March 23, 2022
Tax Update 2021
In this article, we will see the major changes that are coming for 2021.
- Enhancements to the Canada Worker’s Benefit (CWB)
- Disability Tax Credit
- Northern Residency Deduction
- Postdoctoral Fellowship Income
- Employee Stock Options
- COVID-19 Benefits Repayment
- Eligible Educator School Supply Tax Credit
- Home Office Expenses - Temporary Flat-Rate Method
- Immediate Expensing of Capital Property
- Tax Rate Reduction for Zero-Emission Technology Manufacturers
- Capital Cost Allowance for Clean Energy Equipment
July 29, 2021
Buying vs Leasing a Car - Tax Implications
One of the age-old personal finance questions: is it more advantageous to lease a vehicle or buy? While there’s an exhaustive list of articles on the internet about this topic, this article will look at the tax implications of each and compare the two.
July 12, 2021
Canada Caregiver Amount
A few years ago, the federal government made changes to the caregiver amount, and renamed it the Canada Caregiver Amount. There has been some confusion as to mechanics of the credit. In this article, we will see the particulars of the credit and how to determine which line of the tax return to claim the amount.
April 30, 2021
Foreign Income Sourcing: Keys to Successful Foreign Tax Credit Calculation
With the advent of technology, an increasing number of taxpayers are diversifying their sources of income. It has never been easier to invest in foreign assets such as stocks or real estate. The income from those assets is, of course, taxable in Canada. In this article, we will see how to properly source this income, essential to the foreign tax credit (FTC) calculation, and how to calculate the FTC.
April 8, 2020
Lesser-Known Tax Effects of COVID-19 Benefits
In response to the COVID-19 pandemic, the government introduced new benefits to help affected Canadians. These benefits were all taxable. In this article, we will see the lesser-known effects of these benefits on the tax return; more specifically, how the definition of earned income can have profound effect on the tax return results.
December 23, 2020
Home Office Expenses During the COVID-19 Pandemic
The hottest tax topic today is certainly home office expenses. With the COVID-19 pandemic requiring many employees to work from home, more taxpayers will be eligible to deduct expenses incurred from their home office. What are the particulars of this deduction?
September 1, 2020
Non-Arm’s Length Sales of Shares
In the previous instalment of the blog, we spoke about estate freeze techniques. Within that instalment, we mentioned about the potential negative effects of section 84.1 of the ITA when performing an estate freeze. How does section 84.1 potentially penalize a taxpayer? What are the technical rules? This article will explain.
May 27, 2020
Introduction to Estate Freeze
Estate freezes are a powerful tool in the tax arsenal of a family corporation. They allow for the tax-efficient transfer of a corporation from the originator to the next generation. What are they, and why should they be considered? This article will explain.
April 14, 2020
Section 85 rollovers
Section 85 of the Income Tax Act (ITA) is an important tool in the tax arsenal of corporations. It can be used in many instances to defer taxation for certain transactions, especially complex corporate structures. In this article, we will see the ins and outs of this important section of the ITA.
September 19, 2018
Corporate Passive Income Taxation Changes
In the July 2017 announcement, the federal government announced some significant changes to the taxation of passive income within corporations, specifically CCPCs. After a strong backlash from business owners, the government released a more “watered down” version of these changes in the 2018 budget.
July 10, 2017
Capital vs Current Expenditures
The age-old question of taxation: is the expenditure incurred by the taxpayer a capital or a current expenditure? In this instalment, we will see the criteria that must be analyzed in order to determine the type of expense, and analyze certain interesting real-life cases on this topic.
April 10, 2017
Principal Residence Disposition
The sale of a principal residence can be a complex transaction to enter on a tax return. Let’s have a look in detail at some of the concepts as well as other considerations that have to be taken into account when designating a property as a principal residence.