Author Archives: Shaelene McInnis

Did you know?

Usually if you sell a personal-use property at a loss, you cannot claim the loss. The exception is “listed” personal property; property which generally increases in value the longer you hold on to it. This includes Canadian cultural property (e.g. national treasures), stamps, coins, works of art, jewellery, as well as rare books, folios, or manuscripts. These sorts of losses can be carried back three years, or carried forward seven years, and used to reduce the gain on the sale of other listed personal use property.

Have any questions? Feel free to contact us at [email protected] or at 905-571-2665.

Do you plan on selling your principal residence?

As long as it has been your principal residence for every year that you have owned the property, you will not have to pay any tax on any gain from the sale. If it was not your principal residence at any time you have owned the property, or only part of the property is considered your principal residence, you will have to pay part of the tax on the capital gain. This corresponds to the years it wasn’t your principal residence or the square feet that were not included as part of the principal residence.

Are you a student? Do you know a student?

Remember – the T2202A; the credits received from the eligible tuition and education amounts, last indefinitely. They can always be carried forward to the next tax term if you don’t feel the need to use them.