Tax Planning

The New Housing Rebate is available to individuals who purchased a new home or purchased a home that was recently substantially renovated. There is also a special rebate in instances where you as the owner constructed or substantially renovated your home. Mobile and floating homes are also eligible for this rebate.

For many individuals preparing their Canadian income tax returns, the term “taxable Canadian property” is probably recognizable. In fact, numerous provisions within the Income Tax Act impose tax implications regarding the disposition of this property on certain individuals, such as non-residents. As such, it is very important for Canadian taxpayers to be aware of the proper definition of taxable Canadian property, and how it affects them.