Capital Gains on a Camp?

[trimmer21]

Insofar as what is being asked. I used paying property tax by example only.

A LUP with a camp on same, is not an appreciable asset. It is not valued by MPAC, nor does it have a relevant valuation that a capital gain ( or loss) could be verified against.

Unless I'm completely mistaken, in order to qualify for assessment for capital gains, the land must be owned, by the individual or other party ( Not the Crown). Which is why capital gains still apply for cottages etc on leased land.

My inqueries verify your post,BBD because I may be faced with the exact same scenario if our moose camp closes. Because it's on a LUP,we only pay rent to the landlord (government). No one person "owns" the building,therefore,when we close,everyone just goes their own way,no fuss,no muss,no "capital gains". You can't be charged on property you don't own,but, each one of us is equally responsible for property rehab (clean up).

[DanO]

My inqueries verify your post,BBD because I may be faced with the exact same scenario if our moose camp closes. Because it's on a LUP,we only pay rent to the landlord (government). No one person "owns" the building,therefore,when we close,everyone just goes their own way,no fuss,no muss,no "capital gains". You can't be charged on property you don't own,but, each one of us is equally responsible for property rehab (clean up).

What about if you sell the camp and the LUP and in so doing you make a profit? MPAC has assessed the value of the property.

Can you sell a camp on a LUP? I think I've seen them for sale on here.

[trimmer21]

What about if you sell the camp and the LUP and in so doing you make a profit? MPAC has assessed the value of the property.

Can you sell a camp on a LUP? I think I've seen them for sale on here.

No,an LUP cannot be owned,so it,in and of itself,can't be sold. It may only be transferred and in most cases,are cancelled by the government. AFAIK,there's no longer any renewals,either. Only portable camps are allowed and must be dismantled after use. If the LUP has a building on it,ownership of that may be shared among members as well as costs of operation and upkeep. Putting a dollar value on it as a whole is virtually impossible except for perceived shares of each member which would be agreed to. When someone drops out or dies,for simplicity sake,other members just take it over which still would never set up a capital gain. That's what I've discovered over the weekend. In our case,we have a solid bunch of guys that are willing to just close it down and share the cost of dismantling.

[terrym]

Paying property tax has no bearing on gains or losses.
Capital gains are realized on a number of factors. Paying property tax on them is not a consideration.



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When we bought our deer camp the LUP got transferred to us. We used to pay rent as well as municipal taxes. A few years ago when McGuinty was selling the furniture to pay the rent he offered the lease holders to buy out the LUP’s. We jumped on it. But we definitely paid taxes when we didn’t own it.
interesting topic as my girls have no interest in the camp but will inherit it some day and likely want to sell thier shares.

[Goosesniper]

When we bought our deer camp the LUP got transferred to us. We used to pay rent as well as municipal taxes. A few years ago when McGuinty was selling the furniture to pay the rent he offered the lease holders to buy out the LUP’s. We jumped on it. But we definitely paid taxes when we didn’t own it.
interesting topic as my girls have no interest in the camp but will inherit it some day and likely want to sell thier shares.

Not sure how this is relevant to my post that you quoted.


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