Serbinski Accounting Firms

I have owned a rental property for around 5 years and now I want to convert it to a principal residence for some time and sell it to avoid capital gains. I wanted to know what is the minimum stay required for a residence to be designated as Principal residence in Canada.

Thanks a lot

My Canadian company does all business in US$ (sales, purchases). I revalue my accounts at the end of the year using the exchange rate on 31st December to CAD. I would like to know that when we revaluate our foreign currency accounts ( Receivables, Payables, US$ account, US$ Line of Credit) at year e...

Thanks for the reply.

Does this imply to US$ account & US$ Line of credit also or only to Accounts Payables & Receiveables.

Thanks a ton for your help. I really appreciate it

Thanks for your reply. Does it imply to US$ bank account & US$ Line of Credit??

Please correct me if I am right- As I understood that I can either bring it into Income statement in same year or carry forward in balance sheet and wait till it is realized. Pls confirm

Thanks,

My company does all business in US$. I revalue my accounts at the end of the year using the exchange rate on 31st December to CAD. I would like to know that when we revaluate our foreign currency accounts ( Receivables, Payables, US$ account, US$ Line of Credit) at year end we get a Foreign exchange...

Is the section Currency Exchange & rounding same as Realised Gain/Loss in Simply Accounting?? Is the amount in Currency Exchange & Rounding Taxable??

Thanks,

For the year end 2008, I have a substantial amount of Realised Forex Gains approx 20k. I also have a small amount of Unrealised portion(which I get when revaluating my accounts on 31st Dec ) . For corporatee tax purposes which amount is taxable- realised or unrealised or they both are not taxable an...