How to Save Money on a Primary Residence Changed into a Rental Property Watch Video
Allan Madan, CPA, CA
When you start renting out your primary residence, it’s important to be aware of the various tax Read More…
Disclaimer
The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.
ABOUT THE AUTHOR
ALLAN MADAN
CPA, CA
Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.
What is the cost of purchase and sale transactions? Land transfer tax alone can be around 4% each way. Is there a way to avoid the land transfer tax?
Hi Tony,
You don’t have to pay land transfer tax when you change the use of a property because the title to the property remains the same.