19 April 2018 ~ 0 Comments

Reminder. You must report the sale of your principal residence on your income tax return

With tax season upon us, if you moved in the calendar year of 2017, you must report your sale on your 2017 tax return. The government refers to this change as an “administrative change” but what it really is, is a pain in the butt and another way for big brother to see if they can squeeze any more tax out of you.

For example, if you write off part of your home for commercial purposes, this could trigger a partial capital gain on the sale. Consult with a professional accountant or tax lawyer to ensure you are on the safe side if you have any doubt. In our government created debt ridden budgets, they are looking into all areas to collect tax where possible, plus penalties. Remember, being uninformed is not a viable excuse in CRA’s eyes!

For more information follow this link to the government of Canada website

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