A loss on an investment in a company you own or made in another person’s small business can qualify for some advantageous tax breaks. This helps ease the impact on your finances for the year. Whether the investment was in shares or a loan to a small business, it may qualify for a full deduction […]
Author Archive for: ChrisHammond
About Chris Hammond
This author has yet to write their bio.Meanwhile lets just say that we are proud Chris Hammond contributed a whooping 36 entries.
Entries by Chris Hammond
Who doesn’t love write-offs? Did you purchase new assets after November 20, 2018? In the November 21, 2018 Fall Economic Statement, the federal government proposed three important and immediate changes to Canada’s tax system. In order to enhance business confidence in Canada and stay competitive with the United States: The immediate write-off for tax purposes […]
Did you sell your house in 2016 or later? File a tax return and claim the principal residence tax exemption for the capital gains.
February brings many questions with tax season approaching fast. One of the most common topics being automobile deductions.
Capital Gains Exemption Deduction
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.
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:
Have you wondered if you should incorporate your business? Historically the income tax system in Canada has benefited incorporated Canadian small businesses.