My clients often ask me about the financial side of real estate, especially taxes. Just last week, during a home visit, a client asked, “Pete, how can we make sure we’re not paying more taxes than we need to?” It’s a great question, and with the recent changes to capital gains rules in 2024, now is the perfect time to understand how to keep more of your money.
When you sell a property for more than what you paid for it (including improvements and selling costs), that’s a capital gain. The good news? You don’t pay tax on the full amount. As of 2024, 66.7% of your capital gains are taxable – but with the right strategies, you can reduce your tax burden.
If you’re selling your primary residence, you may not have to pay any capital gains tax at all. This can save you thousands, but keep these key rules in mind:
If you own a business property or rental real estate, the rules are different, but there are ways to minimize taxes:
If you own multiple properties, strategically designating your principal residence can maximize your tax savings over time. Consult with a tax professional to ensure you’re making the best decision.
Navigating real estate and taxes can be complex, but you don’t have to do it alone. Here are your next steps:
📍 Related: Principal residence and other real estate
Looking for professional advice on buying, selling, or planning your next real estate move? I’m Peter Thompson, and my team specializes in helping homeowners make smart, tax-efficient real estate decisions in Quebec.
Whether you need guidance on tax strategies or expert insight into the local market, we’re here to help.
📞 Call Peter Thompson: (438) 500-8344
📩 Email: peter@peterthompson.ca
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Peter graduated from Lasalle College in hospitality and spent 13 years managing the infamous Chateau du Lac, where he built a reputation for leadership and forming genuine, trusting relationships.
Peter’s real estate career is built on a foundation of honesty, trust, and tireless effort. He takes pride in going above and beyond to ensure his clients feel supported and confident throughout their journey. He regularly provides timeline market insights on his local service areas of Saint-Lazare, Hudson, Vaudreuil, and Rigaud, but has expanded to service clients across the Vaudreuil-Soulanges and West Island regions.
Outside of work, Peter’s world revolves around his wife and two young boys, who inspire him every day. A die-hard Montreal Canadiens fan, Peter never misses a chance to cheer on the Habs or crack a dad joke to keep everyone smiling.
This is #AskPete. If you have any real estate questions, feel free to send them and I will get you the answers. Or stay up to date on the latest tips for real estate buyers and sellers by clicking the YouTube button below:
