Change in Use of Principal Residence, Principal Residence Exemption and Subsection 45(2) Election When there is a change in use of your principal residence, a deemed disposition occurs under subsection 45(1) of the Income Tax Act. The Canadian Tax Act states that a taxpayer will be deemed to have...
Filing Tax Returns -Starting Point in the Administration of Income Tax Law in Canada Generally speaking, the starting point regarding the administration of income tax law in Canada is subsection 150(1), which states that a taxpayer must prepare and file an income tax return for each tax year without...
Introduction – The Canada Emergency Wage Subsidy Many Canadian businesses have been impacted by the ongoing COVID-19 pandemic. While many businesses are experiencing financial hardship, some of them are unable to pay their employee’s wages. In response, the Government of Canada introduced the Canada Emergency Wage Subsidy (CEWS) in...