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Property flipping? Know how it can affect your tax return.

Friday Feb 08th, 2019

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Buying and selling property as a way to make a profit can be a smart move as long as you do your research and know how to report it at tax time. When you buy property with the main intention of selling for a profit, you are engaged in the business of property flipping. This often means you buy a property, take possession, and do some renovations. After the property is improved, you sell it and any profits become part of your income. You may choose to live in the property while making... [read more]

How tax law changes impact your return

Thursday Aug 31st, 2017

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Feeling overwhelmed by the recent tax changes announced? Check out a few of the most important changes that may impact your tax return, decoded by the experts at H&R Block. More money, more taxes. The lower-middle income tax rate went down from 22 to 20.5 per cent, and a new tax bracket of 33 per cent was created for those earning more than $200,000 per year. So if you made more than $216,975 in 2016, you can expect to pay more this year in taxes. Home sweet home. Did you sell... [read more]

Key changes to your tax information

Thursday Aug 31st, 2017

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You may have noticed your tax correspondence has a new look. That's because the Canada Revenue Agency has been taking steps to improve the way it communicates with taxpayers by making its correspondence easier to read. In February 2016, the CRA revealed its new Notice of Assessment and Notice of Reassessment for individuals, as part of its Simplified Correspondence project. The project was launched in 2015 to improve the readability, design and accessibility of more than 130 million... [read more]

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Robin Evans, Sales Representative & Georgina Blyth, Broker are Realtors with Sutton Group Future Realty Inc, Brokerage in Newmarket, Ontario serving Bradford, Innisfil and Barrie Real Estate
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