There has been talk about new Mandatory Disclosure Rules since the budget meeting in 2021; however, 2023 might finally be the year these rules go into effect. The Canadian Income Tax Mandatory Disclosure Rules were officially introduced to Parliament on April 20, 2023 as Bill C-47. This bill requires taxpayers to disclose certain information when …
Understanding the Proposed New Mandatory Disclosure Rules Read More »
Are you getting into the day trading realm? Day trading has become a popular side hustle for many Canadians, with the average yearly earnings ranking at $67,995, which is higher than the individual average income of $54,360. Before you head full steam into day trading, you need to be aware of the tax implications, one …
Day Trading in a TFSA: Still Under the Tax-Free Shield? Read More »
Do you make under $33,000 per year? If so, you may be entitled to claim the Canada Workers Benefit tax credit. This refundable credit was introduced in 2007 and has been easing the financial burden of countless Canadians. Knowing the specifics of the Canada Workers Benefit, who is eligible, and how you can claim this …
Whether you are fresh out of college looking for a place to live or growing your family, you’ve probably noticed that it’s much more difficult to purchase a home nowadays. Data shows that the average house price went up 2.4% in 2022 with inflation rising 6.5%. These trends have continued into 2023, with many homeowners …
Understanding the Tax-Free First Home Savings Account Read More »
The Government of Canada is tightening the rules surrounding the real estate market. New regulations, like a ban on foreign buyers and an additional vacant home tax in Toronto are becoming widespread as the Government looks to control the real estate market. Another legislation that affects real estate investors is the new anti-flipping rules that …
New Anti-Flipping Rules for Residential Real Estate Read More »
Do you have children that visit the dentist? Did you know that the Government of Canada now offers tax-free payments to help cover dental costs for eligible children? Dental costs can quickly add up, especially if you have multiple children. The Government of Canada realizes the financial burden that dental care can place on families, …
Canada Dental Benefit: Who Qualifies and How to Apply Read More »
When it comes time to take money out of your business, what’s the most beneficial way? Some business owners choose to set up a set salary while others take a dividend. Both of these methods come with tax advantages and disadvantages that need to be considered to make the best choice for your situation. What …
Placing a Business Car in Service: Buy or Lease? Placing a car in service in your business provides more than just transportation to and from client meetings. In fact, one of the top business deductions that small business owners utilize is the auto deduction. This leaves business owners facing a dilemma: buying or leasing? Both …
Buying vs Leasing A Vehicle For A Business In Canada Read More »
Saving for retirement is no easy task, especially with the uncertainty surrounding financial markets and employment. This is why it’s no surprise that over 15 million Canadians have turned to TFSAs to help them plan for future retirement. Due to the tax advantages of TFSAs, the CRA implements strict policies surrounding contributions, making it important …
Are you constantly stressed during tax time? How about struggling to meet tax deadlines and unsure if you are filing correct returns? If so, you aren’t alone. Many Canadians believe they can file their own returns using online software programs; however, this opens the door to errors and increased stress. Avoiding costly mistakes, enjoying additional …
