Continuing the series of “quick facts” posts (see prior ones about the capital gains exemption and the new financial instruments standards), today is all about the principal residence exemption in Canada. Any residence may be designated a principal residence as long as you “ordinarily inhabit” the home. Ordinary inhabitation includes seasonal living such as yourContinue reading “8 quick facts about the principal residence exemption”
Tag Archives: Canada
BDO Dunwoody merges with Goodman Rosen
Hot on the heels of their announcement that the merger discussions with Grant Thornton were called off, BDO Dunwoody’s insolvency practice BDO Dunwoody Ltd. has joined forces in Nova Scotia with Goodman Rosen Inc. Expanding one of Canada’s most comprehensive financial recovery practices, BDO Dunwoody Limited, Trustee in Bankruptcy and Goodman Rosen Inc., Trustee inContinue reading “BDO Dunwoody merges with Goodman Rosen”
Rolling assets into a corporation and deferring the capital gain
Generally when a disposition of capital property occurs, a gain or loss is recognized. Occasionally the disposition results in no real change to the economic interest of the property, like when an individual transfers property to a corporation they own. A rollover provides a way to defer the gain or loss. Section 85 of theContinue reading “Rolling assets into a corporation and deferring the capital gain”
6 quick facts about the capital gains exemption in Canada
Yesterday I was visiting my parents back home on the farm and enjoying a lazy Saturday afternoon away from the big city. In exchange for some really great ice cream, my Mom asked me for some tax advice related to the lifetime $500,000 capital gains exemption. Long story short, she was under the impression sheContinue reading “6 quick facts about the capital gains exemption in Canada”
7 quick facts about the new financial instruments standard
The Canadian Accounting Standards Board (AcSB) has finalized some new sections of the Handbook which include guidance on accounting for financial instruments. Financial instruments include investments, hedges, derivatives, and loans and receivables. The Canadian standard attempts to harmonize our GAAP in a way with FASB Statement 133, “Accounting for Derivative Instruments and Hedging Activities,” andContinue reading “7 quick facts about the new financial instruments standard”