Tax Tips for 2018 Tax Year
Keeping you up to date on matters of note, industry events, news and company updates.

DECLARING FOREIGN PROPERTY ON YOUR TAX RETURN

April 9th, 2019

Canada Revenue Agency requires all Canadians to disclose information on foreign properties owned with their tax return. The rules only apply to certain categories of foreign property with a cost in excess of $100,000 CAD. When…

CAPITAL GAINS OR LOSSES

March 29th, 2019

The full details of any sale of shares, bonds, real estate or other properties in a taxation year, should always be disclosed to your accounting team. Important details include: A brief description of the property disposed…

PRINCIPAL RESIDENCE EXEMPTION

March 26th, 2019

Prior to 2016, taxpayers disposing of a property qualifying as their principal residence did not have to report the sale on their income tax return. However, beginning in the 2016 tax year, all dispositions (or change…

MEDICAL EXPENSE ELIGIBILITY – SERVICE ANIMALS FOR SEVERE MENTAL DISABILITIES AND RELATED EXPENSES

March 22nd, 2019

The list of medical expenses eligible under the Medical Expense Tax Credit changes from year to year and province to province depending on where the taxpayer resides. Beginning in 2018, the Medical Expense Tax Credit has…

EDUCATION COACHING TAX CREDIT

March 21st, 2019

From 2015 to 2017, a non-refundable Education Coaching Tax Credit was available to certain teachers and teaching assistants who provided at least 10 hours of extracurricular coaching activities. This credit has been eliminated for 2018 and…