The 2023 tax season will bring some changes that taxpayers need to be aware of to make sure they are compliant with their filing obligations. You can file your 2022 tax return starting on February 20, 2023. The deadline for most Canadians to file their 2022 income tax and benefit returns is April 30, 2023 […]
Ensuring housing affordability has become a critical issue of concern for Federal, Provincial and Municipal governments in Canada. In an effort to address this issue, the City of Toronto implemented a new Vacant Home Tax. Under this new tax, Toronto homeowners with vacant properties will have to pay an additional Vacant Home Tax on their […]
While it is important to take care of tax-planning throughout the year, a strategic approach at the end of the year can help you make sure that you’re making the most of your tax situation and taking advantage of any year end tax planning opportunities available before the December 31st deadline. As we enter the […]
As part of the 2021 Federal Budget, the Government of Canada proposed the introduction of a tax on the sale of certain new luxury cars, aircraft, and boats. On September 1, 2022, the Select Luxury Items Tax Act (the Luxury Tax Act), a part of Bill C-19, came into force. What items are subject to Luxury Tax? The […]
The move to another country always entails some degree of complexity. You need a plan before you even start thinking about moving, and one major component is tax planning—especially if you expect your relocation will be permanent. This article will provide an overview of the most relevant emigration tax issues for the average individual taxpayer. […]
As we approach the end of the year, there are a few things to keep in mind when it comes to your RESP. The Registered Education Savings Plan (RESP) is a government-sponsored savings plan that helps parents save for their children's post-secondary education. The RESP allows parents to save money in a tax-sheltered account and […]
If you are looking for ways to lower your family’s income tax bill, you may want to consider using prescribed rate loans. Prescribed rate loans are loans made at a rate of interest that is set every quarter by the Canada Revenue Agency (“CRA”). Generally, the prescribed rates are lower than those rates offered by […]
Non-residents of Canada are subject to different tax rules than residents. Generally, Canadian tax residents pay tax on worldwide sources of income. By contrast, if you are a non-resident of Canada, you are only liable to pay tax on income or gains from Canadian sources. The amount of tax you owe will depend on your […]
In general, any income you earn is taxable in Canada. There are, however, a few types of income that are exempt from tax. This article will explore the few income sources that the Canada Revenue Agency (CRA) and Income Tax Act (“ITA”) have defined as non-taxable income in Canada. Amounts paid by the government Certain […]
If you’re running a business, there may come a time when you need to withdraw funds from your business. Many business owners put their salaries, dividends, or other compensation on hold during the early phases of their business in order to reinvest the gains in the company to help it expand. At some point though, […]