Tax Preparation

Converting your Home into a Rental Property

Converting your Home into a Rental Property (or vice versa)? Did you Know there are Tax Consequences to Consider?

A change in use occurs when your property is changed from income producing to personal use (for example:  moving into a property that you have previously used as a rental property) or when it is changed from personal use to income producing (for example: changing your principal residence to a rental property). In addition, the change in use can be for 100% of the property or just a portion of the property (for example: changing …

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What to Expect when the CRA Contacts You

What to Expect when the Canada Revenue Agency Contacts You

Scammers posing as Canada Revenue Agency (CRA) employees continue to contact Canadians, misleading them into paying false debts. These persistent scammers have created fear among people who now automatically assume that any communication from someone representing the CRA is not genuine. This article will remind Canadians that the CRA does indeed contact taxpayers by phone, email and mail for legitimate reasons. The following tips will help Canadians identify legitimate communications from the CRA. To identify …

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Tax Time Fall Economic Updates Dec 2018

Tax Time – Fall Economic Updates – December 2018

The Federal, Ontario and Quebec governments have all issued Fall Economic Updates over the course of the last several weeks. We have summarized the key items from each update below. FEDERAL ECONOMIC UPDATE On November 21, 2018, Finance Minister Bill Morneau released the Liberal government’s Fall Economic Statement projecting continuing spending deficits into the 2022-2023 fiscal years. The government is proposing three immediate changes to Canada’s tax system, in order to enhance business confidence in …

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