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Principal Residence Exemption

Principal Residence Exemption

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...
Capital Gains, Losses, and Other Tax Planning Concerns

Capital Gains, Losses, and Other Tax Planning Concerns

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...
RRSP and Tax Planning

RRSP and Tax Planning

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...
Estate Planning

Estate Planning

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...