Did you know that snowbirds account for 19% of foreign home purchases in the United States? Or that in 2017, snowbirds purchased over $7 billion USD in real estate?
While it is great that so many Canadians are able to afford property away from Canada, it is important to remember that there are potential tax implications that could come into play as a result of you owning a vacation home in the United States.
Right now, many Canadians are enjoying the warm weather that comes with living in Canada but as any Canadian knows, it isn’t something that lasts forever. Eventually the weather will turn cooler and it will be winter again.
To escape this cold, many of us will decide to head to warmer climates south of the border. In fact, as many as 500,000 Canadians will travel to the United States to get away from the frigid months. If you are one of these snowbirds (or spend a lot of time in the US regardless of the season), there is important information you must consider, one of which is the US tax implications of staying too long over the border.
When buying online, it can be easy to assume that the sites we are using are properly securing our personal data. But this isn’t always the case.
Every online retailer has varying degrees of security, and with the growth of credit fraud and identity theft, it is becoming more important than ever to understand how your data is stored and used by these retailers and the risks associated with mismanagement.
Raising a child and planning for their future can be expensive, even more so when your child has a disability. Thankfully, for families who pay unavoidable additional expenses for their child with a disability - such as therapy, medical equipment, and special programs - there is potential relief to create greater tax equity in the form of tax credits, benefits and government programs.
The deadline for your tax return has been and gone, but it has suddenly come to your attention that you have filed your return with an unintentional error or omission.
Before you start to stress out about the mistake and the possible consequences of submitting incorrect information to the Canada Revenue Agency (CRA), we have some good news – you can make the necessary adjustments.
When it is time for you to retire, there are a number of retirement tools you can draw from when you reach retirement age – Employer-Sponsored Pension Plans, Registered Retirement Savings Plans, Registered Retirement Income Funds and the Canada Pension Plan – but, whether you receive these and the amount you receive, is based on contributions made to these accounts.
Like a sole proprietorship, partnerships are not seen as a separate entity and therefore do not file a separate tax return. Instead, the partners include their share of the partnership income/losses for the year on their personal, corporate or trust income tax returns.
Each partner also has to file financial statements or a Statement of Activities (i.e. Form T2125 - Statement of Business or Professional Activities).
Along with the personal tax measures discussed in our previous two blogs - 2019 Federal Budget Commentary: Tax Changes for the Individual Canadian and 2019 Federal Budget Commentary: Personal Income Tax – Housing - the federal government is proposing a number of benefits, credits and provisions that will assist working individuals, especially those seeking to enhance their skills through training.
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