How (major) landscaping changes could save you tax
The warm weather has finally arrived, and many Canadians are spending more time in the yard, updating the landscape for the upcoming season. But how can changing your landscape give you a tax break?
Now that the weather has finally started to heat up, Canadians are heading outside to garden, groom their lawns and update their front and back yards. It's a spring ritual that many of us take part in, but did you know that you could be eligible for tax benefits if you are planning on making major changes to your landscape?
In this article from the Globe and Mail, tax expert Tim Cestnick explains the principal residence exception, an exemption that allows you to sell your home tax free. He also explains where landscaping comes into play, and how much is necessary to qualify for this atypical exemption.