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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You have to repay any of your old age security or employment insurance benefits.- You have not repaid all amounts withdrawn from your registered retirement...
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As we wrap up 2016, we want to remind you that it is never a bad idea to be prepared for the coming tax season.  You only need to organize your tax documents to avoid all the hassles and stress of filing your taxes.  Properly file your receipts and other documents so you have everything organized as you get more paperwork or tax documents in the coming months.  Here is a list of some of the items you might want to organize and file for the coming tax season: 1.    Your Notice of Assessment for 2015 2.    Donation Receipts, T-slips, RRSP...
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You can be considered to have sold all or part of your property even though you did not actually sell it.  This may occur when you change all or part of your principal residence to a rental or business operation or you change your rental or business operation to a principal residence.  Note that every time you change the use of a property, you are considered to have sold the property at its fair market value and have immediately reacquired the property for the same amount.  Therefore, you have to report the resulting capital gain or loss in the year the...
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Recently, the Government announced an administrative change to the CRA’s reporting requirements for the sale of a principal residence.  The change was made to improve compliance and administration of the tax system.  This 2016 tax year, individuals will be required to report basic information such as date of acquisition, proceeds of disposition and description of property on Schedule 3, Capital Gains of your income tax return when you sell your principal residence to claim the full principal residence exemption.  The principal residence exemption is an income tax benefit that provides you an exemption from tax on capital gains realised when you...
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