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Canadians are taxed on Illusory Capital Gains

We had some fun this week.Our team, together with our extended Stock Hacker team and iWIN Real Estate team, came together and spent a day on the water at the Toronto Waterfront.When I see the picture of our entire team, it triggered…
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5 Ways to Invest Your RRSP/TFSA that Beat the Bank

Many of our clients are real estate investors and real estate agents. They often asked me how they could potentially lower the tax liabilities and how they could use their registered funds to invest in real estate. What…
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The Biggest Myth in Principal Residence Exemption

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…
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The Ugly Truth About House Hacking

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…
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How to Report Storage Facility Income the Right Way

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 tax instructor…
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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…