12 Tax Rules and Real Estate

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.

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Cloud Software – Only Getting Better With Time

More small businesses are now on cloud account software.  Many business owners are performing the bookkeeping functions on their own and just as many business owners hire a bookkeeping firm who specializes in cloud software to do the bookkeeping.  Now, AI is getting involved to limit human coding errors that still exist with cloud software. As for me, the external

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Why a Real General Ledger is the First Line of Defense During a CRA Tax Audit

Many mature businesses have endured this at least once during their life time – a CRA tax audit.  Most businesses survive an audit with no issue.  This happens when the business has an adequate set of financial records that is easy for the CRA auditor to examine.  So what makes up an adequate set of financial records. First of all,

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