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If you are a factual resident or a deemed resident of Canada and are considered to be a resident of another country that has a tax treaty with Canada, you may be considered a deemed non-resident of Canada for income tax purposes. If you are a deemed non-resident, you must follow the same rules as a non-resident of Canada…
The most important thing to consider when determining your residency status in Canada for income tax purposes is whether or not you maintain, or you establish, residential ties with Canada.
You are an emigrant for income tax purposes if you leave Canada to settle in another country and you server your residential ties with Canada.
Adjusted cost base (ACB) usually means the cost of a property plus any expenses to acquire it. such as commissions and legal fees.
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.
You have a capital loss when you sell, or are considered to have sold, a capital property for less than the total of its adjusted cost base (ACB) and the outlays and expenses incurred to sell the property.
You have a capital gain when you sell, or are considered to have sold, a capital property for more than the total of its adjusted cost base (ACB) and the outlays and expenses incurred to sell the property.
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 “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.