News1130 Series: Tips for buying a vacation home

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VANCOUVER (NEWS1130) – As you head out on that summer vacation in beautiful BC, you may end up checking out local real estate.

There are some important tax things to consider if you’re in the market for a vacation home. Experts always say distance from your main digs will determine how often you use the place.

If you’re looking for that perfect getaway home, you might even see yourself moving to, Scotiabank tax expert Adam Salahudeen says down the road, you might consider claiming a principal residence:

“If you do feel that at some point, that the capital gain is going to be further and greater in the vacation property area, then you may want to take advantage of that,” he explains.

If you plan to rent out your new acquisition, you’ll become a landlord. Salahudeen says we should remember that comes with its own tax issues and responsibilities.

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