Tax questions? You ask lah! #211

Published: Wed, 03/26/25

Updated: Sun, 03/30/25

Tax questions? You ask lah!

Your weekly dose of tax knowledge - become tax savvy in just 2 minutes!

I won a car in a lucky draw, but I decided to sell it since I don't need it. Is this transaction subject to tax?

This transaction is capital in nature. As such, the proceeds is a capital gain, and it is not taxable under the Income Tax Act 1967.

This year, I plan to sell the house that I have lived in for 6 years. Can I claim tax deductions on the renovation costs incurred for the house?

Yes, the renovation costs can reduce the chargeable gain when calculating the Real Property Gains Tax (RPGT) for the sale of the house.

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

P.S. I've received a lot of tax questions, so now I am answering the frequently asked questions and sharing them with you weekly!

P.P.S. One more thing. This tax savings course can save hundreds of thousands of taxes. You don't want to miss out! https://bit.ly/free-webinar-en

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