Monthly Archives: January 2020

Unclaimed Bank Deposits or Property

Piggy Bank

Unclaimed property refers to accounts at banks, financial institutions, and other organizations where there has been no activity generated or contact with the owner for a period. Typical forms of unclaimed property can include chequing or savings accounts, term deposits, Guaranteed Investment Certificates (GICs), bank drafts, traveller’s cheques, money orders, and certified cheques. A number… Read more »

Property Flipping: Income or Capital?

 In an August 14, 2019 Tax Court of Canada case, at issue was whether the sales of four properties in B.C. were on account of income (fully taxable) or capital (half taxable), and whether they were eligible for the principal  residence exemption (potentially tax-free) as claimed by the taxpayer, a real estate agent. Essentially, the… Read more »