Category: Should I incorporate?

Many people have misunderstanding about property sale.   Many taxpayers are under the misconception that if he/she lives in a property at some point in time, upon sale of the property, one doesn’t have to pay taxes on the gain from...

Happy Canada Day. I’ve lived in two different places in the world.  July 1 is a special day.  It is also the anniversary that my hometown, Hong Kong, was handed over to China.  Sometimes I wonder how my life would...

Canadian tax system is a complicated tax system.  Hence, we routinely do internal and external training so that our team can have the most up to date tax knowledge. One of the court cases that was brought up by our...

Recently I saw a question on social media about borrowing money from your small business corporation to purchase your primary residence.  “I run a small business in my corporation and have accumulated a large amount of savings in the corporation. ...

I recently had a casual conversation with my client. He’s currently working as a consultant for a small business who’s owned multiple stores in a grocery chain. His clients often asked him, ‘where did my money go?’ As a business...

I hope everyone had a great long weekend.  Even though we’re still in the lockdown state, we managed to spend some time in our pool and our backyard.  Erwin and I even squeezed us in for a round of golf. ...

Recently, I came across a Global and Mail article “Why you should consider income splitting to lower the family tax bill” and I thought it would be nice to provide my two cents on what you can do immediately to...

We build businesses in a proper corporate structure, so we get tax deductions and pay less tax. We invest in real estate because it creates long-term wealth. We trade stock options because it adds short-term cash flow. We purchase a...

A few weeks ago, we discussed the CRA criteria to deduct renovation expense – How to Write-off Renovation the Right Way.  Someone comment on social media that the rules are “clear as mud”.  😂😂 I mean, it is a fair...

Our Federal government cancelled the budget last year.  We incurred just under $354.2 billions of deficit.  This means that, between the tax revenue that they received vs. the spending that they had incurred, they over-spent by $354.2 billions. Their forecast...