The release of a new, updated tax form doesn’t generally make headline news, but this week’s publication of the Canada Revenue Agency’s (CRA) 2024 Schedule 3, Capital Gains or Losses has more than a ...

But, on January 6, Parliament was prorogued, and the capital gains legislation officially died on the order paper. And, on January 31, the day the new Schedule 3 was originally supposed to be released ...

When you sell an investment that isn’t tax-sheltered for a profit, you must report a capital gain on your tax return. But there are a few options to reduce the tax owed, which we will look at below.

You must report the rental income on your tax return. You cannot claim capital cost allowance (depreciation). So, your case, Hugh, is a classic one for claiming a 45 (2) election.

In order to encourage home ownership, and not tax Canadians on their most important financial asset, the principal residence exemption was also introduced in 1972. It essentially exempts from taxation ...

In order to encourage home ownership, and not tax Canadians on their most important financial asset, the principal residence exemption was also introduced in 1972. It essentially exempts from taxation ...