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Tax Implications of Owning a Cottage or Second Home

principalresidenceCottage ownership is enjoyed by many. Having a place away from home, where you can experience the great outdoors with family and friends is golden. Other people prefer a change in scenery and would rather have the flexibility of going to different places rather than be compel to one given location. I guess different strokes for different folks.

If you own a cottage or second home and are now seeking to sell, a few things will come to mind- mainly the tax implications of ownership.

Clearing the air on CRA's Taxpayer relief program

MP900341783There is quite a lot of information circulating regarding the Taxpayer relief program (previously termed “fairness provisions”). After 10 years of communicating with CRA on behalf of clients I hope to clear the air and highlight some of the common myths surrounding the program.

 

7 Tips to Outstanding Bookkeeping

MP900385355 7 Tips to Outstanding BookkeepingRecord keeping (also known as bookkeeping) is no one’s favourite task. However, the reality is if you own a small business, good record keeping is vital. Many start-ups, as well as existing business owners tend to neglect this aspect of their business until the end of financial year (EOFY) is upon them. By law, every business is required to maintain accurate and timely records.

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