Changes to Reporting Principal Residence Sales for 2016
While the thrust of their proposals was directed towards preventing the use of the principal residence exemption (“PRE”) by non-residents as well as limiting its use for properties owned by certain trusts, all taxpayers who own a residence and use it (or a portion thereof) for their personal use will be affected by these proposals. […]
Should I Incorporate My Business?
This is a question accountants and lawyers are asked often and the answer – is almost always – “it depends”. A corporation is a separate legal entity which means the corporation pays corporate income tax which is calculated completely separate from the owner’s personal income tax. In addition, if the corporation pays wages to the […]