Automatic updating of tax forms regarding property transactions
‘What’s extremely concerning is the amount of debt Canadians owe – now more than the value of Canada’s entire economy... the IMF declared that Canadian mortgages have the highest risk of default in the world of 38 “mostly advanced economies,”’ says the writer.
The Independent Authority for Public Revenue is launching a new digital service that puts an end to the updating of the E9 tax form.
When buying and selling a property, the E9 will be updated automatically, without the need to subsequently modify the declaration.
It will be done by the tax authorities by extracting the data from the myProperty electronic platform.
Those who acquire, sell or transfer real estate through parental concession or donation will have modifications uploaded through the myProperty digital platform.
With the new procedure, the errors observed today that require E9 amending declarations will be reduced to a minimum.
