Michael Plastino CPA, CA, Licensed Public Accountant
Accounting and Taxation Services is our Business

 

Personal and Corporate Accounting in Sault Ste. Marie
and the Algoma Region

With thirty years of experience as a Chartered Accountant and Licensed Public Accountant in Northern Ontario, Michael Plastino can offer you or your business the financial solutions you need. We specialize in the preparation of your financial statements (ie. Audits, Reviews, Notice Reader, Profit & Loss), Corporate taxation and planning, as well as personal tax and financial planning. For a more complete list of our services visit the Services section.

Let our staff take the hassle and worry out of your accounting today.

 

Tip of the Month



January 2017

 

Did you sell your principal residence in 2016?

 

The CRA is changing its administrative policy with respect to principal residences and will now require the reporting of the sale of your personal home which remains capital gain (or loss) exempt. Beginning with the 2016 taxation year, if you sell your home, you will be required to report the sale and report the gain or loss along with the principal residence designation on Schedule 3 of your personal income tax return. If the gain is not exempt (ie. you rented part or all of your home for a few years), you will also be required to file form T2091. If you do not comply, any portion of the gain is taxable and CRA will be able to assess you to impose that tax indefinitely rather than the 3 years after your Notice of Assessment as is the normal case. Obviously, it is important to report and will be costly if you do not.



For more tips check out Tip of the Month page



plastino.jpg