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.
Are you planning a move from the United States to Canada? Congratulations – but along with your big move comes a web of complex tax implications that many Americans aren’t prepared for. Expert cross-border tax accountants from Madan CPA understand how overwhelming this can be. This guide highlights key tips every American moving to Canada … Continue reading Cross Border Tax | Tips for Americans Moving to Canada
FreshBooks is one of Canada’s leading cloud-based accounting software companies, founded in Toronto in 2003. Built initially for small business owners and freelancers, FreshBooks quickly grew into an industry leader, serving millions of customers across more than 160 countries. Along the way, FreshBooks partnered with expert tax accountants to ensure their financial systems could scale … Continue reading How Tax Accountants Helped FreshBooks Scale | Case Study
Navigating the complexities of international tax can be daunting, especially when transitioning to non-residency status from Canada. Many individuals choose to become non-residents for various personal and financial reasons, seeking opportunities and advantages beyond Canada’s borders. However, it’s crucial to understand that severing physical residency does not necessarily eliminate all Canadian tax obligations.
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
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
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.
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.
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
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 … Continue reading An Accountant’s Tips for Cross Border Real Estate Investing
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