SOURCE: Mew & Company

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June 07, 2016 12:00 ET

Vancouver Chartered Professional Accountants Examine Real Estate Gains and Income Tax

Vancouver CPAs Look at Rules for Capital Gains Exemption in Company Blog

VANCOUVER, BC--(Marketwired - June 07, 2016) - Mew + Company, a firm of chartered professional accountants in Vancouver, recently published an article that looks at residential tax exemptions and claims that could draw scrutiny from the CRA. For more, go to: http://www.mewco.ca/blog/real-estate-gains-canadian-income-tax-exemption-disqualifications/

Vancouver's burgeoning real estate market is still drawing a lot of attention from investors -- both domestic and international. As most investors are aware, the Canadian Income Tax Act offers a favorable tax treatment to owners of a principal residence. Without getting overly complex, the rule is that as long as a taxpayer or an immediate family member lived in a residence every year of ownership, that residence would qualify for the full principal residence capital gains exemption upon its sale.

Of course, there are many exceptions that can disqualify a taxpayer from a full exemption. The blog goes on to list five possible disqualifications. For example, if more than 50% of the principal residence had been used to generate rental income during the period of ownership, that portion of the residence is not considered principal residence and hence no exemption would apply on that portion.

Talk to a chartered professional accountant to learn more about principal residence tax exemptions to ensure your claim meets the full criteria. They can also help you understand your rights, obligations, and how to save while adhering to the rules set out by the CRA.

About the Company
Mew + Company Chartered Professional Accountants in Vancouver, is an ideal solution to the taxation problem. With a simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields -- including restaurants, real estate, retail, and the service industry. Investing in their specialist services will undoubtedly be fruitful for all kinds of clients.

To learn more about Mew + Company and discuss their services, log on to http://mewco.ca/

Contact Information

  • Lilly Woo, CPA, CA, CFE, CFP
    Mew + Company Chartered Professional Accountants
    604 688 9198
    Company Website: http://www.mewco.ca