February 4, 2024
Do the New Trust Reporting Requirements Apply to You?

As the Canadian government continues to strengthen its tax reporting regulations, new requirements have been implemented for trusts which are now in effect for the year ended December 31, 2023. These changes aim to enhance transparency and ensure compliance with tax obligations. It is essential for individuals and entities involved in trust arrangements to understand […]

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January 15, 2024
2024 Tax Deadlines in Canada: Important Dates for Filing Your Taxes

As we step into the new year, it's crucial for individuals and businesses in Canada to stay on top of their 2024 tax deadlines. Filing taxes and meeting the deadlines set by the Canada Revenue Agency (CRA) is essential to avoid penalties and hefty interest charges. In this article, we'll walk you through the key […]

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November 13, 2023
How Do I Pay CPP and EI When Self-Employed?

‍How do I pay CPP and EI when self-employed? This is a common question often asked by self-employed individuals. Generally, two areas where self-employed individuals differ from regular employees are contributions to the Canada Pension Plan (CPP) and Employment Insurance (EI). In this article, we will walk you through the process of paying CPP and […]

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September 15, 2023
How Alternative Minimum Tax Changes Could Impact You

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. […]

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January 20, 2023
2023 Tax Season: What You Need to Know

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 […]

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December 9, 2022
Navigating the Toronto Vacant Home Tax

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 Toronto Vacant Home Tax. Under this new tax, Toronto homeowners with vacant properties will have to pay an additional Vacant Home Tax on […]

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November 16, 2022
The New Luxury Tax in Canada

As part of the 2021 Federal Budget, the Government of Canada proposed the introduction of a new luxury tax in Canada 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 is the Luxury […]

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