It’s again this time of the year when we need to file Income Tax Returns. I would like to remind those individuals who sold their principal residence in 2017 that in order to claim the principal residence exemption they must report the disposition and designation of a principal residence to the Canada Revenue Agency (CRA) in their 2017 T1 Income Tax Return.
This new reporting requirement took an effect last year and, in general, it means that relief from the payment of capital gains tax when a principal residence is sold or gifted (disposed on death) is no longer automatic. To avoid paying capital gain tax, individuals will have to report the disposition and designation of a principal residence in a prescribed form to the CRA for the year of disposition. More details are here
✧ “He owned real estate, bank accounts, life insurance, and RRSP, but left nothing…
Which house to choose to buy as a rental property? To real estate investors: insurance…
The charm of old towns and cities in Ontario can not leave any person indifferent,…
✧ Many people know that in joint ownership of real estate (joint tenancy) the share…
Thank you, Anna, so much! You have repaired our collapsing deal and have led it…