(NC)—Owning your own home is an exciting proposition and an achievable goal for most Canadians. The number one reason many become homeowners is pride of homeownership and the stability and security that comes with it.
Buying a home can also be a solid investment and provide tax benefits.
In Canada, you are not taxed on any investment gains made on the sale of your primary residence. So, for example, if you buy your home for $200,000 and sell it 5 years later for $250,000, you do not have to pay income tax on the $50,000 you earned from the sale.