Real Estate News Headlines // May 6th 2016

Jethro Seymour, one of the Top Toronto Real Estate Brokers, provides you with Canadian real estate news headlines

There are a few details you should know as a newcomer who has sold foreign property in your home country. For example, Canada requires you to declare sale profits and rental income from outside properties on your tax return. However, you may recover a portion of these taxes through a foreign tax credit. Also keep in mind that any proceeds you bring in from foreign property will be taxed in Canadian dollars, so be sure to use aconversion tool to calculate what you might owe.

There’s a one-in-four chance that, if you’re among the 5.7 million Canadian households with a mortgage, you’re going to receive a letter in the mail this year telling you it’s time to renew.
TD Bank Financial Group said the number of renewals each year has climbed to 25 per cent as homeowners have switched to shorter terms, leading to more mortgages coming up for renewal every year.