Proceeds from real estate investments will be tax free under the new federal budget but there is a twist; the money will have to be donated to charity.
Proceeds from real estate investments will be tax free under the new federal budget but there is a twist; the money will have to be donated to charity. Under the plan those who sell a property that is not their principle residence will be able to donate all or some of the capital gains to a charity and avoid paying tax on the donated sum. There is no requirement to donate all of the proceeds but tax relief will only apply to the donated portion. It would not apply until 2017.
