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 TAX TIPS dot CA which I recommend as a great resource of up-to-date tax information.
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.
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.
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.
If you are an incorporated small business, a number of perfectly legal tax-saving strategies are available to you and this article identifies 8 excellent ideas.
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 taxtips.ca which I recommend as a great resource of up-to-date tax...
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