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Personal Tax Handbook - Principal Residence
3.0 - INTRODUCTION TO SEMINAR & ADMINISTRATION
3.0.01 - Introduction to Module 3 - Principal Residence Reporting and Issues (5:55)
3.0.02 - Course note download - Certificates - Questions - Refunds (6:25)
3.0.03 - How the course is laid out and how it works with future updates and content (3:07)
3.1 - PRINCIPAL RESIDENCE EXEMPTION TAX LANDSCAPE
3.1.01 - The recent change in reporting of the Principal Residence Exemption and how it changed everything (5:13)
3.1.02 - How the PRE reporting was similar to the Wild West before the CRA made changes (8:50)
3.1.03 - Examining the most lucrative tax loophole in Canadian tax and what may be on the horizon (5:33)
3.1.04 - Tracking the ACB of all properties and the importance of tracking renovations (5:05)
3.1.05 - Sometimes people do not make the most financially sound decision - follow the cash flow (6:05)
3.2 - PRINCIPAL RESIDENCE DISPOSITION & PRE REPORTING
3.2.01 - Dispositions of a principal residence and the principal residence exemption formula (8:17)
3.2.02 - How the disposition of a principal residence is disclosed on the tax return (6:25)
3.2.03 - Example of a PRE allocation and decision process before the 2016 reporting requirements (4:36)
3.2.04 - Example of the more relevant PRE analysis and calculation to shield more of the gain (6:44)
3.2.05 - Preparing the tax return for this example and an overview of the filing requirements (6:19)
3.2.06 - How do we report the capital gain and form disclosures for spouses? (4:35)
3.2.07 - Recent budget highlights and areas to look out for in real estate tax landscape (2:34)
3.2.08 - Federal Budget 2022 - Legislation on holding property for less than 12 months (3:16)
3.2.09 - Provisions related to the 2 year ban on the purchase of residential real estate by non-residents (3:19)
3.2.10 - CRA letter campaign - CRA reviewing claims for the Principal Residence Exemption (5:51)
3.3 - DEFINITION & ATTRIBUTES OF A PRINCIPAL RESIDENCE
3.3.01 - Capital losses on the sale of a principal residence (2:29)
3.3.02 - Capital losses on the sale of a cottage or vacation property (2:21)
3.3.03 - Capital gain and loss reporting example and issue with cottage or Personal Use Property (3:57)
3.3.04 - A look at the critical definition of "ordinarily inhabited" in the Principal Residence definition (6:44)
3.3.05 - Court Case - Can a shed on land qualify for the PRE (6:30)
3.3.06 - What happens when there are two spouses and more than one PR (6:02)
3.3.07 - Disposing of a portion of a principal residence and claiming the PRE (2:26)
3.3.08 - Disposing of a principal residence when it is situation on more than half-acre of land (4:47)
3.3.09 - Court Case - Determining whether excess land is necessary to enjoyment as PR (5:58)
3.3.10 - What happens when you build a home on land that you own (3:30)
3.4 - SECTION 45 CHANGE IN USE ELECTIONS
3.4.01 - Change in use rules and making elections under Section 45 of the Income Tax Act (6:20)
3.4.02 - Section 45(2) elections on change from principal residence to rental property (4:34)
3.4.03 - Example of a 45(2) election and the options available when it is filed (8:43)
3.4.04 - Section 45(3) elections on change from rental property to principal residence (6:41)
3.4.05 - Example of a 45(3) election and the options available when it is filed (5:04)
3.5 - CRA AUDITS & ASSESSMENTS - BUSINESS INCOME VS. CAPITAL GAINS
3.5.01 - Reporting of real estate transactions and what it means for CRA audits & reviews (7:40)
3.5.02 - Overview of CRA audit initiatives and what to expect in this landscape (5:19)
3.5.03 - CRA auditors and uncommon sense approach to assessing transactions (7:31)
3.5.04 - Case 1 - Does everyone who chooses a variable rate mortgage intend to sell (4:40)
3.5.05 - Case 2 - Don't meet someone and move in with them while purchasing real estate (5:47)
3.5.06 - Case 3 - How many transactions make up a "pattern" (6:34)
3.5.07 - Put yourself in the CRA auditor's shoes and the accountant's shoes (7:02)
3.5 - COURT CASES DEALING WITH PROPERTY, CAPITAL GAINS & BUSINESS INCOME
3.6.01 - Hansen Court Case Part 1 - Business income or capital gain with PRE (7:23)
3.6.02 - Hansen Court Case Part 2 - Judge's ruling on the Hansen property sales (9:01)
3.6.03 - Court case - Was the home sale on account of income or capital? (6:02)
3.6.04 - Court cases - Two cases illustrating how the taxpayer's professions factors into the decision (7:55)
3.6.05 - D'Anjou Court Case - Ongoing expenses and whether they can be added to ACB (4:46)
3.7 - PRACTICING SAFE REAL ESTATE TAX
3.7.01 - Review the T776 to determine if more information required on potential real estate transactions (6:58)
3.7.02 - Understand your clients circumstances and transactions related to real estate (5:33)
3.7.03 - The importance of good note taking and using Memo to File as a tool (7:08)
3.7.04 - The six step process the court examines when ruling on real estate transactions (6:43)
3.7.05 - Dealing with gross negligence penalties and framework for challenging CRA (5:49)
Conclusion to Module 3 of the Personal Tax Handbook - Principal Residence (1:29)
3.4.01 - Change in use rules and making elections under Section 45 of the Income Tax Act
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