Quote:
Originally Posted by blankall
From a tax point of view, I would assume that you'd have to pay full taxes on all the "entries" you receive, as opposed to just selling it and getting the primary residence exemption.
Seems poorly thought out.
Does anyone know anything about property values in this area? Is $520k a significant discount?
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Interesting writeup on the tax implications for the Millarville home that tried something similar by selling tickets. If the homeowner has to pay taxes on the amounts received it would 100% not be worth it.
http://www.mondaq.com/canada/x/77973...usiness+Income