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2024: Federal Budget Commentary

On April 16, 2024, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented Budget 2024 – Fairness for Every Generation, to the House of Commons. The budget sees almost $53B in additional spending over the next 5 …

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 …

Recession Proofing Your Business

Opportunities for Business Owners during Recessionary Periods Recessions need not be all doom and gloom for business owners. In times of economic downturn, some opportunities open for business owners, and in some cases their families as well, that …

Underused Housing Tax (UHT): Understand Your Filing Requirements or Risk Significant Penalties by the CRA

The Underused Housing Tax (UHT) is a new tax in Canada, which took effect on January 1, 2022. It is an annual tax of 1% on the ownership of vacant or underused residential properties. The tax applies to non-resident, non-Canadian property owners and …

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 …

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

All residential property owners in Toronto will be 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.

Disability Tax Credit

CRA Improves Access to Disability Tax Credit; Includes Type 1 Diabetes In June of 2022, the government announced that eligibility for the Disability Tax Credit (DTC) would be extended to include those suffering from Type 1 Diabetes. This means more …

Ontario Staycation Tax Credit

The first long weekend of the summer season is already in the rear-view mirror, but with several more to go, there is a temporary tax credit you should consider while planning your annual excursions. In an effort to help support the hospitality and …

5 Tax Tips to Consider Before You File Your 2022 Return

It’s officially tax season! Before you file your 2022 tax return, consider these tax tips to help maximize your benefits.

Navigating Vehicle Delivery Through the Proposed 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 …

Working from home? You may be eligible to claim some deductions on your personal taxes.

The pandemic has sent many packing from their offices to their homes for work. Some may have been fortunate to already have a dedicated office or workspace in their home, for others it has meant setting up shop.

Optimize tax deductions from your rental properties with a good plan

Expense this, deduct that Investing in real estate is a great addition to investment portfolios. Whether you hold property waiting for the value to increase, or utilize it for rental income, investing in real estate has been a popular choice for …

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 …

14 Best Tax Tips for Canadians

Below is a summary of year-end tax tips to consider in 2020. 1. Up to $27,830 RRSP ContributionYou have until Monday, March 1, 2021, to make a contribution to your RRSP and be able to take a deduction on your 2020 tax return. Be sure to check your …
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Income Tax Filing and Payment Dates

COVID-19: CRA INCOME TAX FILING AND PAYMENT DATES Tax Year Filing Deadline Payment Date Individuals 2019 tax year June 1, 2020 Sept 30, 2020* Self-Employed Individuals(Includes spouse) 2019 tax year June 15, 2020 Sept 30, 2020** Corporations Filing …
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