You bought a home and later turned it into a rental. Or you owned a rental property and moved into it. Or your cottage became an Airbnb. Many Canadians assume: “I didn’t sell it — so there’s no tax.” Under…
For years, Canadians relied on the Principal Residence Exemption to sell a home tax-free. Then the federal government introduced a bright-line rule. Now the question is no longer just: “Was this my principal residence?” The question is: “Did I own…
Buying your first home is exciting. It is also expensive. Beyond the purchase price, there are: Legal fees Land transfer taxes Moving costs And — if it is a new home — GST (or the federal portion of HST) Many…
When the Underused Housing Tax (UHT) was introduced, it created immediate concern. Foreign ownership. Vacant properties. New annual filing requirements. Then came amendments, exemptions, and relief measures. So the question many property owners now ask is: Is the Underused Housing…
Post-secondary tuition is expensive. For many families, a common question arises at filing time: “My child didn’t use all of their tuition credits — can we transfer them?” The answer is yes — but only within strict statutory limits. Tuition…
The federal government has introduced the Canada Disability Benefit (CDB) to support low-income working-age persons with disabilities. For families receiving it — or expecting to — the first tax question is simple: Is the Canada Disability Benefit taxable? The short…
Caring for an aging parent. Supporting an infirm spouse. Helping an adult child with a disability. Many Canadians assume there is a single “caregiver credit.” There is not. What exists under the Income Tax Act (ITA) s.118(1) is a framework…
When a Tax Filing Mistake Becomes a Strategic Decision It often begins with a routine review. A family business owner sits down with their accountant to discuss a refinancing, a succession plan, or the purchase of a new investment property…
For many families, the Disability Tax Credit (DTC) is not simply a tax line item. It can unlock: Immediate tax relief Retroactive refunds Access to the Registered Disability Savings Plan (RDSP) Eligibility for other federal and provincial programs Yet DTC…
Dental care is no longer just a private expense. With the rollout of the Canada Dental Care Plan (CDCP), many Canadian families now qualify for federally supported dental coverage. But eligibility is not universal. It is income-tested. And for families…