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MIKE SHAFIE Phone: (604) 786.5800
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in
The sellers must pay tax on 50% of the net profit gained from proceed of sale of their property to the government as the Capital Gain unless the owner uses the property as his (her) primary residence if the owner has more than one property the government would consider the non residing properties as rental or investment property so they might be subject to the capital gain tax once they are sold and 50% of the net profit should be added to that year income, The followings are the Federal and Provincial tax rates for the 2008 tax year.
BC Personal Income Tax Brackets and Rates - 2008 Tax Year
Federal tax rates for 2008 are:
Basic Personal Exemption $ 9600.00
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Sutton Group - West Coast Realty
# 300 - 1497 Marine Drive, West Vancouver, B.C. V7T 1B8, Canada
Tel: 604-925-1111 Fax: 604.925.1394 Email: info@mikeshafie.com |
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