Sentences with phrase «residence for tax purposes»

A: Every Canadian can have one principal residence for tax purposes.

So, you need to pick which property you'll be claiming as your principal residence for tax purposes, as only one home can be designated principal residence for any given year.

Not exact matches

Ahead of the expected launch of a consultation on a statutory residence test for tax purposes tomorrow, the Chartered Institute of Taxation (CIOT) has repeated its support for such a test and set out its views on the principles the test should be based on.

Under STAR, $ 30,000 is taken off the assessed value of the primary residence for the purposes of school taxes, which in most locations is the largest component of the property tax burden.

A recreational vehicle or boat can quality as a «second residence» for tax purposes if it has a kitchen, sleeping quarters and bathroom.

«You have one principal residence exemption for tax purposes that you can use either for your cottage or your home,» explains Deb MacPherson, a partner at KPMG Enterprise.

I'm just concerned about whether that's «enough» to change my residence for legal / tax purposes.

From what I've read: In Canada, for tax purposes, a family unit (i.e. you, your spouse, and your dependent children) can only claim one property as principal residence, for the purpose of claiming the principal residence capital gains exemption.

This would mean that even though you were technically separated, you were still married in the eyes of the CRA for purposes of the tax - free principal residence exemption that can only apply to one property for a family unit for any given year.

A PRE exempts a principal residence from the tax levied by a local school district for school operating purposes up to 18 mills.

For years, many Canadians minimized the amount of capital gains tax owed by strategically designating when each property was their principal residence, for tax purposFor years, many Canadians minimized the amount of capital gains tax owed by strategically designating when each property was their principal residence, for tax purposfor tax purposes.

In addition, the definition of principal residence in section 54 contains detailed rules (in paragraph c. 1) that prohibits a trust (which is considered to be an individual for income tax purposes pursuant to the rule in subsection 104 (2) of the Act) from considering a property as its principal residence unless very specific conditions are met.

For federal tax purposes, a boat or a recreational vehicle can be either your main or secondary residence, entitling you to take advantage of the same tax deductions as a homeowner of a typical house.

For tax purposes, there is no minimum period for which you have to own or inhabit the property in order for it to qualify as your principal residenFor tax purposes, there is no minimum period for which you have to own or inhabit the property in order for it to qualify as your principal residenfor which you have to own or inhabit the property in order for it to qualify as your principal residenfor it to qualify as your principal residence.

For capital gains tax (CGT) purposes houses are just like any other asset with one important exemption — that the gain on disposal of a person's principal private residence is not subject to CGT.

Two additional states (New Mexico and Washington) accept tax identification numbers or other proof of residence in lieu of a Social Security number, for the purpose of obtaining a drivers license.

If your residence status differs from that of your spouse or civil partner, you can choose to be treated as single people for tax purposes if it is more beneficial.

There is no change in your economic position by transferring your primary residence into a LLC, You do not have a substantial purpose for entering into such transaction other than to simply avoid paying federal income taxes.

In general, the adjusted tax basis of a principal residence is the cost of the property (i.e., what you paid for the property when you first purchased it), plus amounts paid for capital improvements, less any depreciation and casualty losses claimed for tax purposes.

For tax purposes, a principal residence is generally defined as the home where an individual spends more than 50 % of his / her time.

For income tax purposes, if all trust income is distributed to the beneficaries every year, the beneficiaries» state of residence determines the applicable state income tax rate on that income.