Even though there are warnings galore about the amount of debt taken on by Canadian households, our Provincial and Federal governments seem to think that mortgages aren’t a bad thing and continue to offer a number of incentives available to first time buyers. One of these is the First Time Home Buyers' tax credit offered [...]
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So far Geoff Smethurst has created 15 blog entries.
One of Canada’s greatest strengths is its rich multiculturalism. People come to Canada from all over the world looking to make a new home for themselves and their families. Even with successful immigration to Canada, many families maintain foreign bank accounts and/or investments abroad. The Canadian tax laws are written in such a way that [...]
Canadian owners of U.S. rental properties electing to choose the ‘net rental income’ method for reporting their U.S. property income, must file form 1040NR along with related schedules which includes Schedule E - Supplemental Income and Loss from rental properties, along with Form 4562 – Depreciation and Amortization. The filing deadline is [...]
The Home Buyers' Plan (HBP) is nothing new in Canada, the basic gist being that RRSP contributions, which generate a tax deduction in the year paid, can be withdrawn later (max $25,000) to purchase a qualifying home in Canada. There are number of requirements that must be met, including: when the home must be purchased by, how long [...]
Corporations and trusts often make payments of investment income to investors, and those amounts are eventually included in the investors’ income tax returns. Assuming that all parties are in Canada, the burden is on the investor to calculate their liability for income taxes and remit that amount to the Canada Revenue Agency (CRA). But what [...]
Starting with the 2016 tax year the Canada Revenue Agency has introduced new reporting requirements on personal tax returns for the sale of real estate in Canada, even if the property is a principal residence. It's no secret real estate markets across Canada have appreciated significantly and it appears the government wants to make sure [...]