Effective cash flow management is a pivotal aspect of running a successful business. It involves a clear understanding of two key components: what you have (i.e. your available resources) and what you need (i.e. your necessary expenditures). This fundamental principle, though simple, is critical in avoiding cash flow problems. Central to cash flow management is […]
Navigating the Complexities of Real Property Conversion
In the intricate world of tax, the conversion of real property from capital asset to inventory, and vice versa, presents a unique set of challenges. This complex process, often entangled in the web of the Income Tax Act (ITA), has significant implications to taxpayers, especially when a property’s purpose shifts between personal residence and income […]
Understanding the Tax Implications of Airbnb Income: Is it Business or Property Income?
In the ever-evolving landscape of the sharing economy, Airbnb has emerged as a popular platform for property owners to earn additional income. However, with this new revenue stream comes the crucial question for Airbnb hosts: Is the income generated from Airbnb considered business income or property income for tax purposes? This distinction is critical, as […]
House Flipping: A Guide to Navigating Income Tax Rules
Investing in real estate offers numerous opportunities for profit, especially through house flipping. However, understanding the complex tax implications associated with this activity is crucial. Understanding the Principal Residence Exemption (PRE) A common misconception is that selling a “principal residence” is exempt from income tax. The reality is more nuanced, with specific conditions that need […]
What you need to know about the Foreign Accrual Property Income (FAPI) Tax Rule
In the intricate world of international taxation, Canadian taxpayers with global interests often find themselves at the crossroads of domestic tax compliance and international investment opportunities. A critical aspect of this landscape is understanding the Foreign Accrual Property Income (FAPI) tax rule, a cornerstone of Canadian tax regulation designed to curb tax avoidance through Controlled […]
Key dates for your corporation – April 30, 2023 year-end
To facilitate the year-end preparation for your business, we provide the following key dates which you may find it helpful to mark down on your calendar. May 31, 2023 – Due date for your HST filing for the period from February 1, 2023 to April 30, 2023 if your business files its HST return on […]
Key dates for your corporation – March 31, 2023 year-end
To facilitate the year-end preparation for your business, we provide the following key dates which you may find it helpful to mark down on your calendar. April 30, 2023 – Due date for your HST filing for the period from January 1, 2023 to March 31, 2023 if your business files its HST return on […]
Understanding and Managing Non-Resident Trusts: Opportunities and Obligations
In the realm of Canadian tax law, non-resident trusts (NRTs) present a unique blend of challenges and opportunities, especially after the substantial revisions to Section 94 in 2013. The primary objective of these changes was to curb the avoidance or deferral of Canadian income tax via NRTs. Understanding these rules is crucial for tax planning […]
How Customized Tax Planning Can Help You Save Money and Achieve Your Financial Goals
Taxes are an unavoidable part of life, but with the right approach and some strategic planning, you can minimize your tax bill while still achieving your financial goals. Customized tax planning is a great way to maximize your savings and ensure that you’re taking advantage of all available deductions and credits. A Chartered Professional […]
Key dates for your corporation – February 28, 2023 year-end
To facilitate the year-end preparation for your business, we provide the following key dates which you may find it helpful to mark down on your calendar. March 31, 2023 – Due date for your HST filing for the period from December 1, 2022 to February 28, 2023 if your business files its HST return on […]