A tax election is a choice made by a taxpayer among several possible options for how to deal with a situation from a tax reporting perspective.
There are countless elections in CRA’s system, and we are seeing these in our daily practise:
- Use the Quick Method to calculate HST returns for a self-employed or a corporation
- 45(2) or 45(3) election so that the taxpayer does not have to pay any capital gain when selling an investment property
- Election to avoid Section 74.2 when making a real estate property as a gift
- Pension splitting to lower income tax
- T1244 when leaving Canada
- Section 85 to transfer a property to a corporation
In short, almost all elections are within our scope of practice. The fees vary from free (i.e. application of using Quick Method for HST return) to thousands of dollars (i.e. Section 85). For details please contact our Admin Team.