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Before your dreams of owning a hobby farm or an acreage can come to life, you need to consider the tax implications of this type of investment. If you choose to live on a rural property to escape the pace of urban living, check to see what zoning laws fit your area as well as your personal income tax exemptions. Depending on your particular circumstances the tax rules relating to the ownership, use, sale or intergenerational transfer of such properties can be very complex. You can obtain tax information from Governmental authorities such as the Canada Customs and Revenue Agency.
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