Articles
When Are Gifts or Inheritances Taxable?
There is no "gift tax" in Canada. Any resident of Canada who receives a gift or inheritance of any amount from almost any source (except from an employer) will not have to include this in their income. However, if capital property (e.g. real estate, investments) is...
Dealing with the effects of a challenging tax year
Financial advisors are bracing for the fallout from an unprecedented taxation year and preparing for calls from clients who may be facing hefty tax bills or the prospect of an audit. According to data from the federal government, the Canada Revenue Agency (CRA)...
The tax consequences of leaving Canada permanently
From assets and property to personal ties, several factors will affect your taxation so detailed planning needs to be done in advance of the move About three million Canadians currently live outside the country. And many others contemplate making a move at some point...
8 things often overlooked when launching a small business
From registering your company to investing in the right software, being on top of the small details will save you in the long-run, experts say The runup to launching a small business is an exciting time for entrepreneurs. Once a strategy is created and goals and...
What the disability tax credit means for eligible Canadians and their families
Qualification is a gateway to additional tax savings Federal Budget 2021 proposed expanding eligibility for the disability tax credit (DTC) in the areas of mental functions and life-sustaining therapy. This is welcome news for thousands of Canadians who didn’t...
Tax highlights from Budget 2021
The budget was missing big-ticket tax changes but Jamie Golombek says there’s “something there for everyone” After more than two years without a federal budget, there was no shortage of speculation about what the long-awaited document tabled on Monday would contain....
Tax tips for clients who sold, bought or renovated homes in 2020
The Canada Revenue Agency outlined reporting requirements, credits and more The Canada Revenue Agency (CRA) offered tips on Wednesday for taxpayers who sold, bought or made renovations to their homes in 2020. If your client sold property, including a principal...
How To Get Your Best Tax Return Ever This Year
I’ve always been overzealous when it comes to filing my tax return. I’m one of those people who does it on the first day the Canada Revenue Agency (CRA) allows us to. (By the time you read this, I'll have filed already.) But I’m aware not everyone is as eager as I am....
Filing taxes for an incorporated business? Here’s what to watch for
Keep these four things top of mind when preparing your T2 return. Incorporating your business, as opposed to remaining unincorporated, means you create a separate legal entity to run your business. This often translates into generating advanced business...
Should You Start Your Own Business, Buy Shares or Assets, or Forget It?
One way to financial independence is having a successful business. There are an endless number of business possibilities, including turning a hobby or a special skill into a business, selling goods in a store or on the internet, or having a website which can earn...
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