Video instructions and help with filling out and completing Can Form 4797 Markets

Instructions and Help about Can Form 4797 Markets

Music I'm Debby Peverill and you're listening to the weekly tip from painless financial training group what I'm talking about this week is principal residences every Canadian family is entitled to one principal residence at a time this hasn't been an area that's attracted a lot of County revenue attention until lately due to the housing market in Vancouver there are some perceptions of abuse that people perhaps are selling their a home and consider to be their principal residence so the current rules require you to fill in a form called the t 209 one but not to send it to CRA your to fill it in and keep it there is a possibility that those forms are going to be asked to be sent in to CRA at some point in the near future because again of the perceived abuses in the Vancouver housing market so what I'm suggesting is that if you do sell your principal residence that you fill in the forms and you hold on to it in anticipation of having to send it CRA at some point we've had this type of activity before of course if you sell an investment of a share or a mutual fund then that's reported to CRA so there is coming I believe a possibility that we're going to see property transactions reported to CRA so if you're selling a principal residence this year fill in the form and hold on to it Music Music