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INSIGHTS, NEWS & EVENTS

Our team is always up to something. Read our latest insights, news and updates here.

Registered Disability Savings Plan (RDSP)

Registered Disability Savings Plans (RDSP) are offered by the Government of Canada for individuals who are receiving the Disability Tax Credit. These tax credits are available to people with ‘severe or prolonged’ mental or physical impairments that markedly impact an individual’s ability to perform basic activities.     The RDSP is a tool to help … Continued

New Reporting Requirements for Principal Residence Claims

Skyrocketing housing prices in the GTA and Vancouver have been all over the news with record-setting sales difficult to ignore.  Over the years, the government has tried a few different strategies to try and calm the market but to no avail. Last week the federal government tried again. Currently, when a person sells their principal … Continued

Happy Campers

Whilst many of us have been enjoying the bout of good weather with outdoor activities including camping or the use of campground facilities, the same cannot be said for the owners of such facilities. Private campgrounds across Canada have been under fire recently after CRA decided that certain campgrounds are too small to qualify for … Continued

Transfer Pricing

Recently, many of our clients have set up (or are contemplating setting up) operations in the United States to take advantage of favourable export exchange rates. American subsidiaries owned by the Canadian parent company are one way to carry out operations. This approach with readily understood tax filing obligations and reporting forms for both jurisdictions, also brings with it the … Continued

Tax Implications on U.S. Property Purchases

A client (Canadian resident) recently asked whether he was required to complete tax form T1135 for a condo purchased in Florida for CAD$125,000 equivalent.  The simple answer – it depends!  Form T1135 is used for foreign income verification and is to be completed if the cost to the taxpayer of specified foreign property was more … Continued

Family Trusts

Introducing a family trust as part of a corporate structure may offer huge benefits but its merits should be evaluated on a case-by-case basis.

Help! I’m Being Audited by CRA

Receiving the ‘T1 Processing Review’ notice may make you feel like you are being audited but in reality, this is a common practice.

SB in the Community

Jas Brar, Founder and CEO is the visionary behind the ‘Entripy Way’. In 1999, as a student at the University of Toronto, Jas identified a gap in the custom apparel market.

Childhood Treasures - A Heads Up on Capital Gains

Remember those trading cards that you had so much fun collecting? It might be time to dig those out of storage. A Wayne Gretzky rookie card was recently sold for a record-breaking $475,000. Before you cash out though, make sure you are aware of the capital gains tax consequences associated with selling your collector items!

Having Your Cottage Owned by a Family Trust Has its Benefits

A tax question I am often asked, especially when thoughts turn to summer activities, whether one’s cottage should be owned by a family trust.