Selling your home should be a tax-free occurrence, however there are certain reporting criteria that need to be met. If not filed, you could face $8,000 in penalties. Disclosure Required New rules effective for the 2016 and later tax filing…
Don’t get penalized for not reporting a sale or change in use. When you sell your home, usually you do not have to pay tax on any gain from the sale if you claim the principal residence exemption. However, there…
Accounting for your business and professional income on your personal tax return does have some complexities. However, using a professional accountant to help you navigate the return could be fruitful in the tax savings and provide piece of mind. Here…
If you have an investment account, you are likely to receive investment income. Interest, foreign interest, dividends, foreign income and other income are usually reported on a T slip. Common slips include: T5 – Statement of Investment Income T3 –…
When you earn income from employment, this is generally taxable. It is important to capture your employment income on your personal tax filings. Employment Income Income will be reported on your T4 slips (or T4A for commission employees). This should…
The 2023 tax filing season is now here, and you should be getting ready to file your 2022 personal taxes. Due Dates Generally, your personal tax filings for the 2022 year are due by April 30th, 2023, however since this…
Lower-income renters in Canada can now apply for a one-time $500 top-up to the Canada Housing Benefit Canadians must meet all the following conditions to be eligible for the new benefit: have filed a 2021 tax return; be at least…
International tax reorganization will now need to contend with a global minimum tax rate. Globalization and digitalization have facilitated legal tax avoidance by allowing multi-national enterprises (MNE) to shift profits to low or no tax jurisdictions. This has impacted domestic…
A transition into retirement should be accompanied by an income plan for this phase of life. A good understanding of taxes in retirement will facilitate tax saving strategies. A retirement income plan should be planned to pay less tax, maximize…
An individual pension plan is a retirement vehicle commonly set up for owners of private corporations. The corporate set up is imperative as non-incorporated organizations such as partnerships and sole proprietors would not be eligible for an individual pension plan…