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.
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.
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!
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.
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.
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.