RRSP Over Contributions
A Registered Retirement Savings Plan ("RRSP") is a tax deductible way of funding your retirement. Contributions made are deductible from your income, which...
Read More
Lifetime Capital Gains Exemption
The Lifetime Capital Gains Exemption (LCGE) is an incentive created by subsection 110.6 of the Income Tax Act. It allows taxpayers the opportunity to sell...
Read More
Renting Out Your Property
If you rent out property, there are a number of expenses that may be deducted from your rental income to lower your overall tax bill. Some typical expenses...
Read More
Allowable Business Investment Loss
A business investment loss is a capital loss from the sale of shares of a small business corporation, or it can be a debt owed to someone by a small...
Read More
Salary vs. Dividends
If you have an incorporated business you are able to pay yourself in any way you would like. There are various methods of getting money out of your...
Read More
Shareholder Loans
A shareholder loan is money given by a corporation to a shareholder, or to someone who does not deal at arm's length with the shareholder. If certain...
Read More
Precious Metals and GST/HST
According to subsection 123 of the Excise Tax Act, a precious metal is part of the definition of "Financial Instrument". This is important because...
Read More
Net Worth Audits and Assessments
Subsection 152(7) of the Income Tax Act and subsection 299(1) of the Excise Tax Act both state that the Canada Revenue Agency (CRA) is not bound by the...
Read More