Salary or Dividends? Questions an Owner-Manager Should Consider
Salary and dividends create different tax, retirement, payroll and cash-flow consequences. The right mix depends on more than the current personal tax bill.
Personal Tax
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Personal Tax
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Personal Tax
Year-end Review of Personal Tax Planning for 2023 – Navigating New Tax Credits and Leveraging Established Strategies
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…
BusinessPersonal Tax
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…
Personal Tax
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…
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