Tax Accountant

March 11, 2017

Changes to the Principal Residence Exemption (Part 2 of 2)

In my previous blog, I introduced the Principal Residence Exemption, or PRE. There is a new reporting requirement on the sale of the principle residence. I’ll discuss it briefly here. As always, discuss complex tax issues with a tax accountant. Tax is often the biggest cash disbursement for most years, so proper planning may save you money. For a long time there has been Principal Residence Exemption. A couple buys a home, designates it as their principle residence, and sell it years later. There are no taxes on capital gains if the PRE is used. Until recently, the use of […]
March 9, 2017

Changes to the Principal Residence Exemption (Part 1 of 2)

There is a new reporting requirement for the Principal Residence Exemption (PRE). When you sell your principle residence and use the PRE, you have to report it.  First, I’ll discuss the PRE and in the next blog I’ll discuss the new report.  As tax is the largest payment one makes each year, it is a good idea to have your taxes reviewed by a tax accountant.   The Principal Residence Exemption is an opportunity to keep the capital gains tax-free on your principle residence that you have owed for longer than a year, and where you have lived for at […]
February 23, 2017

Big Changes for Small Business (Part 4 of 4)

On December 15th, 2016, Royal Assent was given to C-29, a budget implementation bill. C-29 means big changes for companies using the Small Business Deduction. Previously, I discussed the Small Business Deduction, who uses it, and what C-29 changed. Here,  I will briefly discuss the effects on small businesses. As always, consult a tax accountant to review your situation and for tax planning.   It used to be the biggest issue was Association: if two companies had 25% or more ownership in common, they were Associated, and had to share the $500,000 Small Business Deduction. Now, Specified Corporate Income goes […]