CRA cracking down on abuse of principal residence exemptions, but their assessments aren't written in stone

Author: External Author | Dec 02, 2020 | Categories: Accounting Firm , Bookkeeping Services , Chartered Professional Accountant , Financial Statement Preparation , QuickBooks Accounting , Small Business Accounting , Tax Accountant , Tax Planning , Tax Services

There are very few things that are tax-free: investment income in your TFSA, lottery and casino winnings, purchasing six or more doughnuts (see what happens to the GST/HST next time you try it) and the gain from the sale of your principal residence are among the limited exceptions. With the odds of winning the lottery being slim at best, it’s the sale of one’s home that offers Canadians the best opportunity for a major tax-free gain.

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Original Article Source Credits: Financial Post , https://financialpost.com/

Article Written By: Jamie Golombek

Original Article Posted on: Nov 06, 2020

Link to Original Article: https://financialpost.com/personal-finance/taxes/cra-cracking-down-on-abuse-of-principal-residence-exemptions-but-their-assessments-arent-written-in-stone