It’s that time of year again – tax time!

Did you buy or sell a home in 2018?  You may have tax implications or credits based on your situation!

Sold a home in 2018?

In 2016 a regulation changed the way capital gains taxes worked on investments and investment properties.  The idea was to get proper taxes from foreign investors/ house flippers.  The rules are different when you sell your principal residence.

For Investment properties – you must declare capital gains when you sell a property or an investment for more than you paid.  Fifty percent of the declared capital gains goes toward your taxable income.

Bought a home in 2018 as a first time buyer?

You may be eligible for the First time home Buyer Credit (FTHBC).  Speak to your tax professional or click here for further information:  First time home buyer Credit

Important Tax Dates

February 26th, 2019 – CRA begins accepting returns

April 30th, 2019 – Tax Day – Last day to file (without penalties or fees)

June 15th – File deadline for some self-employed taxpayers

Note that the CRA doesn’t offer file date extensions – except in special cases.  Taxpayers are encouraged to file on time to avoid penalties and fees.

Should you hire a Tax Pro?

If any of these situations below are true for you, consider working with an expert this tax season:

  • Complicated tax situations – people with rental properties, business owners, if you’re claiming several deductions, or recently divorced.
  • Experienced a life change – ie. purchased a home, got married, had a child, or any other financial change.
  • Live & Work in different provinces – to ensure you pay the correct amount to each province.
  • You want to save more money – tax experts know the laws inside and out and use them to your advantage to help you owe less or get a bigger refund.
  • You want to reduce mistakes – CRA has four years after your file date to conduct an audit.  Returns stand out when there is a mistake.
  • If you have foreign investments or bank accounts – all income that goes into these accounts must be reported, ,even if you didn’t withdraw any money in 2018.

 

Call me if you need a great tax professional referral in my network!

 

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