Sale of Property and Capital Gains Taxes

Maximize Your Savings with Mackisen Consultation: Your Trusted Tax Experts

Selling your home, duplex, land, building, or multiplex is a significant financial decision, and navigating the complexities of capital gains taxes can be extremely stressful. At Mackisen Consultation, we leverage over 35 years of specialized expertise in capital gains, tax planning, and compliance to ensure you retain more of your hard-earned money. As a CPA Audit firm, we bring extensive audit experience and collaborate with a vast network of over 550 professionals, including tax lawyers and financial advisors, to deliver exceptional results for our clients.

Why Choose Mackisen Consultation?

Over 19,000 Files Completed: Mackisen Consultation has successfully completed over 19,000 tax and audit files, demonstrating our unmatched expertise and commitment to delivering precise, reliable results for our clients.

Tax Compliance with Precision: Navigating tax regulations, particularly under the Income Tax Act, requires an in-depth understanding of the law. With my CPA Auditor certification, which includes advanced training and mastery of income tax standards, I ensure your filings meet the highest compliance standards, minimizing your exposure to audits or penalties.

Audit-Proof Documentation: Based on our experience, nearly all capital gains tax filings face scrutiny from the CRA or ARQ. Our process ensures that your claims are airtight, with meticulous documentation and thorough preparation for any reviews.

Collaborative Excellence: Working with a network of over 550 professionals, including tax lawyers and financial planners, we deliver holistic strategies that go beyond simple filings. From estate planning to corporate structuring, our comprehensive solutions are tailored to your unique situation.

Proven Strategies to Maximize Your Savings

We can also assist you with filing taxes for rental income, self-employed income, professional income, corporate taxes, trusts, business loans, succession, and estate tax. Additionally, we provide expert support for startups, new company registration, GST/QST filing, payroll management, and bookkeeping services. Our comprehensive approach ensures that no matter how complex your tax situation, you benefit from tailored solutions that meet your unique needs.

1. Expert Navigation of the Income Tax Act: Leveraging detailed provisions in the Act, we identify opportunities for exemptions, deferments, and deductions specific to your property sale. You can lower your capital gains taxes substantially through crystallization, lifetime exemptions, and by increasing your property’s cost base as allowed by the Income Tax Act.
2. Principal Residence Exemption Optimization: We ensure your property qualifies as your principal residence, safeguarding your exemption and avoiding costly missteps.
3. Strategic Timing of Sales: Aligning property sales with low-income years or spreading proceeds across tax years can dramatically reduce liabilities.
4. Crystallization and Estate Freezes: Lock in current tax rates and protect family assets with strategic property transfers and estate planning techniques.
5. Change-of-Use Compliance: Expertly manage transitions between personal and rental property use while minimizing capital gains exposure.
6. Advanced Structuring Solutions: From trusts to holding companies, we implement robust frameworks to shield gains and optimize tax outcomes.
7. CRA and ARQ Audit Preparedness: We proactively address potential audit triggers, ensuring your claims stand up to scrutiny.

Real Cases, Real Results

• Rental Loss Reclassification: Clients claiming repeated rental losses faced disallowances and significant penalties. Our restructuring saved them from owing 50% in additional taxes and interest.
• Correcting Principal Residence Missteps: A client inadvertently triggered capital gains on their family home by misclassifying a rental unit. We restored their exemption, saving thousands.
• Safeguarding Estates: Using corporate rollovers and trusts, we helped clients avoid substantial estate taxes, preserving wealth for future generations.

About Manik M Ullah, CPA Auditor

Manik M Ullah, CPA Auditor, Lic.# A134-934, is a distinguished expert in real estate tax law, financial consulting, and audit compliance. With over three decades of experience and advanced knowledge of the Income Tax Act, Manik has successfully guided individuals and businesses through complex tax scenarios, including audits and disputes. As a mentor and approved trainer for the CPA Order of Quebec, Manik is dedicated to upholding the highest professional standards while empowering clients with actionable tax solutions.

Manik is also a financial statement auditor, enabling businesses to secure funding through accurate and trusted audited financial reports. His extensive experience ensures clients receive tailored solutions that meet both regulatory requirements and strategic goals.

Act Now to Maximize Your Savings

Don’t leave your financial future to chance. With Mackisen Consultation, you’ll benefit from expert advice, meticulous planning, and robust compliance measures. Contact us today at (514) 276-0808, visit us at 5396 Park Ave, Montreal, or learn more at mackisen.ca.

Hire Mackisen Consultation—trusted by Montrealers for over 35 years. Your taxes, our expertise!

Authored by Manik M Ullah, CPA Auditor