On June 9, 2022, the federal government enacted the Underused Housing Tax. While REALTORS® do not assume direct responsibility, they can help inform their clients of their tax filing obligations.
Posts tagged with “Canada Revenue Agency (CRA)”
Advocacy Navigating Canada’s Underused Housing Tax 
Legally Speaking Federal Budget 2022: Taxation of Property Flipping, GST and Assignment Sales #548 
The proposed federal budget for 2022 has introduced a number of new rules relating to real estate, including rules to dampen speculation in the market. REALTORS® should be aware of these changes.
Legally Speaking Home Office or Work Space Expense Deductions #414
Section 18(12) of the Income Tax Act permits a self-employed individual to deduct expenses associated in using part of the home as a place of business…
Legally Speaking Commission Trust Between Independent Contractor and Agent, Validity & Personal Property Security Act Involvement #266
An investment made by BCREA and the Victoria Real Estate Board, of legal fees towards the cost of a claim made by a Victoria licensee, that payment of her commission had priority over the receiver/manager…
Legally Speaking Independent Contractor or Employee – The Tests For #228
When the Homelife/Victoria case was decided in 1992, the conduct required to establish independent contractor status was not common knowledge among the licensees who claimed this status at the hearing…
Legally Speaking Income Tax – The Cost of Buy-Downs as a Moving Expense; Faxed Communications – The Validity Of #156
The reasons for judgment of a recently reported case, which have not yet made their way to the Victoria courthouse library is of particular interest in these days of high interest rates and buy-downs…
Legally Speaking Tax Deductibility of a Real Estate Training Course #133
A real estate salesperson in Ontario paid $525 in 1985 to attend a four-day course “List More – Sell More,” which she found to be useful in increasing her commission income…
Legally Speaking Principal Residence – Exemption or Taxable Gain #131
Where the lands surrounding a principal residence exceed one acre, the excess area only falls within the principal residence exemption if the owner…
Legally Speaking Commissions, Garnishees and Interest #97
Before weave the memory of 1986 too far behind, some questions have been asked concerning several of the 1986 Legally Speaking columns…