Author Archives: Tax Partners

Canada revenue

When To File a Service Complaint –An Accountant’s Overview

Taxpayers being audited by the Canada Revenue Agency (“CRA“) are not likely to describe the experience as pleasant. After all, the CRA’s main goal during an audit is to uncover errors with the taxpayer’s filings, which would result in the taxpayer owing money. This type of scrutiny, despite being a normal part of a country’s […]

Deducting Home Office Expenses – Employment Expenses

The Canada Revenue Agency (CRA) recently released comprehensive information on a new simplified process for deducting home office expenses for 2020 and 2021. For millions of Canadians, this is the first year in which they are eligible to deduct certain expenses related to working from home on their taxes. It will also be the first […]

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Personal Real Estate Corporations (PRECs) – Four Tax Strategies

Ontario real estate professionals can now incorporate, thanks to the passing of Bill 145 this past March and legislation passing on October 1, 2020. First—and likely most important—is to understand the tax benefits of incorporation. Of course, once you withdraw funds from a PREC, that money is subject to your personal tax rate. Fortunately, with […]

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Personal Real Estate Corporations (PRECs) in Ontario

Being a realtor in Ontario means many things. You are selling in one of the most fast-paced and lucrative realty markets in North America! You are selling in an economic climate that has exceeded any predictions and is growing. As is the case with many of your colleagues, you are inundated with data, paper, and […]

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Principal Residence Exemption from Canadian Capital Gains Tax

A taxpayer who sells his or her “principle residence”, which is defined in the ITA, becomes liable for paying tax on the capital gains. However, the Income Tax Act (“ITA”) allows the taxpayer to claim an exemption, thereby avoiding the payment of tax on the sale of the “principle residence”. “Principle residence” generally includes: A […]

Taxpartner News

When to Incorporate Your Business

Guidance from Tax Partners Accountants: a York Region accounting firm specializing in privately-held and owner-managed businesses. There is one question that is often top of mind when we speak with entrepreneurs who come to Tax Partners for business advisory. That question is: “Should I incorporate my business?” If you are a small business owner confronted with […]

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Save Tax with the GST/HST Quick Method

If applied in the appropriate situation, the GST/HST quick method can save business owners both tax and time. Typically, businesses can use the quick method if taxable sales (including the GST/HST and zero-rated supplies) for the business and their associates do not exceed $400,000 for the fiscal year. When using the quick method, instead of […]

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Tax Deductions for Performing Artists

If you are a performing artist such as an actor or a musician, the Canada Revenue Agency has special rules that pertain to you.  This article covers all the details and specifies the tax write-offs or expenses(Tax Deductions) that you may be able to deduct from your income.  Now that we’ve set the stage, read on… […]