Unreported Capital Trades Included on a T5008: CRA Policy
Ensure to report all gains from the disposition of securities fully; should dispositions not be reported, CRA may assess the taxpayer with unreported income much higher than the actual gain.
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TFSA: Carrying on a Business Within It
Earnings in a TFSA are typically not taxable. However, earnings in a TFSA become taxable when they are earned from carrying on a securities trading business. A recent court case may set precedence on what’s allowed and what’s not allowed in a TFSA.
Underused Housing Tax (UHT): Increased Disclosures and Taxes
7 Common questions about the new UHT (Underused Housing Tax). Read more to find out if you need to file the UHT-2900 to avoid steep penalties.
Budget 2023: Top Five Items for Owner-Managers
The 2023 Budget aims to boost the middle class, healthcare, and the environment. Measures include EOTs, business transfers, tax credits for green investments, and dental care for the uninsured. The alternative minimum tax will also target wealthier individuals. These initiatives demonstrate the government’s dedication to a prosperous economy and a better future for all.
2023 Budget
The Canadian government has released its budget proposal for the 2023 fiscal year, outlining a series of key initiatives aimed at supporting Canadians through the ongoing COVID-19 pandemic and beyond. Read more to find out.
Poker Winnings – Taxable or Not?
Earnings from gambling and hobbies may be taxable depending on the intention and circumstances surrounding the earnings. If in doubt as to the tax status, consult a tax advisor.
Top Up to the Canada Housing Benefit
While this benefit may not be available to you personally due to income levels, it may be available to lower-income adult children or family members.
Witnesses for Legal Documents
When selecting an individual to witness the signing of a legal document, consider whether they would be available and willing to properly verify their signature in the future, if required.
Employee Gifts and Parking
CRA updated several administrative policies in respect of employment benefits, effective January 1, 2022. Two of the key changes relate to employee gifts and parking. These updates were released in late 2022.
Unreported Real Estate Dispositions
Ensure to report all dispositions of real property, whether it is eligible for the principal residence exemption or not, on your personal tax return otherwise you may end up in court with CRA.