If you own / manage one or multiple rental properties and you wonder if you can claim motor vehicle expenses as a deduction on your T776, then you should read the following guidelines are provided by Canada Revenue Agency:
Any of us may be subject at an audit at one time or another. That being said, there are ways of reducing your chances of being audited. We all have heard of red flags. Being aware of red flags can lessen the chance you’ll be selected for audit by the CRA. Avoid these r...
In general, interest expense which is incurred in order to earn income from business or property is tax deductible. If you have borrowed funds to purchase real estate from which you will be earning income, the interest expense is deductible, but with restrictions if t...
When a principal residence is sold, the gain is not taxable if it has been the person's principal residence for the whole time it has been owned. This is because the principal residence exemption eliminates...
For 2018 tax filing, here are changes you can share with clients:
Changed credits and amounts
Tuition, education, and textbook credits – As of January 1, 2017, the federal education and textbook credits were eliminated. However, you can still carry forward unused amo...