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, sole proprietors. Read More

Investing in U.S. real estate offers a wealth of opportunities, from generating passive income to building long-term wealth. However, for Canadian investors, understanding the tax implications and choosing the right investment structure is critical. By strategically planning your investments with the help of a cross border accountant, you can navigate these complexities and make informed decisions. Read More

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. Read More

Starting a business is an exciting venture that gives you freedom over your schedule, the opportunity to profit from your efforts, and allows you to offer valuable services or products to your community. At the same time, your business demands certain responsibilities, such as paying taxes to the Canada Revenue Agency or taking on liability risks. In this article, we’ll weigh the pros and cons of each business structure option in Canada: sole proprietorship, corporation, partnership, and co-operative based on 5 key factors. Read More

As we get closer to the end of the year, now is the perfect time to take advantage of year-end tax planning to minimize your personal tax bill due in April of next year. While some strategies can be applied to businesses as well, these tax strategies are tailored to individuals filing their T1 – personal tax returns. Here are seven smart strategies that you can implement in the next month to reduce your tax burden. Read More