Thoughts, opinions and trends – everything, all in one place.
Purchasing a capital asset? Consider buying it now to advance your tax savings.
September 30, 2023 – If you are considering purchasing an asset to use in your business in early 2024 you should really consider advancing that purchase to take advantage of these rules. The advantage of the advanced deduction to reduce overall taxable income in the current year and potential cash savings for those companies that would otherwise have a tax bill is clear.
Not For Profit Accounting & Tax Updates 2023
October 25, 2023 – Our expert speakers explore issues related to Accounting and Tax Standards, along with other topics vital to your non-profit organization to help you prepare for the upcoming year.
Increased Interest Rates – Don’t Forget About CRA
July 25, 2023 – When we think of interest rates and how they have increased so dramatically over the last year or so we think of mortgages, lines of credit, credit cards and other forms of bank debt. But there is another creditor that may be looking to be paid – the Canada Revenue Agency (CRA).
New Underused Housing Tax (UHT)
March 20, 2023 – Effective January 1, 2022, new legislation came into effect in Canada, and with that, additional annual tax filing requirements with severe penalties for non-compliance.
Expense Reimbursements and GST/HST
January 11, 2023 – A question we regularly hear from our clients is “what is the correct way to deal with expense reimbursements from a GST/HST perspective?”
GST/HST and New Residential Rental Properties
March 02, 2022 – Firstly, because the sale of new housing is subject to GST/HST, any GST/HST incurred during the construction phase of new housing is refundable to the builder either as an input tax credit if the builder is registered for GST/HST, or as a rebate if the builder is not registered for GST/HST.
Form PD27 – Mandatory Subsidy Reporting Requirement for Employers
January 18, 2021 – The CRA is requiring all eligible businesses, partnerships, non-profits, charities and sole proprietors with a payroll account to complete and submit Form PD27 (10% Temporary Wage Subsidy Self-identification Form for Employers) indicating how they have applied the 10% TWS. This applies if:
CRA Guidance on Employee Home Office Expenses Deduction on 2020 T1 due to Covid-19
December 21, 2020 – The CRA has made the home office expenses deduction available to more Canadians and simplified the way eligible employees can claim these expenses.
A potential capital gains tax rate increase? Consider planning for tax savings now
September 16, 2020 – As protection against a potential increase in capital gains tax rates, taxpayers might consider undertaking planning to trigger capital gains prior to any tax rate increase, while the capital gains inclusion rate is still ½.
Non-Resident Withholding Tax On Canadian Rental Income
January 23, 2020 – It is not surprising that many non-residents of Canada (whether it be foreign investors or Canadian emigrants) who own and […]
Tax implications of converting your home into an income property
April 24, 2019 – If you did, this may apply to you. Whether the property is converted from personal-use to income-producing or from income-producing […]
Federal and Ontario 2018 Fall Economic Statements
April 03, 2018 – On November 21, 2018 the federal and Ontario governments released Economic and Fiscal Update Statements. The various economic and tax […]
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