Administrative Change by CRA: Reporting the sale of your Principal Residence 

Reporting the sale of your principal residence for individuals (other than trusts)

On October 3, 2016, the Government announced an administrative change to Canada Revenue Agency’s reporting requirements for the sale of a principal residence. When you sell your principal residence or when you are considered to have sold it, usually you do not have to report the sale on your income tax and benefit return and you do not have to pay tax on any gain from the sale. This is the case if you are eligible for the full income tax exemption (principal residence exemption) because the property was your principal residence for every year you owned it. Starting with the 2016 tax year, generally due by late April 2017, you will be required to report basic information (date of acquisition, proceeds of disposition and description of the property) on your income tax and benefit return when you sell your principal residence to claim the full principal residence exemption. Read more. 

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Canada child benefit 

Canada child benefit The CCB will be a tax-free monthly payment based on family income.If you now receive the UCCB or the CCTB or both, you do not need to apply for the new CCB. However, you and your spouse or common-law partner, if applicable, must file a 2015 income tax and benefit return, even if you don’t have income, so the CRA can calculate your payment. The CRA will issue the last regular UCCB and CCTB payments on June 20, 2016. The CRA will issue the first CCB payment on July 20, 2016. If the CRA currently deposits your payments into your bank account, this will continue.

To Calculate your CCB, please visit

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About Us

We created this firm keeping in mind the people who we serve and the fact that time is money. Our love for numbers and strategies and our understanding of the fact that people fail for not planning, and not because their plans failed. Our utmost desire and objective are to help communities, people, businesses and individuals, to achieve their financial freedom in an optimum manner. We have expanded the range of our services we are offering to our clients and our results helped us in growing our client base.

Our main interest is to help our clients achieve their objectives in a creative, ethical and cost-effective manner. Our team will surely find a perfect solution for your company: when it comes to strategies, we are truly the best in the field.

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