Should I Keep a Logbook for my Expenses?
Canadian Taxpayers can reduce their taxable income by claiming business expenses against the revenue they received. For individuals and businesses seeking...
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How are Gifts of Capital Property Taxed?
It is well established in Canada that gifts and inheritances are tax-free windfalls enjoyed by taxpayers. The Federal Court of Appeal in Bellingham v The...
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Canada’s New Anti-Flipping Tax
The housing market in Canada has skyrocketed over the years. The average Canadian finds themselves renting because of high housing prices. In an attempt to...
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Advance Income Tax Rulings and Technical Interpretations
Taxpayers may request answers from Canada Revenue Agency (“CRA”) by requesting an advance income tax ruling, or a technical interpretation. A technical...
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How Does the Canada Revenue Agency Find Unreported Income?
The Canadian tax system operates as a self-reporting system. Each taxpayer is responsible for reporting their total income, deductions and credits claimed...
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An Update to the Non-Resident Speculation Tax
We previously wrote about the Non-Resident Speculation Tax (NRST), explaining what it is, what it is applied to, and any refunds or rebates that may be...
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Canada’s Luxury Goods Tax
On August 10, 2021, the Government of Canada announced that it would be introducing a new tax on Select Luxury Goods (also known as the Luxury Tax), which...
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What is Rental Income in Canada?
Rental income is the money or value you receive when you rent out property that you either own, or have the use of. The property may be yours wholly, or...
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