Tag: Personal tax
Flipping Houses? Here’s How The CRA Classifies Your Profits
House flipping has become a popular way to build wealth in Canada, especially as real estate prices have surged. The basic idea – buy a property, renovate it, and sell it quickly for profit – sounds simple. But from the Canada Revenue Agency’s (CRA) point of view, flipping can carry complex tax consequences, and you … Continue reading Flipping Houses? Here’s How The CRA Classifies Your Profits
5 Tax Tips for High Income Earners In Canada
As your income rises, so does your marginal tax rate, which means proactive tax planning is a must. High-income earners – which is considered an annual salary of $115,000+ in Canada – face some of the steepest tax rates in Canada, but there are smart, legal strategies to help keep more of your hard-earned dollars. … Continue reading 5 Tax Tips for High Income Earners In Canada
Changing how you use property? Here’s how to save on taxes
When a Canadian taxpayer changes the use of a property from personal use (such as a principal residence) to income-producing use (such as a rental), or vice versa, the Income Tax Act may trigger a deemed disposition at the property’s fair market value.
The Impact of US Tariffs on Canada’s Economy
The ongoing trade dispute between the United States and Canada – in which leaders of both countries are imposing, or threatening to impose, tariffs on key goods – has left Canadians and business owners feeling unsettled about the economy. While the immediate impacts are evident in rising costs and uncertainty, the long-term consequences may force … Continue reading The Impact of US Tariffs on Canada’s Economy
How to Maximize Your 2024 Tax Return
Tax season is here, and if you’re like many Canadians, you might wonder whether you’re truly maximizing your tax savings. With over 400 deductions available from the Canada Revenue Agency (CRA), it’s easy to miss opportunities that could lower your tax bill. Whether you’re an individual, investor, business owner, or student, there are specific deductions … Continue reading How to Maximize Your 2024 Tax Return
Canada Crypto Tax FAQs
Cryptocurrency has exploded in popularity over the past decade, but when tax season rolls around, many Canadians are left wondering: do I owe taxes on my crypto? Whether you’re moving coins to a cold wallet, swapping tokens, or cashing out, understanding how the CRA views these transactions is crucial.
How to Maximize Your Principal Residence Exemption
The principal residence exemption (PRE) is a great valuable tax benefit that’s available to homeowners in Canada. Since 2016, the CRA has required taxpayers to report the sale of a principal residence on their tax return. Failing to designate the property properly can result in a loss of the exemption and possible penalties.
Filing Your T1? Don’t Miss These 2024 Tax Return Updates
As tax season approaches, it’s essential to stay informed about the changes and updates that may impact your 2024 tax return. From federal tax brackets and RRSP contribution limits to automobile deductions and updates to capital gains inclusion rates, this article breaks down the key changes and their implications for individuals and in some cases, … Continue reading Filing Your T1? Don’t Miss These 2024 Tax Return Updates
Income Splitting Ideas For Business Owners
Income splitting is a strategic way for business owners to reduce their overall tax liability while providing financial support to their family members. By distributing income among family members in lower tax brackets, high earners can potentially lower their taxable income and make the most of Canada’s progressive tax system.
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