Rental Properties – Major Repairs
In a February 11, 2021 Tax Court of Canada case, the deductibility of rental expenses for a condo unit that underwent major repairs was considered. CRA said no, but what did the courts say?
Personal Tax Returns
COVID-19 Benefits for Individuals – Extension
More weeks of COVID-19 income support are now available. Make sure to file your 2020 personal tax returns to reduce the chance of interruptions in benefit receipt.
Commute to Work?
If considering the acceptance of employment that requires significant commuting, consider that the commuting costs likely will not be deductible.
Loans from Family Corporations
Advice should be sought if you currently have, or are considering, personal loans to a shareholder of a corporation, or a family member.
Flipping Houses – How it could affect your taxes.
If moving out of a property that was occupied for a short period, ensure you maintain documents and proof that you had intended to establish residential roots and live there. Don't get caught with a hefty tax bill; reach out to us today.
Taxable Benefits
Benefits not previously taxed may need to be reviewed in the upcoming year to determine if they are now taxable. Do you fall victim?
Disability Tax Credit Clarifications
In an April 3, 2019 Tax Court of Canada case, at issue was whether the impact of an individual’s mental impairment entitled her to the disability tax credit (DTC). There are three main criteria taxpayers must meet to qualify, do you know them?
Sharing Economy – New Changes
Share Economy - What is it, who it affects, and what can you do about it if you drive for Uber or rent for Airbnb
Zero Emission Vehicle Incentives
Transport Canada released details on the purchase incentive of up to $5,000 for zero-emission vehicles as originally proposed in the 2019 Budget. Do you meet the criteria?