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.
Blog
COVID Benefits
The Auditor General of Canada released its report on COVID benefit compliance enforcement. The report reviewed a total of $210.7 billion in payments with the following breakdown among programs.
Affordability Action Plan
Alberta’s economy has recovered strongly, but many people are struggling with the rising cost of living due to inflation. Find out how you benefit.
Canada Dental Benefit
Seeing a dental care professional is important not only for oral health, but for overall health. In Canada, a third of people do not have dental insurance, leaving many unable to visit an oral health professional to get the dental care they need. There’s a new dental benefit for low income families. Read more to find out if you qualify!
Workspace in Home Claims
If you worked from home in 2021 due to COVID, you should be prepared to prove your Workspace in Home claim.
Withdrawing from Family RESP’s
If you have an RESP, here are some possibilities and strategies to limit the taxes.
Holding Digital Assets in RRSP’s
Holding digital assets in an RRSP may open you up to higher taxes. If interested in holding digital assets in a tax-sheltered savings account such as an RRSP, make sure that item is a qualified investment.
Life Insurance Policies
Holding a life insurance policy in a corporation can be a useful tool to assist with continuity upon death of an owner-manager. The use of insurance tracking shares can mitigate increases in capital gains upon death when using such policies.
Director Liability
If you intend to resign as a director, ensure that the resignation of yourself as a director is received by the corporation.
Providing Supplies to your Contractors
Improper bookkeeping may open you up to an audit not just on the errors but ALL expenses. Providing supplies to independent contractors is a dangerously thin line. Make sure you’re on the right side.