Justyn

TFSA: Carrying on a Business Within It

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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.

Budget 2023: Top Five Items for Owner-Managers

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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

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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?

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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

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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

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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

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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

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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.