Is there a form to help with the calculations? Yes, there is a chart that can help; check it out here. However, you’ll still need to calculate any…
Read more Do you have to make quarterly tax remittances in Canada? – MoneySenseYou mention that the cottage deed is in your name only right now. That suggests that it was either in your name all along or that the cottage…
Read more Adding names to a cottage deed could result in big tax billsThere are a number of expenses that can be claimed to reduce the capital gain on your cottage, Louise. Capital expenses are an example. The Canada Revenue Agency…
Read more Tax deductible expenses when selling a cottageThat’s important in an increasingly digital world. Hard copy does matter. For example, if you’ve closed bank accounts, says Wall, you may not be able to get the…
Read more Can you file multiple years of income taxes together in Canada? – MoneySenseThe basic personal amount The age amount Amounts for spouse and dependents Adoption expenses CPP and/or QPP contributions Employment insurance premiums Home buyers and home accessibility amounts Digital…
Read more How to fill out a personal tax return for 2023 – MoneySenseNote that the value of the house when the cabin was purchased and its value when the cabin is sold are not relevant. The capital gain would be…
Read more Reducing capital gains on a cottage – MoneySense
