Tax tips | Grant Thornton insights

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The principal residence exemption

Your “principal residence” is generally any residential property owned and occupied by you or your spouse or common-law partner, your former spouse or common-law partner or your minor child at any time in the year. It can be a house, condominium, cottage, mobile home, trailer or even a live-aboard boat, and it need not be located in Canada. Any gain realized on the sale of a residential property designated as a principal residence is generally exempt from tax. However, the tax rules can be quite complex and depending on your situation you may not always obtain a tax exemption for the entire amount of the gain. [July 4, 2013] More...

Tax Free Savings Accounts

Every Canadian-resident individual (other than a trust) who is 18 years of age or older can contribute to a Tax Free Savings Account (TFSA). First introduced in 2009, TFSAs had an initial annual contribution limit of $5,000 for each of 2009 to 2012. The contribution limit has increased to $5,500 for 2013, as the limit is indexed for inflation to the nearest $500. [May 24, 2013] More...

Remember your foreign reporting requirements!

If you are a resident of Canada, you must declare your income from all sources—Canadian and foreign. In addition, if the total cost of certain foreign property that you own exceeds C$100,000 at any time in the year, you also have to report information about those properties on Form T1135, “Foreign Income Verification Statement.” [April 18, 2013] More...

Pension income splitting

Did you know that if you receive pension income that qualifies for the pension income tax credit, you may be able to allocate up to half of that income to your spouse or common-law partner (and vice versa)? [March 19, 2013] More...

The new family caregiver tax credit

The new family caregiver tax credit provides for an enhancement to the calculation of certain existing dependency-related tax credits. [February 21, 2013] More...

Working from home? You may be able to deduct home office expenses

If you work out of your home you may be able to deduct a portion of your home office expenses. However, the rules differ depending on whether you are self-employed or an employee. [January 28, 2013] More...

Year-end tax planning: Part III

For each of the last two months, we have noted a number of year-end tax planning tips. With 2012 drawing to a close, we have a few additional tips. [December 5, 2012] More...

Year-end tax planning—a few more tips

Last month, we noted a number of year-end tax planning tips.But, there are a few additional tips to consider. [November 2, 2012] More...

Pay your expenses in 2012 to claim your deductions and credits

The end of the calendar year is less than three months away, so now is the time to begin your year-end tax planning! [October 16, 2012] More...

Back to school? Remember to claim your tuition, education and textbook credits

Tuition fees for students enrolled on a full or part-time basis in Canada—and, in certain instances, outside Canada—are eligible for a non-refundable tax credit, provided fees total more than $100 per establishment. Generally, a course qualifies if it is taken at the post-secondary level. [September 7, 2012] More...