Taxes When Selling Rental Properties
With our high interest rate environment, it’s no surprise that people are feeling stretched thin these days. In particular, people who have invested in real estate are making headlines as they are experiencing both high carrying costs and lower demand for their asset. Some investors are considering selling their rental property given these costs. Read […]
What is a Capital Gain? And Why Does it Matter For My Taxes?
With the changes to the inclusion rates in June, many people have taken a closer look at the Capital Gains Tax in Canada. This blog post will outline what a capital gain or loss is, and why it may matter for your taxes. Essentially, if you’ve recently earned profit from selling an investment, you may […]
Personal Tax Instalments: When and Why Do I Have to Pay?
Many people are used to the tax routine of filing and paying any income tax owed to the Canada Revenue Agency by April 30th for the previous calendar year. However, there are situations where you may need to make instalment payments (you can think of this like “prepaying your taxes”). This can happen if you […]
How to Save Money this Tax Season – Part 2
One of the best parts about tax season is getting credit and money back from the government for eligible expenses! Read on to learn more about several key tax credits specific to Ontario that could save you money. (If you missed Part 1 which outlined some key Canadian tax credits click here!) Credit Benefit […]
How to Save Money this Tax Season (Part 1)
With inflation making headlines, any opportunity to save money is surely welcomed. As you file your taxes for 2021, be sure to take advantage of all the available tax credits that you are eligible for. Read on to learn more about several key Canadian credits that could save you money. Credit Benefit Eligibility Canada […]
On the Move: Claiming Moving Expenses
Many people moved away from cities during the pandemic when their jobs went remote. Some of those people may soon be looking to move back closer to their work once the pandemic ends, if they are required to return to the office. If you find yourself in this situation, you may be eligible to claim […]
5 Common Reasons the CRA may Audit You
Imagine this scenario: You’ve spent time and money putting together your tax return and are eagerly awaiting your notice of assessment so you can finally put the previous tax year to bed and focus on moving ahead. However, you receive that dreaded notification that you are the subject of a Canada Revenue Agency (CRA) audit. […]
Need to Hire More Workers? Details of the Proposed Canada Recovery Hiring Program Announced
The proposed Canada Recovery Hiring Program has been designed to help businesses who have been hit hardest by COVID-19 hire the workers they need. The program would provide a subsidy of up to 50 per cent of eligible salary or wages for employers who have experienced qualifying revenue declines. Support would be available retroactively from […]
How can I best claim home office expenses during COVID-19?
Zoom, Google Hangouts, and Microsoft Teams became the default office for many of us during 2020. While working from home was an option for some businesses prior to COVID-19, the pandemic accelerated the use of digital platforms as the main source of business communication. One of the impacts of this change in business practice is […]
Support is on its way! – Canada’s COVID-19 Economic Response Plan (PART 2)
A Letter to Small Business Owners: Hope that you are all keeping well and safe as we progress through this crisis. We wanted to reach out to you again because you likely would have seen some of the Federal government’s announcements over the past few days as it attempts to bolster its Economic Response Plan for […]
Support is on its way! – Canada’s COVID-19 Economic Response Plan
A Letter to Small Business Owners: Hope that you are all doing well in spite of this COVID-19 crisis. What a situation this is… We just wanted to take a moment to let you know that we continue to be fully operational and are ready to assist you with any of your tax/accounting needs. We […]