Skip to main content

I will include in the blog selected items I think may be of interest to my clients with references to more detail if you need to dig deeper. Let me acknowledge the main source of these blurbs which I recommend as a great resource of up-to-date tax information.

Flipping properties:

Yes, if you sell a principal residence your gain is exempt and otherwise the profit will be 50% taxable as a capital gain. But beware, if you are a serial property “flipper”, you could be 100% taxed on your capital gains if you live off the gains as a major source of income.

Real Estate Sales – Are They Taxable? What about my Principal Residence?

Employee Parking:

As a general proposition, if an employer pays for his employee’s parking at his place of work, this becomes an employment benefit and is included on the employee’s T4. However, there are some interesting exceptions that you should bear in mind.

Employee Parking Provided by Employer

Shareholder Loans:

As a general rule, better to pay yourself a salary or dividend than to remove money from your corporation without paying tax. If you don’t repay the borrowing within 12 months of the fiscal year you borrowed it, you are required to declare the amount on your personal tax return as income. And if you don’t so declare, you could be subject to 50% penalties for gross negligence.

Shareholder Loans and their Tax Implications

Paul Dunne

Paul Dunne, Principal and Director of Operations, founder of JPDO is an Irish Chartered Accountant with over three decades of experience in accounting and finance. He has been an auditor, controller of a real estate company, supervisor of consolidation accounting and manager of financial planning for Alcan Aluminium Limited, lecturer in consolidation accounting and foreign currency translation in Montreal’s McGill University chartered accounting program and CFO of a large manufacturing company.

Leave a Reply

JPDO Office
100- 2 Place du Commerce,
Ile-des-Sœurs, Montreal,
QC H3E 1A1, Canada

Phone: 514-416-1012
Fax: 514-600-3436

This site is registered on as a development site.