Federal Budget Commentary for 2016

New info you may be interested in for the 2016 year.

Take a look at our latest publication for related information on:

1. Theme: Economic Growth, Job Creation, Strong Middle Class
2. Building and Spending for Growth
3. Key Budget Measures for Business
4. Key Personal Measures & Measures That Were NOT Introduced
5. Business Income Tax Measures
6. International
7. Personal Tax Measures
8. Sales and Excise Tax Measures 

Plus more
Please follow this link to get the scoop: McIntyre_Associates_2016_Federal_Budget_Commentary
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Office Location
McIntyre and Associates Professional Corporation
200 - 900 Morrison Drive
Ottawa, ON.
K2H 8K7
General Enquiries: 613-726-7788
Fax: 613-729-4477
Or visit our contact page here.

Principal Residence

One of the tax rules that most taxpayers are aware of, though not necessarily in detail, is that there’s an exemption from tax on a gain from a sale of the house they live in. If an individual (or family) owns one house that they live in then the rules are fairly straight forward however complications arise as soon as there’s some deviations in the scenario. What the rules actually state is that the exemption is available for a housing unit that the individual or family unit ordinarily inhabits. This means that there’s a limit of one dwelling per family on which the exemption can be claimed. The designation of the exemption is done for each year that the property is owned. For example, the family owns a house for 10 years and a cottage for 5 years. The exemption is first assigned to the house as that’s the only property owned for the first five years and then a decision has to be made whether the house or the cottage gets the exemption for the 5 years that both properties are owned at the same time.

When there’s only one property then the situation is fairly simply however as soon as another property is introduced then there’s potential for a tax liability. It’s best to review all of the properties and their potential gains prior to making any elections.

Questions?

General Enquiries: 613-726-7788

Fax: 613-729-4477
general@mcintyreca.com

McIntyre & Associates Professional Corporation

200 – 900 Morrison Drive

Ottawa, ON

K2H 8K7