tag:blogger.com,1999:blog-4402283548766807872.post2872955682185235590..comments2024-03-29T02:47:49.234-04:00Comments on The Blunt Bean Counter: Year-End Financial Clean-upThe Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-4402283548766807872.post-42017090873114588302019-01-01T11:22:23.121-05:002019-01-01T11:22:23.121-05:00Thx, the same to youThx, the same to youThe Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-18630863984962718012018-12-30T14:34:50.309-05:002018-12-30T14:34:50.309-05:00Best wishes for a Happy New Year and thanks for a ...Best wishes for a Happy New Year and thanks for a year of interesting blog readingGinhttps://www.blogger.com/profile/07681922859821500156noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-18247629530610573062018-12-30T09:10:41.484-05:002018-12-30T09:10:41.484-05:00Hi Anon
I do not provide specific personal tax ad...Hi Anon<br /><br />I do not provide specific personal tax advice on the blog, but note the following considerations:<br /><br />1. Your grandmother would report the gain. The proceeds would be at the fair value not the cost of purchase<br />2. If you purchase for $60k, your cost base will be $60k not $120k<br />3. Certain costs may increase the cost base of your grandmothers home depending upon type.<br /><br />You need to speak to your accountant or engage one for an hour consultation to review the consequences of this potential purchase to you and your grandmother. The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-35634343515230534722018-12-29T10:12:28.740-05:002018-12-29T10:12:28.740-05:00Hi sorry if this is the wrong post to ask this und...Hi sorry if this is the wrong post to ask this under.<br /><br />I am being offered the possibility of purchasing my grandmother's home at a reduced rate of 60k. The home was originally purchased at 25K 10+ years ago but significant upgrades (livability (not cosmetic) were applied. It now appraises at 120K. <br /><br />This is not my grandmother's primary residence but it will be my primary residence.<br /><br />My questions are as follows <br /><br />1) Who is eligible for capital gains to be added to their tax return (grandma's income is much lower than mine so there will be significant difference in costs)<br /><br />2) How does CRA deal with costs above the purchase price for upgrades ?<br /><br />3) Is there anyway to reduce tax burden by going through a different process? I saw something about gifting vs inheritance but wasn't sure if this changes anything really. Anonymousnoreply@blogger.com