The alternative minimum tax (AMT) is a tax system that ensures high-income individuals pay a minimum amount of tax, especially those who benefit from certain tax incentives and deductions that reduce the tax they owe to very low levels. The Canadian federal government has proposed significant alternative minimum tax changes in the 2023 Federal Budget. […]
When it comes to your taxes, your marital status plays a crucial role in determining the benefits and credits you may be eligible for. It's essential to inform the Canada Revenue Agency (CRA) when you have a marital status change. Whether you're getting married, living common-law, separated, divorced, or widowed, updating your marital status ensures […]
The Canada Revenue Agency (CRA) is responsible for ensuring that individuals and businesses in Canada comply with tax laws. While most taxpayers strive to file accurate and honest tax returns, there are certain triggers that may increase the likelihood of being selected for a CRA audit. A tax audit can be a time-consuming and stressful […]
Moving can be an exciting and challenging experience, and it often comes with a price tag. However, did you know that in certain circumstances, you may be able to deduct your moving expenses on your tax return? In this article, we will answer the question that many clients have - Are moving expenses tax deductible […]
Investing in rental properties can be a lucrative venture, providing a steady stream of income and potential long-term wealth. A common question that often arises with clients is how best to structure their real estate investments. Though there are a few different structures available to hold your real estate investment, but for the purposes of […]
Are you unsure whether you should classify someone as an employee or a contractor? The Canada Revenue Agency (CRA) has specific guidelines that determine the distinction between the two. Understanding these guidelines is crucial for businesses to ensure compliance and avoid potential penalties. In this article, we will delve into the differences between an employee […]
Renting out properties can be a lucrative venture, but it also comes with tax implications that every landlord should be aware of. Understanding how tax on rental income works in Canada is crucial for both new and experienced landlords. In this comprehensive guide, we will delve into the various aspects of tax on rental income, […]
As the sharing economy continues to thrive, many Canadians are turning to platforms like Airbnb to earn extra income by renting out their properties. However, with this additional income comes the responsibility of understanding and complying with the tax obligations as an Airbnb host. In this comprehensive guide, we will explore the ins and outs […]
Capital gains tax is a crucial aspect of the Canadian tax system that every individual and business owner needs to understand. In Canada, the capital gains tax is levied on the realized gain or profit you make from selling your investments. The tax rate varies depending on your income level and the type of investment […]
Running a business often involves managing numerous financial and administrative tasks, from bookkeeping to filing taxes. While it can be tempting for busy business owners to handle these obligations themselves, partnering with an experienced accounting firm can make a world of difference in your bottom line. Yes, working with an accounting firm can make all […]