Federal Budget 2022
Federal Budget 2022 On April 7th, 2022 the Federal Budget was released. This budget paper provides an overview and highlights key features included in the budget. For now, the budget includes proposals only, until legislation is brought forward and passed. Personal Tax Changes: Tax-Free First Home Savings Account introduced This is a new registered account […]
Benefit from 2022 Ontario’s Staycation Tax Credit
Ontarians who are planning a vacation (including family getaways) within the province this year could benefit from tax refund under the new Ontario Staycation Tax Credit program. Ontarians will get a 20% credit on qualified accommodation between in the year 2022. You can claim a maximum of $1,000 for an individual and $2,000 for a […]
Evolving Tax Rules in Real Estate Industry
1- Am I considering all deductible expenses when preparing tax returns ? Commission Rebates Car expenses Work-space-in-the-home expenses Meals and entertainment Advertising expenses Office expenses and supplies Tuition courses (tax credit or tax expense) Membership fee (brokerage fee) 2 -What are the key GST/HST deadlines for reporting to CRA? Common Scenarios Deadline Example Monthly filers […]
Consider Incorporation
Advantages of Incorporation 1- Limited Liability With a corporation, individual shareholders are not responsible for corporate debts or other liabilities. Shareholder can only lose the value of their investments. Without corporation, a sole proprietorship and partnerships put all personal assets of the owners at risk. It is important to note in Incorporation that the lending […]
RRSP – Should I Maximize?
Common Perspective: Maximize RRSP! When it comes to savings for retirement, nothing can beat it! Reality: Always consider below before investing in RRSP: Current income level and expected tax bracket upon retirement. It is not advisable for those in the lower tax bracket and those who expect to be in higher tax bracket upon retirement […]
Renting Principal Residence – Changings in Principal Residence
Renting Principal Residence – Change in use of Principal Residence What is Principal Residence: Principal Residence is the housing unit that is ordinarily inhibited by taxpayer or his spouse. Even if a person inhabits a housing unit only for a short period of time in the year, this is sufficient for the housing unit to […]
Government Promise Free and Automatic Tax Returns
Free automatic tax returns system promised for simple tax filers: This is a long-overdue change that will result in hassle free tax filing for hundreds of thousands of low- and fixed-income Canadians (on average, 12% of working-age adults in Canada don’t send in a return each year). Federal government promised that no Canadian with simple […]
Tax Deadlines
Below are key income tax filing and payment deadlines Tax filing and Tax Deadlines Avoid interest and penalties by filing and paying tax liabilities before deadlines Individuals Filing date for 2025 tax year Apr 30, 2026 Individuals Payment date for 2025 tax year Apr 30, 2026 Self-employed and their spouse Filing date for 2025 tax […]
Uses of Financial Statements
Financial Statements Financial statements may be used by different stakeholders for a multitude of purposes. Owners and managers require financial reports to make important business decisions affecting its continued operations. Financial analysis is then performed on these statements, providing management with a more detailed understanding of the figures. More Details Employees need these reports in […]