by Chris Hammond | Feb 20, 2018 | News
Did you sell your house in 2016 or later? File a tax return and claim the principal residence tax exemption for the capital gains. Commencing with sales in the 2016 tax year, you must report basic information, such as the date of acquisition, the proceeds of...
by Chris Hammond | Feb 1, 2018 | News
February brings many questions as tax season quickly approaches. One of the most common topics being automobile deductions. Updated for 2020, the ceiling on the capital cost of passenger vehicles for capital cost allowance (CCA) purposes remains at $30,000 (plus...
by Chris Hammond | Dec 7, 2017 | News
Capital Gains Exemption Deduction The lifetime capital gains exemption deduction, if you dispose of shares in a qualified small business corporation, is $835,716, or $1,000,000 for a qualified farm property or qualified fishing property. If you have already claimed...
by Chris Hammond | Nov 23, 2017 | News
2018 is almost upon us as the year draws to a close. It’s time, once again, to take advantage of the many personal and business RRSP and tax-planning opportunities that are still available. Contribute to Your RRSP The most popular tax tool available to taxpayers is...
by Chris Hammond | Oct 17, 2017 | News
Estate Planning and Tax Implications When estate planning, your consultant may suggest that the RRSP/RRIF holder designate a beneficiary of the plan. There are many advantages that most people are unaware of. Some of these include: Probate fees can be avoided because...
by Chris Hammond | Oct 2, 2017 | News
On January 1st, 2017, the LCGE increased to $835,716 of capital gains realized by an individual on qualified small business corporation shares. The LCGE has been indexed to inflation for the years following 2014. The new limits apply to any taxpayer who has claimed...
