[steaky]

I said the same thing above. You can't have more than one principal residence. If you buy a second house and try to sell it then your profit is subject to taxes.

Look back at what you said! Owning only one property does not always mean that this property is your principal residence. It's not the same.

 

[Galip]

Look back at what you said! Owning only one property does not always mean that this property is your principal residence. It's not the same.

Yes it is true. For example, if you live with your family and buy another property just for the investment, this property is not your principal residence.

I was speaking in general, but you were right.

 

[Aquib]

Yes it is true. For example, if you live with your family and buy another property just for the investment, this property is not your principal residence.

I was speaking in general, but you were right.

Regardless you live or not , isn't your property capital will be tax free ?
Say you buy house in Alberta then move to US or even Toronto for job, there you rent and live , so whatever rental income you getting from your own house that will be taxable but whatever rent you paying that money will nullified that income . So from where it can be taxed ? Plus capital investment is never taxable if it your first and only property , regardless you live or not. Profit/Capital gains is taxable but if you go to accountant he will give you way to save that too.

In short - Google "local accountants" , pay then $ 50 for first 30 min consultancy. They will tell you what will be there fee and will save max tax . It's easy for them .

 

[steaky]

Regardless you live or not , isn't your property capital will be tax free ?
Say you buy house in Alberta then move to US or even Toronto for job, there you rent and live , so whatever rental income you getting from your own house that will be taxable but whatever rent you paying that money will nullified that income . So from where it can be taxed ? Plus capital investment is never taxable if it your first and only property , regardless you live or not. Profit/Capital gains is taxable but if you go to accountant he will give you way to save that too.

If you were living in that house in Alberta and then move to US or even Toronto for job, there you rent and live, and rent out your former home in Alberta, you probably would be taxable for deemed disposition because your former home changed from residence to rental property. If you were to move to US, you probably should hire someone who has cross border taxation experience to look after. Alternatively, you can check with International Tax Office of the Canada Revenue Agency.

For details, read the CRA website.

 

[WilliamCampbell]

I agree. But I still don't understand behind the logic of buying a 2 houses in a row. If you are a 4 to 5 family members then the 4000 sq ft area is enough to live and it cost less than instead buying a 2 houses. And if possible you transferred to another place then there will be no use of these 2 houses and when you go to sell these houses then you have do more extra efforts for selling them.