On June 23, the Select Luxury Items Tax Act received Royal Assent and came into effect on September 1 of this year.
When you sell your home, the income earned from the sale and any potential capital gains are received tax free thanks to the principal residence exemption. This can mean a substantial amount of income in your pocket.
When you write off something on your business’s tax return, it means you are deducting an amount that has been approved by the CRA to reduce your taxable income.
As the world becomes increasingly interconnected, individuals in Ontario are engaging in more global activities. As a result, it’s critical that taxpayers in the province have a comprehensive understanding of their obligations and reporting requirements related to foreign source income.
In an increasingly digitized world, where we conduct a significant portion of our lives online, estate planning must encompass more than just physical assets. It now means planning for your digital assets as well.
The issue of affordable housing has been a significant concern for Canadians for many years. In an attempt to address this problem, the federal government has introduced a new tax known as the Underused Housing Tax (UHT).
Each year, Canadian taxpayers must complete and file a tax return. As is the case most years, the 2022 return features several changes. This includes changes to income tax brackets and tax credit amounts as a result of inflation.
When pulling money from a corporation for personal use, many business owners will pay themselves a salary or dividend. There is, however, another tactic that many have used over the years to pay themselves money from the corporation, with mixed results, and that is using a loan.
