Tag Archives: CANADIAN ACCOUNTING & TAX BLOGS

Most entrepreneurs don’t have an in-depth understanding of tax laws when setting up a business. So, they will likely hire an accountant to ensure everything is set up correctly from the beginning. 82.75% of our clients are small business corporations and we have the tools to help you! Taxation of Various Business Structures It’s good […]

The Canada Revenue Agency, or CRA, is clamping down on real estate transactions more than it used to. They claim that tax non-compliance is one reason behind ever-increasing housing prices. In particular, the CRA is interesting in taking a closer look at home and condo flipping, and they have been running an audit on home […]

If a receipt constitutes income, it’s taxable. However, according to Canadian law, there isn’t an unambiguous definition of ‘income.’ Tax must be paid on taxable income (the taxpayer’s yearly income). Yet, this isn’t clear because the Income Tax Act has income defined as taxable income instead of offering an exact definition. The courts have determined […]

Saving up for a down payment can seem like an impossible task. The good news is that first-time homebuyers in Canada can withdraw funds tax-free from their registered retirement savings plan (RRSP) to contribute to a down payment. The program is called the RRSP Home Buyers’ Plan, and in order to be eligible, there are […]

FIRST THINGS FIRST When a loved one dies, and you are responsible for dealing with their affairs after death, including for administering their estate, you may be experiencing uncertainty about your role, on top of all the emotions that come when grieving a loved one. One of the first duties of the estate trustee, usually […]

Since the Covid-19 pandemic prevented many Canadians from going on overseas vacations and since so many people are still working from home, it shouldn’t come as a surprise to discover there has been a boom in cottage sales lately. In fact, during the first nine months of 2020, cottage sales went up almost 12% in […]

Falling behind on filing income tax returns and paying taxes is more common than you think. However, as a Canadian taxpayer, it is your responsibility to calculate, submit, and pay your taxes by the deadlines. The deadline for filing 2021 taxes is April 30th, 2022, for individuals and June 15th, 2022, for those who are […]

Income tax audits can be daunting and costly for taxpayers. Anyone running a company, especially a cash-based one, might not realize the Canada Revenue Agency, or CRA, has various methods it can use to reassess taxpayers. Also, not all methods depend on examining the company’s records and books. If the CRA believes that a taxpayer’s […]

The Excise Tax Act offers the Canada Revenue Agency (CRA) and its tax collectors’ broad authority to recover tax obligations. Many taxpayers are surprised when their bank accounts are blocked, possessions confiscated, or paychecks garnished. However, there are precise and time-based constraints where the CRA can legally recover GST/HST tax obligation. Unlike most tax debts, […]