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Getting a new property can be very exciting. If you are buying your first condo, you could be so excited that you are already looking for home decor and what color motif to decorate your new home.
Don't take Real Property Tax for granted, it might just cost you your hard earned property
What is a Rental Income Tax?
The tax collected on the average gross annual income on a rental apartment/property in the country. Rental tax is charged instead of a sales tax when equipment or properties are leased. So instead of paying a sales tax for purchase of the leased equipment, taxes are collected by the Lessor in addition to the rentals over the lease term.
What is a Capital Gain Tax?
The value of the real proper will be based on the selling price, fair market value as determined by the commissioner (zonal value) or the the fair market value as shown in the provincial or city assessor, whichever is higher.
If there is no zonal value, the taxable base or whichever is higher of the gross selling price per sales documents or the fair market value that appears in the latest tax declaration.