Have you heard about recent AMT changes? Starting in 2024, more Canadians will be subject to AMT, making now the right time to re-evaluate your tax situation to find ways to save in the next year. In this article, we’ll cover what AMT is, the notable changes, and how you can lower your AMT bill …
Do you have a vacant apartment or home? Whether you are out of the country traveling for work or have a second home that isn’t being used, you could be subject to Toronto’s Vacant Home Tax. This tax has been around since 2021; however, in early October, Toronto’s City Council voted to hike the Vacant …
Affordable housing has been at the forefront of concern for Canadian officials since the pandemic, with housing prices up 12% in 2023 alone. Couple a growing rental base with limited supply, and the housing issues in Canada continue to climb. In an effort to make housing more affordable, Prime Minister Justin Trudeau announced the removal …
Canada Removes 5% Apartment Building Consumption Tax Read More »
Despite mounting opposition, Canada still plans on imposing a new digital services tax beginning in 2024. In this article, we’ll cover the basics of the proposed tax, including unanswered questions and what this tax means for Canadian business owners. The Proposed Tax Beginning in 2024, Canada will assess a digital service tax of 3% on …
The digital economy is here to stay, with Canada taking a proactive approach to the taxation of digital service businesses. The proposed Digital Services Act follows new GST and HST rules that went into effect in 2021. In this article, we’ll cover important details about the proposed Digital Services Act, including who is subject to …
Are you aware of the recent relationship split between CPA Canada and Ontario and Quebec? On Tuesday, June 20th, the Quebec and Ontario provincial bodies decided to cut ties with CPA Canada, the national governing body. The good news is that this split doesn’t impact general taxpayers, but instead alters policies and procedures for practitioners …
CPA Quebec and CPA Ontario Leave the CPA Canada Organization Read More »
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 »
