Deakin Realty is looking for a high-energy team player to join our boutique agency. This position is an opportunity to be part of dynamic team and be involved in all aspects of real estate sales.
Pointe-Claire Wheels in Motion Committee donation to AQVA
The launching of a brand new Martin 16 sailboat took place, in memory of Doug Webb. A donation of $35,000 was made to the Association québécoise de voile adaptée (AQVA) by the Pointe-Claire Wheels in Motion Committee for the Rick Hansen Foundation, co-chaired by our very own Nancy Kemp-Deakin. The AQVA “offers people with mobility impairments the possibility to leave their wheelchair on the dock and to discover the joys of sailing.”
Special thanks to all the committee members and supporters; Doug Webb (Ambassador for the Rick Hansen Foundation & co-founder of the PCWIM), Bill McMurchie (Honorary Chairman, former mayor of Pointe-Claire), Lucie Fournier (Co-chair), Robin Palin (RPPR), Alison Birss, Michael Dugas, Peter Pickrell (Westmount Florist), Linda Sheehan & Heather Bisset (Pfizer), James Mousseau (Scotiabank), Steve Payette, Ana To (Action-Medic), Amy Dhindsa, Sam Tilden & Gary Malcom (City of Pointe-Claire).
West Island Cancer Wellness Center
We would like to extend a thank you to all our clients from 2016. With your help we were able to donate over $10,000 to the West Island Cancer Wellness Centre.
A donation was made on behalf of every client who worked with our team in 2016 and we look forward to continuing this support in 2017 and beyond...
WICWC is dedicated to offering compassionate care and support to anyone experiencing cancer – either having it themselves or supporting someone with cancer. All programs and services are free and are created to address the emotional, physical and spiritual needs of people living with cancer. The centre is 100% funded by donations. Click below to learn more about this incredible organization.
Thank you for your business and for helping to support WICWC.
The Deakin Team
Changes to tax reporting of house sales
On October 3, the Canadian government changed the way taxpayers must report the sale of their principal residence.
Previous to the 2016 tax year, the sale of a taxpayer’s residence did not need to be reported to Revenue Canada so long as it was being claimed as that taxpayer’s principal residence in every year that it was owned. In other words, not declaring the sale of the residence resulted in the default claim of that residence being the taxpayer’s principal residence, and thus any capital gain on the disposition was tax-free.
Beginning in the 2016 tax year, the disposition of ANY residence (including a taxpayer’s principal residence) needs to be reported in order for gains resulting from that disposition to be shielded from tax. In other words, a taxpayer needs to report the disposition of his principal residence to the CRA, or that disposition could end up triggering taxable capital gains. The assumption will no longer be in the taxpayer’s favour.
It is to be noted that this is not so much a change in tax treatment as it is a change in reporting requirements. So long as the paperwork is filed in an accurate and timely fashion, taxpayers will be shielded from the effects of this procedural change.
The CRA plans to concentrate its efforts on publicizing these changes to the real estate industry and individual taxpayers so everyone is aware of the new reporting responsibilities, but in the case of the most egregious reporting failures, the CRA reserves the right to impose penalties of $100/month for late declarations, up to a maximum fine of $8000.
For more information, don’t hesitate to contact your accounting professional or your Deakin Realty broker.