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You've got questions about the CRA's principal residence exemption, we've got answers

Jamie Golombek: CRA's recent crackdown on perceived abuse of the PRE has sparked a barrage of reader interest

Quote the author: "Canada Revenue Agency’s recent crackdown on perceived abuse of the principal residence exemption (PRE) has sparked a barrage of reader interest, many posing additional questions concerning various aspects of the exemption. ...To recap, the CRA recently sent out educational letters to individuals “who may have applied the PRE in error,” giving them a chance to correct or amend their prior years’ returns if it turns out they incorrectly claimed the PRE. Here’s a sample of your questions (edited for brevity and clarity) and my responses."
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Finding missing beneficiaries: What executors need to know when a beneficiary can’t be easily identified or found

Executors have a duty to notify beneficiaries of their entitlement under an estate, but what happens if a beneficiary can’t be easily identified or found? An executor who distributes property from an estate without making reasonable efforts to find a missing beneficiary may be held personally liable if the beneficiary turns up later seeking their share.
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“The Ukraine Humanitarian Aid Fund is a designated fund at BCU Foundation established in 2014 through fundraising and broad-based donations. The fund supports the casualties of war and their families, displaced persons and provides humanitarian aid to the people of Ukraine.”

Donate at any BCU Financial Branch, #38392, or use the link below.

If you’ve passed by or visited our office in the past months, you may have noticed some activity happening around the building. Since December, we’ve been renovating and reducing our office footprint, and have relocated into the first two units of the same location – look for our new front door closest to the Kensington Retirement Residence.

We’re happy to continue serving Oakville from our newly redesigned office, and invite you to visit it for yourself.