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Your daily horoscope: January 14, 2025

  HOROSCOPES IF TODAY IS YOUR BIRTHDAY If your current way of working does not seem to be taking you closer to your goals then ditch it completely and start over. New technologies such as artificial intelligence could help you immensely this year, IF you have the intelligence to use them wisely. ARIES (March 21 - April 20): There is a lot of pressure building up in your life at the moment but that’s okay because you thrive on being challenged. When the going gets tough Aries is the first sign to get tough in return and today will be no exception. TAURUS (April 21 - May 21): You may be in two minds about what direction you should be taking but what occurs over the next 24 hours will point the way and all you have to do is follow the lead that the universe gives you. Get past your doubts and get moving. GEMINI (May 22 - June 21): If you start something new today it will take up a lot more time and energy than you expected, so think about it carefully and make sure you will be able to...
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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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