Deducting Expenses from your Taxes
Income tax is nothing more than a tax on income. Income, on the other hand, is, for tax purposes, a complex concept that forms the basis of many tax...
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What is FAPI?
Foreign Accrual Property Income, or FAPI, are a set of rules in the Income Tax Act (the “ITA”) that treats property income the same as if accrued...
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The Canada Emergency Wage Subsidy
Previously, we wrote about the initial emergency relief Canada Emergency Wage Subsidy (CEWS) implemented by the Government of Canada. As the changes...
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What is a Taxable Benefit – Part 2
It may come as a surprise to some Canadian taxpayers when they receive a Notice of Assessment with reported income reassessed to be significantly higher...
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Tax Residency and Avoiding Double Taxation
Canadian residents are responsible for taxes on their worldwide income. Please see our other article for more information about residency status. A...
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How Real Estate Agents can Incorporate a Company
On October 1, 2020, the Real Estate and Broker’s Act includes regulations which permit the use of Personal Real Estate Corporations (PRECs). Based on the...
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Is Interest Paid on my Investments Deductible?
There is a proverbial expression that goes, “It takes money to make money”. When taken literally, this expression could be interpreted as the act of...
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The CRA and Automatic Tax Filings
In her 2020 Speech from the Throne, Right Honourable Julie Payette, Governor General of Canada, addressed many potential changes that may be adopted by the...
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