Accounting Blog for Businesses in Burlington, Oakville & Hamilton | SB Partners

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What’s New This Tax Season?

Personal Tax Updates Every year there are new rules and regulations around what credits and deductions you can claim on your income tax filing, and what you need to do to claim it. Brent Sousa, Senior Manager of Assurance & Advisory at SB Partners …

Capital Gains Increase Deferred

On Friday, January 31st, 2025, the Canadian government announced that taxpayers will not need to include the proposed increase in the capital gains inclusion rate in their 2024 tax filings.

Vehicles Subject to the Luxury Tax

Who pays? The Luxury Tax will apply to registered and non-registered persons or vendors as follows. Where a non-registered person (consumer) purchases a specified vehicle, e.g. an automobile from a dealership, the Luxury Tax would be paid by the …

Income Splitting Translates into Paying Less Income Tax

Income splitting is an effective way for families to reduce their overall family income tax burden. Income splitting is the process of distributing income amongst a family group to take advantage of the lower income tax brackets available to each …

Optimizing Benefits with the Right Corporate Structure

Your business’s corporate structure is a critical consideration for wealth protection and enhancement. A strategic corporate structure can help protect your wealth, provide tax efficiencies, and allow for the efficient splitting of income amongst …

Tips on Retirement Investment Plans

By the time entrepreneurs have processed all their facts and figures and responsibilities, they are often tempted to postpone any personal investments, preferring instead to depend on their business equity to finance their retirement. This isn’t …

What is an RRSP and how does it work?

Registered Retirements Savings Plans (RRSP) were introduced in 1957 by the government as an alternative vehicle Canadians could use to save for retirement. Essentially it is an account that is to be used as a long-term savings plan, with the …

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 …

What You Need to Know About the Toronto Vacant Home Tax (VHT)

All residential property owners in Toronto are required to submit a declaration of their property’s occupancy status for the previous year, even if they live there. Failure to do so may result in being subject to additional tax.

Owning Real Estate in the United States

It is important that Canadians who plan to acquire U.S. real estate understand the tax implications and potential tax exposure associated with owning such estate. There are various alternative structures available to own U.S. real estate that one …

Reporting Requirements for Principal Residence Claims

Effective 2016 and subsequent tax years, the CRA is requesting additional information for individuals selling (or deemed to have sold) a house and wishing to claim the principal residence exemption. They will require the reporting of basic …

How to Reduce Probate Fees

What is probate? Probate fees are the fees charged by provincial governments to probate your Will when settling your estate. Probating your Will is the process of having your Will authenticated and also of confirming the appointment of an executor …

When the CRA Comes Knocking: Understanding Audits and Reviews

The Canada Revenue Agency (CRA) has been increasingly active, with a noticeable rise in audits and pre- and post-assessment information requests. Given the higher likelihood of an interaction with the CRA in the coming year, it’s important to …

Overview of New Draft Legislation to Address Income Sprinkling

The government unveiled the final version of the legislation regarding Tax on Split Income (TOSI) rules effective January 1, 2018. Guidance on the application of the split income rules for adults – Canada.ca Overall, the legislation proposals extend …

Tax Planning for Canadian Snowbirds: Understanding the Tax Implications of Spending Time in the U.S. and Abroad

Flying as a Non-Resident Alien Through Tax Planning The snow is flying, and the snowbirds are heading to the sun. The migration is filled with anticipation of warmer days ahead but a lack of planning before departure can leave a sunny destination …

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Email us at help@sbpartners.ca or give us a call at 905-632-5978 or toll-free at 1-866-823-9990.

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