My question is: Canadian-specific
QUESTION: I have ownership in a condominium in Clagary that is currently in
litigation (we are trying to sell the building thru the courts. The case has
ben on going since 2002.
However, I have been receiving T776's every year for the last 9 years, I
have declared this on my personal income taxes as income, but have never
received a single penny (one of the disputes in the litigation. I do not
ever expect to ever see this money. I have paid my taxes on this income. How
cam I now write this off for the upcomming tax year(especially highr income
this year. I have been told I can writr this off as a receivable never
received. Your comments would be greatly appreciated.
Many Thanks
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david ingram replies:
Rental income in Canada is reported on a cash basis.
In my opinion, it should not have been reported or if reported, deducted
each year as a bad debt.
Amend the old returns to remove the money. Returns more than three years
old need a request to the FAIRNESS COMMITTEE. I.E. I request that the
Fairness Committee allow these changes to be made to be fair because the
rent was never received.
This is similar (although different) to the Principal Trust Debacle where
the CRA allowed group retroactive changes to be made.
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