Sidhu & Associates
#205 - 12788 76A Ave V3W 1S9 Surrey, BC, Canada

Tax News Letter Volume 1 2019 - Stay up to date https://bit.ly/2GtDrS7

Tax News Letter Volume 1 2019

Tax Obligation Flipping Real Estate Property

Sidhu & Associates a boutique accounting firm; with over 23 years of combined experience, providing tax, accounting, assurance and advisory services to wide arr...ay of businesses, professionals, non-profit organizations and individuals. Incorporating the highest level of integrity, trust and a commitment to excellence. www.sidhucpa.ca See more

BUYING OR SELLING A HOME? WHAT YOU SHOULD KNOW If you bought your home in 2016 or plan to buy a home, the Canada Revenue Agency (CRA) has information that may help you. Principal Residence Exemption...Continue reading

Personal Tax Planning What’s New in Tax for 2016 Personal tax rates Effective as of 2016, the tax rate for the second lowest federal tax bracket ($45,282 to $90,563 of taxable income) decreased from 22% to 20.5%, and a new top federal tax rate of 33% has been implemented for individuals with taxable income in excess of $200,000....Continue reading

CRA CRACKING DOWN ON TAX EVASION AND AVOIDANCE Tax evasion and aggressive tax avoidance impacts all Canadians Canada has one of the highest voluntary compliance rates in the world most Canadians file and pay their taxes on time. But, a small minority still choose to not pay what they owe. This is not fair and has to stop. Tax schemes rob Canadians of important resources and deprive all levels of government of tax revenues that provides essential services to all Canadians. ...Continue reading

PROPOSED CHANGES TO IMPROVE REPORTING OF THE SALE OR DISPOSITION OF REAL ESTATE The CRA can issue a notice of assessment of tax to any taxpayer (individual, trust or corporation) at any time, if the taxpayer has not filed an income tax return for a year. However after an income tax return has been filed by a taxpayer and assessed by the CRA, generally there is a normal reassessment period during which the CRA can make a change to the tax return and issue a notice of reassessm...Continue reading

HOW DOES THE CANADA REVENUE AGENCY ADDRESS NON-COMPLIANCE IN THE REAL ESTATE SECTOR? Introduction The Canada Revenue Agency (CRA) uses a combination of advanced risk-assessment tools, analytics, leads, and third-party data to detect and address non-compliance. The CRA audits the files of taxpayers that it identifies as being high risk. ...Continue reading

Wishing you and your family Happy Thanksgiving