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Principal Residences

Generally, on the sale of capital property, capital gains rules apply, and you will be taxed on half of total gain. Luckily, there is some tax relief when it comes to your principal residence. Your principal residence is the place where you and your family ordinarily inhabited during the year. It can be any of the following types of housing units:

CRA Scams - What You Need to Know

Scammers are continuing to contact Canadian taxpayers through various ways including the telephone and emails seeking personal information. This is done in an effort to commit identity theft or receive a financial benefit. Taxpayers need to be aware when receiving these calls or emails to verify if they are legitimately coming from the Canada Revenue Agency (CRA) or if they are coming from a scammer looking to commit fraud.

The Basics of Meals and Entertainment Deductibility

Generally, expenses incurred in order to earn business or property income are 100% deductible when calculating your taxable income.  There are special rules that limit the deductibility of meal and entertainment expenses to the lower of 50% of the actual cost or 50% of the amount that would be considered reasonable.

When can I claim 100% of the cost of meals and entertainment?