All items in: Did You Know

FIRPTA and Capital Gains on the Sale of U.S. Real Estate

Posted: July 17, 2014
Posted in: Strategic Thinking, Did You Know, Tax Planning, cross border taxation, us real estate
More and more Canadians are purchasing U.S. real estate for personal and/or rental use so this is a very important topic to understand before the purchase is made.

Charity Scheme Attract New Penalties

Posted: July 10, 2014
Posted in: Strategic Thinking, Did You Know, Tax Planning, charity schemes
For the 2013 and future tax years, CRA will be allowed to collect up to 50% of the taxes they think are owing as a result of your participation in the scheme, even if you decide to file a Notice of Objection.

Medical Claims in the Year of Death

Posted: June 26, 2014
Posted in: Strategic Thinking, Did You Know, Tax Planning, medical expense claims
A special rule applies to claiming medical expenses when a taxpayer dies.

Rental Property: Capital Cost Allowance and Multiple Owners

Posted: June 18, 2014
Posted in: Strategic Thinking, Did You Know, Tax Planning, capital cost allowance, rental property
Are you considering jointly owning property to rent with one or more other people? Before doing so, it’s important to consider the structure of your ownership agreement.

Volunteer Firefighters Can Claim Non-Refundable Credit

Posted: June 12, 2014
Posted in: Strategic Thinking, Did You Know, Tax Planning, volunteer firefighter tax credit
Volunteer firefighters can claim an amount of $3,000.