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Myanmar Earthquake: Death Toll Climbs to 3,145 Amid Ongoing Rescue Efforts

The devastating earthquake that struck Myanmar nearly a week ago has claimed at least 3,145 lives, with search and rescue teams continuing to recover bodies from the rubble. The 7.7 magnitude quake, which had its epicenter near Mandalay, Myanmar's second-largest city, caused widespread destruction, including collapsed buildings, damaged roads, and destroyed bridges.  Humanitarian aid groups are working tirelessly to provide survivors with medical care and shelter, as thousands remain homeless and vulnerable to disease outbreaks. The United Nations estimates that over 17 million people have been affected by the disaster, with more than 9 million severely impacted.  In response to the crisis, Myanmar's military government has declared a temporary ceasefire to facilitate relief efforts. However, ongoing challenges, including communication blackouts and difficult-to-reach areas, have hindered the full assessment of the disaster's impact.  The coming days will be critical in d...
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How to avoid common pitfalls when claiming capital gains tax exemption for your home



If you sell your home for more than you paid for it, you may be eligible for a capital gains tax exemption on the difference. However, this exemption is not automatic and there are some rules and conditions that you need to follow. Here are some common myths and misconceptions that could cost you money or get you in trouble with the Canada Revenue Agency (CRA).

  • Myth 1: You can claim the exemption for any property you own. Fact: The exemption only applies to your principal residence, which is the property where you and your family normally live. You can only designate one property as your principal residence per year. If you own more than one property, you need to report the sale of the non-principal residence and pay tax on any capital gain.
  • Myth 2: You can claim the exemption for the entire period you owned the property. Fact: The exemption is based on the number of years you designated the property as your principal residence, plus one. This means that if you rented out your property for part of the time you owned it, you may not be able to claim the full exemption. You also need to report the change in use of the property to the CRA and calculate the deemed disposition and acquisition of the property at fair market value.
  • Myth 3: You don’t need to report the sale of your principal residence to the CRA. Fact: Since 2016, you are required to report the sale of your principal residence on your income tax return, even if you are claiming the full exemption. You need to provide the date of acquisition, the proceeds of disposition, and the description of the property. If you fail to report the sale, you may lose the exemption or face penalties.
  • Myth 4: You can claim the exemption for any improvements or renovations you made to the property. Fact: The exemption only applies to the increase in the value of the property, not the cost of the improvements or renovations. However, you can use the cost of the improvements or renovations to increase the adjusted cost base of the property, which will reduce your capital gain when you sell the property. You need to keep receipts and records of the expenses to support your claim.
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