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Income Tax – Principal Residence

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  • A webinar is a live training activity which you must attend at the date and time indicated. You may access the training platform in your online file 7 days before the date of the webinar. We strongly recommend that you log in to the platform before the date of the webinar and follow the instructions in step 3 of your training path beforehand in order to test your computers’ configuration and prevent any connexion problems during your training activity.
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General objective

This training activity examines the requirements for a property to undergo classification as a principal residence as well as the concepts of ownership and bare trustees, the ordinarily inhabited requirement, and the placement of housing units on multiple or large properties. Other topics include income earned from a principal residence, the concept of incidental income, change-in-use rules, and partial dispositions or residences held through trusts. 
 

Context

Many Canadians own a principal residence, but they often assume that the gain on the sale of their home is tax free and may lack an understanding about the tax implications of other transactions involving these properties. This seminar examines all aspects of principal residences from a federal tax perspective, including ambiguous situations and the unexpected issues or outcomes that can arise in such cases. Accountants are often shocked to discover how complex the tax rules affecting principal residences are. Many of these complexities arise when a portion of the home is used to earn income (rented out or used in a business). Complications can also arise where the property is larger than half a hectare or where they move out of the property for work or to live in a care home. Where an individual owns more than one home (such as a summer cottage), the decision to designate one property over another may result in a materially different tax outcome. 

Objectives

By the end of this training activity, participants will be able to:

  • apply the mechanics of the principal residence deduction (including the components of the formula and the year by year designation);
  • apply the definition of the term “principal residence” including the terms like “housing unit” and “ordinarily inhabit;”
  • identify the impact of the change in use rules on residences (including partial changes in use);
  • understand the implications when only a portion of a property qualifies as a principal residence (including large acreages and properties used to earn income);
  • interpret the rules when a residence is owned by a trust and the October 2016 amendments in this area.

Topics

  • Principal residences and capital property, including the doctrine of secondary intention and implications for house flippers
  • The definition of a housing unit, including trailers and houseboats
  • Property owners, including bare trustees
  • Conditions that meet the ordinarily inhabited rule, including situations where taxpayers have moved into care facilities
  • The designation of a property as a principal residence and the mechanics of the principal residence formula
  • Properties used to earn income and the concept of incidental income
  • Housing units on multiple properties and properties in excess of one half hectare
  • Partial dispositions of a property, including prior subdivisions
  • The change-in-use rules, elections to avoid these rules, and implications of filing elections
  • Residences held through trusts and the impact of the October 2016 legislative amendments
  • The impact of separation and divorce on the principal residence exemption

Target audience

Although applicable to many professional accountants, this session will particularly benefit individuals who own a principal residence and financial professionals who provide advice to homeowners.

Prerequisite

Participants enrolled in this seminar must have knowledge of the Income Tax Act.

 


Description complète


Aucune formation en salle trouvée

Webdiffusion


Séance(s)
Pour tous

Saison de formation : 2020-2021
No de séance : 2860
Accessible du : 2021-03-03, 00:00 au 2021-08-31, 23:59
Animateur : Meryam Smires, CPA, CA
Durée : 3.50 h
Renseignements complémentaires :

Grille tarifaire

Séance disponible

Places illimitées

  Membre CPA Non-membre
À la carte 350,00 $ 450,00 $
Passeport CPA 350 CDP S/O
Passeport Multi-CPA 350 CDP S/O
Passeport Multi-usagers 350 CDP 450 CDP
Promo CPA 350 CDP S/O

Webinaire


Séance(s)
Pour tous

Saison de formation : 2020-2021
No de séance : 0333
Date de début : 2021-01-18, 08:30
Date de fin : 2021-01-18, 12:00
Durée : 3.50 h
Animateur : Meryam Smires, CPA, CA
Renseignements complémentaires : This webinar may be recorded and made available as a webcast. By registering, you agree to allow your name and discussions (audio/video/chats) to be recorded for educational purposes, without compensation or restriction.

Grille tarifaire

7 places disponibles

  Membre CPA Non-membre
À la carte 350,00 $ 450,00 $
Passeport CPA 350 CDP S/O
Passeport Multi-CPA 350 CDP S/O
Passeport Multi-usagers 350 CDP 450 CDP
Promo CPA 350 CDP S/O

Pour tous

Saison de formation : 2020-2021
No de séance : 0480
Date de début : 2021-02-09, 08:30
Date de fin : 2021-02-09, 12:00
Durée : 3.50 h
Animateur : Meryam Smires, CPA, CA
Renseignements complémentaires : This webinar may be recorded and made available as a webcast. By registering, you agree to allow your name and discussions (audio/video/chats) to be recorded for educational purposes, without compensation or restriction.

Grille tarifaire

32 places disponibles

  Membre CPA Non-membre
À la carte 350,00 $ 450,00 $
Passeport CPA 350 CDP S/O
Passeport Multi-CPA 350 CDP S/O
Passeport Multi-usagers 350 CDP 450 CDP
Promo CPA 350 CDP S/O

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