fbpx
Taxes and Your Business Investment Loss

Taxes and Your Business Investment Loss

Business Investment Loss 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...
Accelerated Write-off of New Asset Purchases

Accelerated Write-off of New Asset Purchases

Tax Changes That Might Affect You Who doesn’t love a good business write-off? 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...
Principal Residence Exemption

Principal Residence Exemption

Did you sell your house in 2016 or later?  File a tax return and claim the principal residence tax exemption for the capital gains. Commencing with sales in the 2016 tax year, you must report basic information, such as the date of acquisition, the proceeds of...
Capital Gains, Losses, and Other Tax Planning Concerns

Capital Gains, Losses, and Other Tax Planning Concerns

Capital Gains Exemption Deduction The lifetime capital gains exemption deduction, if you dispose of shares in a qualified small business corporation, is $835,716, or $1,000,000 for a qualified farm property or qualified fishing property. If you have already claimed...