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Canadian income taxes

Updated Canada Principal Residence Exemption Tax Regulation

January 24, 2017

In Canada, the capital gains from the sale of a qualifying primary residence is exempt from taxes. In the past, the individual was not required to report the sale on their personal income tax return provided the entire gain was eligible for exemption. However, on the 3rd of October, 2016 the federal government announced an...

Canada Us Tax CRA personal taxes

Foreign Charitable Organizations Do Not Qualify for Tax-Exemption under CRA’s New Rules

June 23, 2016

When the Canada Revenue Agency (CRA) started their investigation with Canadian charitable organizations, they reviewed each of the charitable organizations registered in Canada and removed quite a lot of them from the qualified charitable organizations list. In 2014 the CRA moved on to verifying foreign charitable organizations that qualified for the same tax-exemptions as domestic...