A number of clients have recently needed an explanation on the difference between beneficiaries named in a Will and beneficiaries named to a particular investment. When an individual dies, the value of all assets held on the date of death are subject to a Provincial “Estate Administration Tax” (usually called Probate tax) except those that … Read more
Written by: Gwyneth James MBA CPA, CGA Senior Partner Starting with the personal tax returns filed for 2016, individuals who sold their principal residence had to report that sale on their tax return on Schedule 3 – Capital Gains (or Losses) for the Year. The principal residence exception eliminates any capital gains from the sale … Read more
Written by; Suzanne Cody CPA, CGA When you earn income from renting a property it can affect many things from a tax perspective. It is important that you are aware of these effects so that you are not surprised when it comes time to file your taxes. The income from renting personal property can be … Read more