All posts by Olga Lipnitskaya

Tax tips principal residence

New starting 2016: if you sold your principal residence, you have to report the sale on Schedule 3 and Form T2091. You do not have to pay tax on any gain from the sale because of the principal residence exemption. Change in usage from principal residence to rental or business is deemed disposition and has to be reported.  There is a penalty for non reporting.

Principal residence reporting

Fir more details please see the link to CRA website:

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-127-capital-gains/principal-residence-other-real-estate.html

 

CRA scams increase as tax season started

IMG_5533https://www.google.ca/amp/www.cbc.ca/amp/1.4564308


Tax season has started and as Canadians prepare to fill out their forms, officials are urging people to be cautious of Canada Revenue Agency (CRA) scams that are already on the rise.

According to Ottawa police, these scams happen all year, but there’s usually an increase in complaints starting in March until the end of April because scammers target people during tax season.

 

CPA BC / CRA Meeting. Some things discussed:

Last week had a meeting with tax practitioners and CRA representatives. Some things discussed:
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* “MyCRA” mobile app to view your return status, notice of assessment, benefit and credit information, and RRSP and TFSA contribution room—all on your mobile device.
* Online Charities Listings – http://www.cra-arc.gc.ca/chrts-gvng/lstngs/menu-eng.html can be used to:
confirm if a Canadian charity is registered and therefore eligible to issue official donation receipts.
* My Payment now offers Visa Debit option
* CRA has created a new online mail service that allows individuals to receive some correspondence from the CRA online through My Account.
* CRA has increased number of representatives to assists tax payers during the tax season. Individual income tax enquires: 1800-959-8281.