Did you sell your house in 2016 or later? File a tax return and claim the principal residence exemption for the capital gains.
February brings many questions with tax season approaching fast. One of the most common topics being automobile deductions. Read more
Capital Gains Exemption Deduction Read more
2018 is almost upon us as the year draws to a close. It’s time, once again, to take advantage of the many personal and business RRSP and tax-planning opportunities that are still available. Read more
Estate Planning and Tax Implications
When estate planning, your consultant may suggest that the RRSP/RRIF holder designate a beneficiary of the plan. There are many advantages that most people are unaware of. Some of these include:
On January 1st, 2017, the LCGE increased to $835,716 of capital gains realized by an individual on qualified small business corporation shares. The LCGE has been indexed to inflation for the years following 2014. The new limits apply to any taxpayer who has claimed the LCGE previously.
In a recent Technical Interpretation, CRA noted that an employer-provided per diem meal allowance will not be taxable where the following conditions are met: Read more
Have you wondered if you should incorporate your business? Historically the income tax system in Canada has benefited incorporated Canadian small businesses. Read more
Common Deductions and Tax Credits for Students
The most common tax credits for students, or deductions, are moving expenses and child care expenses.
Have you ever wondered how your personal assets would be affected should the CRA send you an advisory or audit for collections? Here are eleven tips that will help safeguard small business owner’s personal asset’s from CRA collections.