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The Income Tax Act does not specifically set out whether or not a gain or loss is capital in nature. The taxpayer is responsible for reporting the gain as income or capital gain . This report may then be challenged by the Canada Customs and Revenue Agency with the onus of proof on the taxpayer . Ov…
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Building wealth using a re-advanceable mortgage There’s a nice little tax advantage that American homebuyers have been enjoying for years that has never been available in Canada. Our tax rules do not allow us to directly deduct the interest we pay on our homebuying debt as they can in the U.S. Here…