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New CCRA TAX Trap: Principal Residence Exemption Rule Change

Article By: Jimmy Le-Tang, Chartered Professional Accountant

You may or may not have heard about recent tax changes regarding the principal residence exemption available on the sale of a taxpayer’s principal residence (residents of Canada only.) The recent changes are significant and I would consider them to be a TAX TRAP because the new rules now require positive action by the taxpayer to claim the exemption and failing to claim the exemption will result in taxes being reassessed on the taxable capital gain.

The ”One-Plus” Rule 
The “one-plus” rule enables a taxpayer to purchase a home in a given year and sell their former home in the same calendar year and still be able to claim both residences in the same year as their principal residence. In other words, the “one-plus” rule enables an overlap of one year whereby both residences would still qualify for the principal residence exemption. If both properties are owned for more than one year then one of those properties would be disqualified from claiming the principal residence for the years in excess of one.

Full article: link 

Thank you!

“CONGRATULATIONS!!! If you are reading this, the TRI-CITY NEWS READERS have voted your business number 1 in the REALTOR(r) category .

We’ve asked our Readers to vote for their favourites in the Tri Cities, and one of them is YOU!

You were voted in the top business in your category.”

Thank you to everyone who voted for me . It is with great pride that I acknowledge and accept this distinction . My clients are the best of the best and are the lifeblood of my business . I appreciate your support over the many years of success I have enjoyed . Know that your trust and belief in me means everything and I am proud to call many of you my friends.

Sincerely,
Jeff Pennington

Client Appreciation Day at the Track

These are a few pics from my second annual Client Appreciation Day at the Track . This is a great day to support a worthy cause , which I support by purchasing Hot Laps with Race Car drivers in Super cars for my valued clients. Needless to say it is a day filled with good times, great experiences and ultimately amazing memories . Hope to see you at the Track!

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What is the world’s largest number?

Things that make you go Hmmm…

What is the world’s largest number?

In order to calculate massive quantities , American Edward Kasner coined the “googol”, which is a one followed by one hundred zero’s . But the “googolplex is now the largest number and is a one followed by a billion zeros, which allows us to calculate that the number of electrons passing through a forty-watt bulb in a minute roughly equals the number of drops of water flowing over Niagara Falls in a century.

Things that make you go Hmmm…

How did March 17 become St Patrick’s Day?

When the time came to honour the patron saint of Ireland’s birthday, church officials gathered solemnly to choose a day , then realized the most of St Patricks life was a mystery. They finally narrowed his birthdate down to either March 8 or 9 , but because they couldn’t agree which was correct, they decided to add the two together and declared March 17 to be St Patrick’s Day