Tag: tax deduction

Today, we are diving deep into the world of income splitting. As Canadian taxpayers, I’m sure you’re all curious about how you can use this strategy to potentially lower your family’s overall tax liability!  You see, we operate under a...

Are you planning to renovate your property to create a common space for grandparents, parents, or other qualifying relatives?  If you are, understanding the Multigenerational Home Renovation Tax Credit [MHRTC] can help you leverage tax benefits and ease the financial...

Are you worried about managing the cash flow in your real estate portfolio? Do you know how to effectively manage your real estate investments? Cash flow management is a critical aspect of real estate investing that can greatly impact your...

Are you a landlord or an aspiring real estate investor seeking a more comfortable renting experience? Look no further! In this blog post, we’ll dive into an insightful interview with Hart Togman, the CEO of Rent Panda. We explore how...

Have you ever wondered if earning income through a corporation means paying twice the amount of taxes compared to individuals who earn income in their personal name?  This common misconception, often referred to as double taxation, has misled many individuals....

When you first start your business, it’s difficult to see when you’ll make money. A recent entrepreneur I spoke to had just started reporting net income for the first time after seven years in operation. As you can see, it’s...

Are you concerned about the current state of the market? Are you wondering how reduced interest rates due to banks collapsing, the impact of the US-China war on the global economy, and inflation might affect you? If so, I’ve invited...

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. ...