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Accounting Tips for Executors, Trustees and Attorneys
November 15th, 2018 by Samuel Teichroew
Anyone who holds assets for the benefit of someone else is in a position of trust. These individual controlling the assets are called “Trustees”, and the people entitled to the benefits of those assets are called “beneficiaries”. There are different types of Trustees: executors, administrators for an estate and attorneys acting under a Power of Attorney are a few examples. To promote clarity and ensure… Read More »
New Reporting Requirements for Sale of Principal Residences
April 26th, 2017 by Ronald E. Janzen
On October 3, 2016, the Canadian federal government announced that when you sell your principal residence (or are considered to have sold it) you are now required to report on that sale. That is a change. Until now you were not required to report the sale of a principal residence which was tax exempt. Starting in the 2016 tax year (generally due by the end… Read More »
New Rules for Principal Residence Exemptions
April 4th, 2017 by Gemma Brown
In the fall of 2016, the Federal Department of Finance announced a series of changes to the rules governing the principal residence exemption (PRE). These rules include additional restrictions on eligibility for the exemption, and for certain situations, extending the reassessment period of income tax returns for the year of disposition. These changes could impact you, when a sale of your home is made, and… Read More »
Capital Gains for Farmers and Farmland
December 1st, 2016 by Grant M. Driedger
Farmers get special treatment from the government. For most citizens capital gains tax applies when an asset is sold, on the difference between the value when it was initially acquired and the value its sold for. (There are some exceptions, such as for a personal residence.) This can be different for farmers. The government created special rules to preserve the family farm. A farmer who… Read More »
First Time Home Buyers’ Tax Credit
February 12th, 2016 by Robert Smith
The First Time Home Buyers’ Tax Credit (HBTC) was implemented in the 2009 Federal budget. HBTC allows for first time home buyers to save up to $750 in federal tax relief. That amount comes from a non-refundable tax credit based on an amount of $5,000, the credit for a taxation year will be calculated by reference to the lowest personal income tax rate for the… Read More »
Proposed Amendments to The Taxation of Goodwill on The Sale of Eligible Capital Property
October 15th, 2015 by Gemma Brown
In the 2014 federal budget, the Federal government announced they would conduct consultations regarding “eligible capital property” (“ECP”). This is the category of business assets that includes goodwill and certain licences, franchises and quotas. On the sale of a Canadian controlled private corporation under the current tax rules, eligible capital property assets are not treated as regular depreciable property. Instead, half of the value ascribed… Read More »
