GUIDE TO:
Tax on Sale of Property

HELP WITH STEPS

Adding a Client

  • This is the main contact person for whom correspondence will be directed to and from whom you are receiving instruction from.

 

Engagement Letter

  • A document is generated when you click the Letter of Engagement – Review button. You can edit the template to suit your firm (such as the fee), or change this specific engagement. See Editing a Document

  • With the engagement letter, you can include links or attachments.  If there is a factor that you need to bring to your clients’ attention, it can be included here.  For example, if the transaction might involve associated persons, you might want to include a link to the appropriate section of the income tax act (link below in Useful Resources) that highlights this association.

Send the client the survey 

  • When this is completed by the client, you'll get a notification.

  • You may choose to pre-answer or edit some of the questions to better suit your client. See Send Client Survey.

 

Review Sections

  • Section 1.7 – 1.14 can be filled in based on the information from Sale & Purchase agreements

  • Section 1.15 – 1.23 goes through the applicable sections of the Income Tax Act (CB 6 – CB 23).  Click the relevant section to review its application to your clients’ situation, there is links to technical information below in the Useful Resources.  If any of these sections do apply, the relevant exclusions from the legislation will automatically appear for you to review.

  • Section 2.1 – 2.3 covers off other matters that might apply to the sale of residential property.  Please see the useful resources if you are unsure about any of these sections.

 
 

VIDEO 

play.png

Tax on Property discussion with Jeff Owens