The liberal government of Canada pulled a fast one on home owners this past year. They have made it mandatory to report to the Canada Revenue Agency CRA any property sales with in the year.Finance Minister Bill Morneau introduced tax changes that will impact every homeowner and taxpayer in Canada. Instead of focusing their efforts on specific buyers, the feds chose to close current tax loopholes that directly apply to real estate earnings. In particular, the announced rules will tighten and enforce the requirements necessary for claiming the capital gains tax exemption on a principal residence.
I do not pro-port to be an accountant or even be interested in taxes other than I only want to pay what I should pay no more no less….. firmly in the grey zone. BTW its a huge fine so contact a tax person. There’s a couple of really good links below and BY the way tax season is upon us….