HOME VALUES SELLING A HOME CAPITAL GAINS TAX HOME VALUES HOME VALUES Home value sometimes referred to as "Value in Use", is best described as the probable price at which a home trades in a free, competitive, and open market and is synonymous with the market value. market value: Market value is the highest price in terms of money, that the property will bring to a willing seller if exposed for sale on the open market; allowing a reasonable time to find a willing buyer, buying with the knowledge of all the uses to which it is adapted and for which it can be legally used, and with neither buyer or seller acting under necessity, compulsion nor peculiar and special circumstances. subjective value/objective: Subjective value exists in the minds of the potential buyers and seller. Full Story SELLING A HOME CAPITAL GAINS TAX SELLING A HOME CAPITAL GAINS TAX The Income Tax Act does not specifically set out whether or not a gain or loss is capital in nature. The taxpayer is responsible for reporting the gain as income or capital gain. This report may then be challenged by the Canada Customs and Revenue Agency with the onus of proof on the taxpayer. Full Story Gary Chahinian Broker of Record/Owner RE/MAX DIAMOND Realty Inc., Brokerage 126 Eden Vale Dr, King City 20 Taylorwood Dr, Toronto