In my line of work, I often come across situations where individuals move away, from Canada with their spouses and dependents but choose to rent out their residence to someone unrelated. This scenario often raises a series of tax-related questions: 1. Does keeping a residence in Canada mean they are still considered residents for tax …
Have you ever missed filing your Tax Return? Or failed to report the selling of your principal residence? If yes, then this blog is what you need right now. This blog emphasizes on the significance of disclosing the sale of your principal residence on your tax return. We will guide you step by step on …
Rectifying Missed CRA Deadlines: Reporting the Sale of Your Principal Residence Read More »
By Haroon Khan, CPA, CA (Canada), CPA (USA) Life is busy, and juggling with all the responsibilities and workload often affects some of the important tasks, such as forgetting to buy milk for morning coffee and that is important. However, in this day-to-day routine, it is quite understandable if you may have forgotten to file …
By: Haroon Khan, CPA, CA (Canada), CPA (USA) On 13 September 2023, we encountered a series of interesting FAQs at our Professional Development Hours session on Underused Housing Tax. The FAQs were regarding the classification of properties according to the rules of Underused Housing Tax. The main discussion surfaced around the properties used for residential …
By Haroon Khan, CPA, CA (Canada), CPA (USA) To simplify tax matters, we have prepared a course on Underused Housing Tax (UHT) regulations in Canada. We have received a lot of queries regarding the impact of rules on jointly owned properties by citizens and Permanent residents, particularly when spouses are involved. This blog explains the …
