Owning Rental Property Through a Corporation
Owning rental property has become an increasingly popular and effective strategy for long-term wealth accumulation. In response, individuals are becoming...
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Understanding the Tax Implications of House Flipping in Canada
House flipping has become a popular way for many Canadians to invest in real estate. The concept is simple: buy a residential property, renovate it, and...
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Late Tax Return Penalties Canada
Filing your tax return on time in Canada is more than just a formality, it can have significant financial consequences if missed. The Canada Revenue Agency...
Read More Principal Residence: Tax Consequences of Sale
Generally, when real estate is sold, the seller will pay some tax on the proceeds. The Principal Residence Exemption (the “PRE”), as explained under the...
Read More Voluntary Disclosure Program: Fixing Past Mistakes
Voluntary Disclosure Program: Fixing Past Mistakes Before the CRA Finds Them Navigating the complexities of Canada’s tax system is no easy task for the...
Read More Failure to File T1135: Consequences and How to Fix It
The T1135 – Foreign Income Verification Statement is a key tax compliance form required by the Canada Revenue Agency (CRA) for Canadian residents who own...
Read More Reassessment Period CRA: What Every Taxpayer Should Know
When the Canada Revenue Agency (CRA) issues a Notice of Assessment, many taxpayers assume their tax affairs for that year are settled. However, the CRA has...
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Wong v. The King: Lessons in Shared Custody and the Canada Child Benefit
When it comes to tax disputes, few areas are as personal—and as emotionally charged—as those involving child benefits. The recent Tax Court of Canada...
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