The CRA Change-in-Use Trap: Moving Out of Your Markham Home and Turning It Into a Rental

What happens for tax when I turn my Markham home into a rental property When you stop living in your Markham home and start renting it out, the Income Tax Act treats you as having sold it and bought it back at fair market value on the date of the change. If the home was your principal residence for

TRESA Open Offers in Markham: When to Reveal Bids vs. Keep Traditional Sealed Offers

Should Markham sellers share competing offer details under TRESA Since December 1, 2023, Ontario’s Trust in Real Estate Services Act (TRESA) lets a seller direct their brokerage, in writing, to share the contents of competing offers with everyone who is making an offer, as long as nothing identifies

The Anti-Flipping Tax in Markham: CRA Rules That Catch Accidental “Flippers”

What happens if I sell my Markham home within a year of buying it Since January 1, 2023, the federal residential property flipping rule treats profit from selling a home owned for less than 365 consecutive days as business income. That means the full profit is taxable, the principal residence exempt