In 2021, I’ve moved over to ProtonMail for all my email services. ProtonMail was the world’s first email service to protect data with end-to-end encryption. This means that all the email to & from clients in my mailbox are always encrypted. Not even ProtonMail has access to it. Finally, all messages emailed to my clients are also encrypted. Hopefully, this will give my customers a little more peace of mind.
You can reach me at mikerupar@protonmail.com
I hope everyone is doing well! I am healthy & working as usual.
Due to the past Covid situation, I have changed my tax return procedure permanently as follows:
Tax information slips & other related tax documents can be dropped at my residence, sent digitally to my email address: mikerupar@protonmail.com, or shared via secure online storage.
The fourth & ideal method would involve me becoming your CRA representative. This would give me access to your CRA tax account information ONLY & may allow for a more accurate tax return. So it’s a win-win.
All required signatures including E-file authorizations can now be completed digitally. You will be sent a DocuSign secure link with an access code to sign digitally.
When completed, your income tax return will be sent in a PDF form.
Payment should be made with an E-transfer when invoiced.
Stay safe everyone,
Mike Rupar
Before 2016, if you sold your property, and it was your principal residence for every year you owned it, you did not have to report the sale to claim the principal residence exemption. Beginning in 2016 through 2023, the sale of your principal residence must be reported on your T1 income tax return. The sale of your principal residence does not usually result in a capital gain. But the new reporting requirement has led to some confusion regarding capital gains on a portion of your principal residence used for rental or business income. Although the income tax laws regarding your principal residence have not changed, they are now being enforced.
Here’s a summary:
You’re usually considered to have changed the use of part of your principal residence when you start to use that part for rental or business purposes. However, you are NOT considered to have changed it’s use if:
1) Your rental or business use of the property is relatively small (CRA defines this as 30-40%) in relation to its use as your principal residence;
2) You do not make any structural changes to the property to make it more suitable for rental or business purposes; and
3) You do not deduct any Capital Cost Allowance (Depreciation expense for tax purposes) on the part you are using for rental or business purposes
YOU MUST MEET ALL THREE CONDITIONS TO BE CAPITAL GAIN EXEMPT when you sell your principal residence. The appropriate active tax plan would ensure that the exemption conditions are met in all circumstances if possible.
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Hi everyone.
For all your business bookkeeping and personal Canadian income tax needs – choose Mike Rupar Bookkeeping Service. If you are one of my clients, you are definitely a happy client. More attention is given to your specific needs — without the cost of those big name Accountants.
Please contact me, Mike Rupar, for a quote or even if you just have a question.
Mike Rupar
9242 Amadis Crescent
Chilliwack, BC V2P 1V7
Phone: 604-392-6134
Email: mikerupar@protonmail.com
Distant Tax Returns
We can come to you anywhere in the Lower Mainland of British Columbia. If you live outside of this area or just don’t have the time, we can do everything via email, phone calls and regular mail.