Featured Articles

Flipping Houses? Here’s How The CRA Classifies Your Profits

house flipping in Canada

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 could end up with a surprising bill if you misunderstand how the profits are taxed. Read More

Written by MadanCA Team on July 7, 2025 @ 6:23 pm
Filed under:

All Articles Posts

Form W-8BEN/W-8BEN-E and W-9

  Why and when to file Form W-8BEN Purpose The W-8BEN form is a Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individual). This form is required to be completed and submitted when receiving payments as a non-U.S. person from U.S. sources.  Generally, 30% tax is withheld from certain … Continue reading Form W-8BEN/W-8BEN-E and W-9

Hits: 12402 |  
Rated this entry. 1 Star2 Stars3 Stars4 Stars5 Stars
Loading...
0 Comments | Continue reading

Tax implications for Canadian employees working abroad

Tax Implications for Employees To understand the taxpayer’s responsibilities we must first determine their residency for tax purposes. In other words, will the employee remain a tax resident of Canada or will they become a resident of the US? To answer this question, we must consult the tax treaty between Canada and the US.  Normally, … Continue reading Tax implications for Canadian employees working abroad

Hits: 5144 |  
Rated this entry. 1 Star2 Stars3 Stars4 Stars5 Stars
Loading...
2 Comments | Continue reading

Canadians Owning a Vacation Property in the US

This article focuses on the tax implications when a Canadian gets rid of a vacation property in the US. Ridding of a property can be taken in two forms: 1) Selling the vacation property or 2) when the taxpayer passes away while having ownership of the property. Selling the vacation property: Once the vacation property … Continue reading Canadians Owning a Vacation Property in the US

Hits: 3127 |  
Rated this entry. 1 Star2 Stars3 Stars4 Stars5 Stars
Loading...
0 Comments | Continue reading

Foreign Income Verification Form (Form T1135)

  To make sure your foreign income verification process goes smoothly, the foreign property that must be recorded on the T1135 includes: Funds in foreign bank accunts Shares in foreign companies, even if held in a Canadian brokerage Interests in non-resident trusts bonds or debentures issued by foreign government or foreign countries Life insurance policies … Continue reading Foreign Income Verification Form (Form T1135)

Tagged In:  
Hits: 2562 |  
Rated this entry. 1 Star2 Stars3 Stars4 Stars5 Stars
Loading...
0 Comments | Continue reading

Organize Your Finances through Wave Accounting

As a small business owner, you always have countless to-dos on your plate. Unfortunately, sometimes critical tasks like accounting end up getting neglected — leading to a mad dash come tax time. Fortunately, with new apps in the marketplace, like the free accounting and invoicing app Wave, you don’t need to devote hours to staying … Continue reading Organize Your Finances through Wave Accounting

Hits: 3679 |  
Rated this entry. 1 Star2 Stars3 Stars4 Stars5 Stars
Loading...
0 Comments | Continue reading

What Work Related Costs Can I Claim as an Employee?

Being an employee has certain tax benefits. In fact, you can claim certain costs of going to work against your taxes. This will reduce your tax bill.

Tagged In:  
Hits: 29 |  
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...
0 Comments | Continue reading

How to Minimize Taxes on Severance Payments

If you leave your job and you receive a severance payment, it is important to do tax planning, otherwise, you risk losing a big chunk of your severance package to the tax man.

Tagged In:  
Hits: 32 |  
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...
0 Comments | Continue reading

Benefits of a Health Spending Account

Dental cleanings, prescription drugs, glasses, cavities, massage therapy, antibiotics, contacts….the list goes on and on. Your family spends thousands of dollars a year on medical costs that aren’t covered through OHIP (or your provincial plan). How do you pay for them? Introducing Health Spending Accounts – the smarter way to pay for your health care! … Continue reading Benefits of a Health Spending Account

Tagged In:  
Hits: 2506 |  
Rated this entry. 1 Star2 Stars3 Stars4 Stars5 Stars
Loading...
0 Comments | Continue reading

Tax Implications of Mergers in Canada

Tax Implications of Mergers Mergers and amalgamations encompass a broad range of transactions. Their tax issues vary depending on a number of factors, including: whether the target company is public or private, whether the target is a resident or non-resident of Canada, impact of the year-end of both companies, application of capital and non-capital losses, … Continue reading Tax Implications of Mergers in Canada

Hits: 30798 |  
Rated this entry. 1 Star2 Stars3 Stars4 Stars5 Stars
Loading...
2 Comments | Continue reading

Year-End Tax Tips for 2014

Tax management is very critical, especially for small and medium-sized businesses. This article provides many year-end tax tips for 2014 that you can take advantage of to save your business more money. 1)    Withdraw funds from your corporation in a Tax-effective manner: Salary and/or Dividends Pay Salary /Bonus from the corporation: Advantages Salary/bonus constitutes as … Continue reading Year-End Tax Tips for 2014

Hits: 336 |  
Rated this entry. 1 Star2 Stars3 Stars4 Stars5 Stars
Loading...
0 Comments | Continue reading

Free Online Tax Assessment

Save on Personal Taxes with this Incredible tool!

Save on thousands of dollars every year on personal taxes with this Incredible, FREE tool!

SAVE TAX NOW

Pin It on Pinterest

Share This