Form T1135: Your Guide to Reporting Foreign Assets
1. Introduction The Canadian government requires residents to report their worldwide income, including foreign assets. Failing to do so can result in severe penalties. To make this process easier, the Canada Revenue Agency (CRA) developed Form T1135 to report foreign...
Lifetime Capital Gains Exemption: A Comprehensive Guide for Property Sellers
Lifetime Capital Gains Exemption: A Comprehensive Guide for Property Sellers Selling a property can be a significant financial milestone, often accompanied by concerns about the tax implications of the profit earned. In Canada, the Lifetime Capital Gains Exemption...
Borrowing to Invest? The CRA Just Clarified the Rules on Interest Deductibility
Understanding Interest Deductibility Under Canadian Tax Law Earlier this month, the Canada Revenue Agency (CRA) updated its comprehensive folio on interest deductibility. While most of the changes may not directly impact the average taxpayer, the folio now includes...