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Vancouver Professional Accountants at Mew and Company Discuss Tax Exemptions in the Wake of the Rising Real Estate Market
VANCOUVER, BC --(Marketwired - January 29, 2016) - Vancouver based Mew + Company, a team of Chartered Professional Accountants, understand a lot of people are benefiting from the financial gains being made in Vancouver's housing market. If you are contemplating selling your home, it's important to remember that any real estate being used as a principal residence is typically exempt from capital gains. However, some exceptions do apply. For more information, go to: http://www.mewco.ca/tax/blog/
Since the principal residence exemption offers a sizeable chunk if not total relief, it's a good idea to understand how it works, so you can stay on the right side of the law. With real estate gains taking place across Canada, this is an area the Canada Revenue Agency (CRA) may choose to scrutinize closely in the future, warns the blog.
The article goes on to list five potential disqualifiers, such as claiming capital cost allowance (CCA) on the part of the principal residence being rented to a third party. It also cautions that the examples listed are just a handful of scenarios where full exemption may be jeopardized.
To ensure you are up to date and in full compliance with the CRA, the blog concludes that it is always wise to consult with a professional tax advisor on the status of your full principal residence tax exemption before putting your home on the market.
About the Company
Mew + Company Vancouver is an ideal solution to the taxation problem. With their 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 and Company and discuss their accounting services, log on to http://mewco.ca/
CPA, CA, CFE, CFP
Mew + Company Chartered Professional Accountants
604 688 9198
Company Website: http://www.mewco.ca