Posts Tagged ‘personal income’

Principle Residence Exemption

Did you sell your house in 2017?

Commencing with sales in the 2016 tax year, you must report basic information, such as the date of acquisition, the proceeds of disposition (the sale), and the address, on your income tax and benefit return when you sell your home to claim the full principal residence exemption.

You do not have to pay any tax on the capital gain when you sell your home provided it was your principal residence for all the years that you owned it and you did not use any part of it to earn income.

A property may qualify as your principal residence for any year that you or certain family members lived in the house, if none of you designated another property as a principal residence for that year.

File a tax return and claim the principal residence exemption for the capital gains.

Nurse practitioners can now certify applications for the disability tax credit

Nurse practitioners can now certify applications for the disability tax credit

Nurse practitioners can now fill out and sign Form T2201, Disability Tax Credit Certificate making the application process  for the disability tax credit (DTC) easier and more accessible.

Through Budget 2017, the Government has made a change to recognize nurse practitioners as one of the medical practitioners who can certify Form T2201. With over 4,500 nurse practitioners across Canada who can certify patients for the DTC, this change is going to have a positive impact for Canadians living with a disability.

Individuals who want to apply for the DTC, but live in an area where nurse practitioners are the first point of contact, as for example, in Canada’s North, will benefit from this change.

What is the disability tax credit?

The disability tax credit is a non-refundable tax credit that helps persons with disabilities or their supporting family members reduce the amount of income tax they may have to pay.
Applying for the credit is a three step process:

  1. Fill out Part A of Form T2201, Disability Tax Credit Certificate
  2. Have your nurse practitioner fill out Part B
  3. Send form T2201 to the CRA

Being eligible for the DTC can open the door to other federal, provincial, or territorial programs designed to support those with disabilities or their families. These include the registered disability savings plan, the working income tax benefit disability supplement, and the child disability benefit.

Contact Us

Padgett Business Services

1511 10 Street SW Calgary, AB T2R 1E8
Phone: (403) 220-1570

Email: Padgett Calgary

Subscribe to our SMALL BIZ BUILDER Newsletter.
Yes Please!

Our Rating

Click for the BBB Business Review of this Accountants - Certified Public in Calgary AB