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12 Tax Rules and Real Estate

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12 Tax Rules and Real Estate Gain from sale of principal residence not taxable. Loss from sale of your principal residence not tax deductible. Sale of principal residence must be reported on the personal tax return. If a taxpayer owns more than one home for personal use and/or investment purpose, professional advisor should be consulted for optimal principal residence planning. The rules are complicated. Loss from sale of your real estate investment is considered a capital loss ... Read More

Non-Canadian Resident and Collecting Rental Income in Vancouver

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Non-Canadian residents who own Canadian real estate and collecting rental income have two ways to deal with the Canadian tax liability.

The first method is remit to the CRA, 25% tax on the gross rent collected.  This 25% is due to the CRA on the 15th of the following month the rental income was credited to the non-Canadian resident.  This tax is considered the final tax liability on the rental income and the non-Canadian resident has no further obligation.  However, the non-resident ... Read More

Inheritance and the Canadian Taxpayer

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While Inheritance is Non-taxable, A Word of Caution

Inheritances are non-taxable for Canadian taxpayers regardless of whether or not the inheritance comes from a Canadian citizen or a foreign citizen. This non-taxable tax treatment is also consistent regardless of whether or not the inheritance is straight cash, a summer house, a rental building or shares of a company. Before you become complacent, a word of caution! The non-taxable status of an inheritance doesn’t mean there aren’t ... Read More

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MEW and COMPANY
Chartered Professional Accountants

Suite 418–788 Beatty St. Vancouver, BC V6B 2M1
Tel: 604 688 9198 | Fax: 604 688 9192

Suite 418–788 Beatty St.
Vancouver, BC V6B 2M1
Tel: 604 688 9198
Fax: 604 688 9192

Lilly Woo, CPA, CA, CFE, CFP (ext. 1)
Richard Mew, CPA, CA, CFP (ext. 2)

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