What is a change in use election?

What is a change in use election?

If you’ve either started or stopped renting out your home in the 2021 tax year, you’ll likely need to file a change in use election along with your tax returns this year. This might sound a bit daunting, especially if you’ve never dealt with one before. But, it’s...
It’s time to keep an eye out for T Slips!

It’s time to keep an eye out for T Slips!

Watch your inbox, your mail box and your online accounts for end of year reporting statements from investments and all your T Slips. There’s no penalty from CRA the first time you miss a slip on your tax return. If, however, you miss reporting two slips over a certain...