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Capital Gain
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Every
seller must pay tax on 50% of the net profit gained from
proceeds of sale of their
investment property
to the government as the Capital
Gain .
The
primary residence is not subject to the Capital Gain so if you
own a property and you live in it you don't have to be worry
about the Capital Gain but if you have more than one property
the government would consider the non residing property as a
rental or investment property so that property might be subject
to the capital gain, once you sold your investment property 50%
of the net profit will be added to your income for that year,
for instance if you bought a property for $ 200,000 5 years ago
and now you sell it for $ 300,000 that $ 100,000 profit must be
reported as the capital gain once you file your income tax and
half that amount ( $ 50,000) is taxable.
If you have any question about
the Capital Gain you should consult your Tax Attorney.
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the
followings are the Federal and Provincial tax rates for the 2012 tax
year.
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BC Tax Rates – 2012
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For the 2012 tax year:
- tax brackets are indexed
- indexing of credits and tax brackets is based on
the Consumer Price Index for British Columbia (BC
CPI) for the 12-month period ended on September 30,
2011
- various non-refundable tax credits are indexed
(see the
2012 Non-Refundable Tax Credit Block )
- the BC CPI used to calculate 2012 amounts was
2.4%
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Personal Income Tax
Brackets and Rates - 2012 Tax Year
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Taxable Income -
2012 Brackets
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Tax Rate
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$0 to $37,013
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5.06%
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$37,013.01 to $74,028
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7.70%
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$74,028.01 to $84,993
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10.50%
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$84,993.01 to $103,205
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12.29%
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Over $103,205
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14.70%
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Tax rates are applied on a cumulative basis. If your
taxable income is more than $37,013 the first $37,013 of
taxable income is taxed at 5.06%, the next $37,015 of
taxable income is taxed at 7.70%, the next $10,965 is
taxed at 10.5%, the next $18,212 of taxable income is
taxed at 12.29% and any taxable income over $103,205 is
taxed at 14.7%.
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Tax Rates are also available for:
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- 15% on the first $42,707 of taxable
income, +
- 22% on the
next $42,707 of taxable income (on the portion
of taxable income over $42,707 up to $85,414), +
- 26% on the
next $46,992 of taxable income (on the portion
of taxable income over $85,414 up to $132,406),
+
- 29% of taxable income
over $132,406
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Effective January 1, 2010, the B.C. basic personal
amount is increased to $11,000 from $9,373 in 2009
I
New Home Warranty |
Property Disclosure |
Transaction Costs
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Fixer upper
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Zero Down
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Pre Approval
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First Time Home Buyers
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