Outlays and expenses are amounts that you incurred to sell a capital property. You can deduct outlays and expenses from your proceeds of disposition when calculating your capital gain and capital loss. You cannot reduce your other income by claiming a deduction for these outlays and expenses.
A property must meet all of the following four conditions to qualify as your principal residence for any year: it is a housing unit, a leasehold interest in a housing unit, or a share of the capital stock of a co-operative housing corporation you acquire only to get the right to inhabit a housing unit…
Any of the following types of housing units can be a principle residence:
What is the effective date of disclosure? The effective date of disclosure is the date the CRA received your completed submission. The date is stamped on the envelope when it is received in the CRA mail room.
Can I make a disclosure through Voluntary Disclosure Program (VDP) more than once? You cannot make a second submission for the same issue for which you originally received the benefits of Voluntary Disclosure Program (VDP) because you are expected to keep your affairs up to date after using the VDP.
Can I make an anonymous disclosure through Voluntary Disclosure Program (VDP)? You can make an anonymous disclosure, also known as the “no-name” method. A non-name disclosure means you do not identify yourself on the initial disclosure submission, but you do have to prove how you meet the four criteria. You must also supply the supporting…
What are the conditions for a valid voluntary disclosure? A disclosure must meet the following four conditions in order to qualify as a voluntary disclosure:
What is “named” disclosure method? A “named” disclosure is a disclosure in which the identification of the tax payer is stated on the initial voluntary disclosure submission.
Who can make a voluntary disclosure? Not only individuals can make a voluntary disclosure. Any taxpayer can make a disclosure.
How can I make a voluntary disclosure? You must send in a written submission to make a voluntary disclosure. Form RC199, Voluntary Disclosures Program (VDP) Taxpayer Agreement, should be used to initiate the disclosure. A copy of this form is available on the CRA’s website at: www.cra.gc.ca.