New Tax Credits for the Year 2014 Watch Video

Allan Madan, CPA, CA
 Jan 16, 2015
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It’s that time of year again for filing your Canadian Personal Tax Return. Read More…

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The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.

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  1. Hi,

    Just a question regarding renting part of my home. I like to rent out the basement and another room to two different tenants. It will be about 30% of my overall living space. If this is my principal residence, will I have to pay capital gains when I sell my house one day and if am not claiming any CCA on the house.

    2) If I want to stop renting in 2 or 3 years should my kids decide to move in back, is there a problem with CRA?
    Thank you

    1. Hi Mala,

      That’s a very good question. When you have rented out the property, you have been deemed to have disposed that portion of the property. So upon the sale, while you are able to claim the principal residence exemption on the personal portion of the property, you will incur a capital gain on the rental portion.

      When you convert the property back from a rental property, you will need to inform the CRA about the change in use of the property. There should be no other problems.

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