Tag: Deduction

The Canadian government introduced Tax-Free Saving Accounts (“TFSA”) back in 2019.   The goal of TFSA is to encourage Canadians to save for retirement.  TFSA contribution you make as a taxpayer isn’t tax deductible, unlike the traditional Registered Retirement Saving Plans...

Flippers and renovators often overlook the tax implications of their property transactions, leading to costly misconceptions.  One such misconception is the belief that only 50% of the profit from selling a house is taxable.  However, if the property was not...

Not budget related, just need to share it with everyone… 1. CRA made an announcement March 27 that they will impose NO penalty and interest on UHT late filing until October 31, but UHT filing deadline is still May 1. ...

You might not have a proper family trust setup; you might not even know anything about trust at all… Before you stop reading, you might want to see if any of these scenarios apply to you… Guess what, under most...

How rental income is taxed in Canada really depends on the type of ownership structure you have. The most common form of ownership structures are: How rental income is taxed will really be driven by the form of ownership you...