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The acquisition of a revenue property is often a good way to increase net worth. If you are planning to take on a rental property, be sure to keep the tax implications in mind. Rental properties are often audited.
How will the continued weakening of the Canadian Dollar affect personal and family net worth? It’s an important question, especially for families who have recently purchased US property and are forced to pay soft costs with a diminishing currency. Planning is required.
CRA will proactively adjust the due date for all federal business and other returns filed in Alberta that were due during the flooding. A federal business return filed by August 2, 2013, will be considered as filed on time.
If you’ve lived in a prescribed northern or intermediate zone for a period of at least six consecutive months beginning or ending in the tax year, you may be able to claim the Northern Residents Deduction on Line 255. Not sure if you qualify?
Alan Rowell, MFA, DFA-Tax Services Specialist, shines a light on a new communications issue at CRA...how would you advise a client with this problem?