Canadian Homeowners Unaware of Critical Tax Deadline!

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If you own Residential Property in Canada, you require to understand about this possible tax penalty. Are you and your spouse joint owners of a rental residential or commercial property? Did you co-sign a loan for an adult child? You might go through tax penalties if you don't submit a return. Also on today's program, the Autoworkers strikes in both Canada and the United States seem to be over. Both the UAW and Unifor have actually announced agreements with Ford, GM and Stellantis. Also, we take a look at what Tiff Macklem, Governer of the Bank of Canada has to state about rates of interest, and we'll look at earnings reports for Air Canada, McDonald's, Mastercard & Visa, Ford, Amazon, and Canadian Energies and Fortis.

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Canadian Homeowners Unaware of Critical Tax Deadline!

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25 Comments

  1. 📈📚 Join The Investing Academy ➤ https://bit.ly/theinvestingacademy

    If you own Residential Real Estate in Canada, you need to know about this possible tax penalty. Are you and your spouse joint owners of a rental property? Did you co-sign a loan for an adult child? You may be subject to tax penalties if you don’t file a return. Also on today’s program, the Autoworkers strikes in both Canada and the US seem to be over. Both the UAW and Unifor have announced agreements with Ford, GM and Stellantis. Also, we look at what Tiff Macklem, Governer of the Bank of Canada has to say about interest rates, and we’ll look at earnings reports for Air Canada, McDonald’s, Mastercard & Visa, Ford, Amazon, and Canadian Utilities and Fortis.

    1. Thanks for your comment. From my sources, it comes down to whether the arrangement is carrying on a business in common with a view to profit. In the case of two spouses owning a property that is rented out, for a profit presumably, that would make it a partnership. I’m not an accountant nor a lawyer, so I’m relying on experts in those fields for the interpretation. I imagine a lot of these cases will probably go to court to a trier of fact.

  2. Hey Marc, thanks for the updates as always!

    There’s a small typo under the EPS for V/MA fyi; there shouldn’t be a “B” for the EPS.

    1. Oh man!!! I can’t believe I did that. Too bad the earnings per share aren’t $3.39 BILLION!!! Wouldn’t that be something?! 😂 Thanks for watching and for brining this to my attention!

  3. Hey Marc, are the tax filings ONLY for unused properties? I own a few properties less than 1% ownership through the addy platform. Should I be concerned??? Thank you

    1. Wow… that’s a great question. I’m assuming with the addy platform this would not apply, but I’d reach out to them just to confirm. I’m pretty sure you’ll be ok, though.

  4. Hey Marc, thanks for the information.
    I do have a question about partnerships. 
    I got this from cra website:
    Question 1.5.1. Two individuals in a familial relationship are identified in a provincial land registration system as joint owners of a real or immovable property located in Canada. Does that mean they are in a partnership?

    No. A familial relationship between two or more individuals who own a residential property does not, of itself, create a partnership, regardless of whether the persons are related by:

    marriage
    a common-law partnership (for example, two individuals who cohabit in a conjugal relationship throughout a continuous 12-month period)
    a blood relationship (for example, a parent and a child; a brother and a sister)
    adoption
    As indicated in Question 1.2.1, for a relationship to be a valid partnership under general law, persons must be carrying on a business in common with a view to profit. If no business is carried on, or if a business is carried on but not in common, then the relationship is not a valid partnership.
    Please reply, thanks.

    1. Thanks for your comment. From my sources, it comes down to whether the arrangement is carrying on a business in common with a view to profit. In the case of two spouses owning a property that is rented out, for a profit presumably, that would make it a partnership. I’m not an accountant nor a lawyer, so I’m relying on experts in those fields for the interpretation. I imagine a lot of these cases will probably go to court to a trier of fact.

  5. What if I bought a pre-sale condo, say it will be delivered in 3/4 years? I don’t have anything yet; should I file it anyway?

  6. I like checking the stock charts as you give the reports, to see how things have gone. One was Brookfield renewables, which is coming up. Utilities seem pretty attractive right now, especially BEPC. BEP.UN since they seem protected from the interest rates according to what I am reading….so nicely undervalued perhaps…

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