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If you bought or sold your home or plan to buy or sell your home soon, here is the information you need. Principal Residence Exemption: If you sold your principal residence last year, you should have claimed the principal residence exemption when you filed your taxes last April. This provides you an exemption from tax on any capital gain from the sale. Starting with sales in 2016, you are required to report basic information on your income tax return when you sell your home if you want to claim the principal residence exemption. Basic information such as the date you acquired...
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Here are some important reminders for the self-employed individuals. ·         You have to report your income from any business you run yourself or with a partner.  Business income that must be reported includes money you earn from a profession, trade, manufacture or undertaking of any kind you carry on for profit (and there is evidence to support that intention).  If you fail to report all your income, CRA may subject you to a penalty of 10% of the amount of income you did not report. ·         It is important to keep complete and detailed records.  Your records must be detailed enough...
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If you owe taxes and cannot pay in full, the first thing you would need to do is contact the CRA.  Remember, if you are unable to pay your tax debt in full and on time, the CRA may charge interest compounded daily at the prescribed rate on any amount owing until you have paid the amount in full. The CRA offers options to individuals and businesses who are unable to meet their payment responsibilities.  As an individual, if you cannot pay your tax debt in full, you may qualify for a payment arrangement or ask for taxpayer relief. Payment Arrangement...
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Tax season has officially arrived and for some, the first question to ask is: Do I have to file a tax return this year? You must file a tax return for 2016 if:- You have to pay tax in 2016.- You received a request from CRA to file a return.- You and your spouse elected to split pension income.- You received working income tax benefit advance payments in 2016.- You disposed of capital property in 2016.- You have to repay any of your old age security or employment insurance benefits.- You have not repaid all amounts withdrawn from your registered retirement...
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