Purchasing Foreign Real Estate and FAPI Taxes

Navigating Tax Implications of Assignment Sales

Assignment sales have become a common way for individuals to make a profit on their real estate assets. However, these transactions come with tax implications that many people may not be aware of. In this blog, we’ll explore the tax implications of assignment sales in Canada through a practical example. Read More

Navigating Capital Gains Tax Changes in 2024

Starting June 25, 2024, the Government of Canada has increased the capital gains inclusion rate as part of the 2024 Budget. This is a major change to the tax law, the effect of which is that there is a higher capital gains tax on the sale of property, assets, and shares. While the government claims that only the ultra-rich will be impacted, that is simply not true. Many Canadians are impacted by the changes. Read More

Preparing A T5 Tax Slip

If you’re a business owner in Canada responsible for paying dividends or other forms of investment income, understanding how to prepare a T5 tax slip is essential. The T5 is a critical document that must be filed with the Canada Revenue Agency (CRA) to report these payments. Read More

Understanding Car Allowances

For business owners and employees who use their personal vehicles for business purposes, a car allowance is a valuable benefit outlined by the Canada Revenue Agency (CRA) that should be taken advantage of.

This allowance serves as the business’s method of reimbursing individuals for the business use of their personal vehicles. Understanding how to properly implement and report a car allowance is crucial to ensure compliance with Canada Revenue Agency (CRA) regulations
and to maximize the tax benefits available. Read More