Tax Implications of Selling Your Principal Residence in Ontario
Under section 54 of the Income Tax Act (the “Act”), a principal residence is generally defined as a housing unit (including leasehold interest or shares in...
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Navigating the CRA Objection Process: What Every Taxpayer Should Know
If you have received a decision, Notice of Assessment, Reassessment, or Determination from the Canada Revenue Agency (“CRA”), filing a Notice of Objection...
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How to Report Cryptocurrency Gains or Losses to the CRA
As cryptocurrency has become more mainstream, the Canada Revenue Agency (CRA) has tightened its expectations around reporting crypto transactions. If you’re...
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Owning Rental Property Through a Corporation
Owning rental property has become an increasingly popular and effective strategy for long-term wealth accumulation. In response, individuals are becoming...
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Understanding the Tax Implications of House Flipping in Canada
House flipping has become a popular way for many Canadians to invest in real estate. The concept is simple: buy a residential property, renovate it, and...
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Late Tax Return Penalties Canada
Filing your tax return on time in Canada is more than just a formality, it can have significant financial consequences if missed. The Canada Revenue Agency...
Read More Principal Residence: Tax Consequences of Sale
Generally, when real estate is sold, the seller will pay some tax on the proceeds. The Principal Residence Exemption (the “PRE”), as explained under the...
Read More Voluntary Disclosure Program: Fixing Past Mistakes
Voluntary Disclosure Program: Fixing Past Mistakes Before the CRA Finds Them Navigating the complexities of Canada’s tax system is no easy task for the...
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