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How to Borrow Money from Small Business to Purchase Primary Residence

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…
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A Simple Way to Manage Cash Flow That Works For All Business Owners

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…
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Top 4 Tax Implication After Buying a Cottage as Second Home

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.  A long weekend…
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5 Simple Strategies to Split Income to Lower Family Tax Bill

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 lower your family tax bill. Before…
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How to Earn Extra Income & Stay on the Right Side of CRA

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…
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Court Case Revealed How to Deduct Rental Losses Legitimately

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…
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3 Federal Budget Winners for Investors

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…
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How to Write-off Renovation Expense the Right Way

A few days ago, I came across an article written by Jamie Golombek, CIBC Managing Director, Tax & Estate Planning on Financial Post.  The title of the article is: “Difference between current and capital expenses has big tax consequences…
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Buying a Tesla and Save $24,860 of Tax Immediately

We had been helping many real estate agents setup corporations in the past few months.   Many of them are high income earner, high commission income with little deductions.  One thing we suggested to those who are interested…
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Landlord Credit Bureau: Another Tool Added to the Landlord’s Toolbox

It’s March 18.  Our team is getting extremely busy during tax season.  With the lockdown rules changing by the minute, we were fortunate enough to visit a ski hill for a couple of runs this past weekend.  I learned skiing…