As we approach the end of 2023, it’s crucial to stay informed about the essential tax deadlines, planning strategies, and legislative updates that could impact your financial decisions. This year’s overview covers key areas of personal tax planning. Important Payment Dates Awareness of payment deadlines is vital to maximize tax deductions or credits. Key dates […]
Unlocking the Benefits of Employee Stock Purchase Plans (ESPPs)
In the employee benefits landscape, Employee Stock Purchase Plans (ESPPs) emerge as a compelling tool, offering employees a unique opportunity to invest in their company’s success. ESPPs are not just financial schemes; they represent a bridge linking employees’ efforts to their company’s performance, fostering a sense of ownership and alignment with the organization’s objectives. What […]
Understanding the Specified Foreign Property Reporting Requirements (T1135)
Canada’s approach to taxing its residents on worldwide income, as stipulated in the Federal Income Tax Act (ITA), extends beyond domestic borders. Today, we will focus on ITA’s “specified foreign property” (SFP) reporting regime. It’s crucial to note that separate rules apply to foreign affiliates (T1134), which are not covered here. Who Must Report The […]
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 […]
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 […]
Navigating the Tax Maze: Why Chinese Immigrants in Canada Need Expert Tax Guidance
Embarking on a journey to Canada is not just about embracing new opportunities; it’s about smartly navigating the complexities that come with it, especially in the world of taxation. For Chinese immigrants, the Canadian tax system presents a maze that demands not just understanding but strategic navigation. Unraveling the Mystery of Tax Residence in Canada […]
Key dates for your 2021 personal tax compliance
2020 is an unusual year. With COVID-19 and a lot of other turbulence going on, it is a good idea to plan your cash flow ahead of time before making big decisions such as taking risks in a volatile stock market. Therefore, we summarized the tax compliance deadlines that are relevant for filing your 2020 personal […]
RRSP Contribution – How much can you contribute?
Your personal tax filing will start soon. Are you planning to make any RRSP contribution before February 29, 2020? Your RRSP contributions are deductible from your personal income. This means that you can either get a refund or pay less taxes. However, the tax law sets out the maximum amount of RRSP contribution that any […]
Are you moving for a new job?
Are you moving or did you move for a new job during 2019? You might be able to deduct your moving expense in the year when you go for better job opportunities. Depending on how far you move, you might incur expenditure such as renting trucks, hiring movers, leasing a cargo, buying flight tickets, staying […]