Shaelene’s Tax Tip of the Week – August 9th

Books In Line

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 corresponding to the years it wasn’t or the square feet that wasn’t included as part of the principal residence.
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CERB Battles: Over 1000 Canadians Challenge CRA in Court, and a Few Win

Did you know that more than 1000 Canadians have taken the CRA to court over CERB payments?

The government’s subsequent efforts to reclaim pandemic funds from individuals it now considers ineligible paved the way for over 1,000 legal disputes in the Federal Court, involving claimants and the Canada Revenue Agency.

SOME CASES HAVE WON!

See the full story here: https://bit.ly/3Dj4LxU.