Watts Advisors Accounting & Tax Blog

Principal Residence Exemption 0

April 13, 2012

Recently I have received a few questions about the tax rules surrounding your principal residence.   The general idea behind the Principal Residence Exemption is that you are not taxed on gains you realize when you sell your residence.  But like many tax guidelines in Canada the rules are more complicated than that to ...

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Deductible Employment Expenses 0

March 27, 2012

There are a few instances where you are able to deduct expenses against employment income.  The content of this blog will just cover the most common expenses of standard employment arrangements.  There are specialized rules for commission employees and other unique circumstances as well as more specialized expenses that will ...

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CRA Giving Out 20% Penalty for Missing Information 0

March 20, 2012

Most people aren’t aware of one of the harshest penalties that the CRA (Canada Revenue Agency) gives out.  This penalty doesn’t necessarily relate to fraud or tax evasion, but can occur if someone is simply forgetful or unorganized. Over the last couple of years the CRA has started charging a 20% ...

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