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Reporting the Sale of Your Principal Residence

Before 2016, there was no need to report the sale of your principal residence on your personal tax return. Starting with the 2016 tax year, you are required to report the sale of your principal residence on Schedule 3 and Form T2091 in certain cases, on your personal...

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Unreported Income Penalty

Repeated Failure to Report Income Penalty Under subsection 163(1) of the Income Tax Act (ITA), a taxpayer is liable for a penalty in respect of fail to report at least $500 of income (slips) in the year and in any of the three preceding taxation years. The federal and...

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Limit Access to the Small Business Deduction

  The small business deduction (SBD) is a tax rate reduction available to Canadian-Controlled Private Corporations (CCPCs) that earn on the first $500,000 of active business income in Canada.  The combined Federal and Alberta for small business rate for 2017 is...

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Changes to the Voluntary Disclosure Program

The Voluntary Disclosure Program (VDP) allows taxpayers with an opportunity to come forward and correct inaccurate or incomplete previously filed returns or to file returns that have not been filed.  The VDP provides relief of penalties, however, taxpayers still have...

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