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.
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.
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.
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.
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.
If you worked from home in 2021 due to COVID, you should be prepared to prove your Workspace in Home claim.
If you have an RESP, here are some possibilities and strategies to limit the taxes.
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.
CRA does not believe they have the discretion to waive the penalty tax on an excess TFSA contribution. Even where they have that discretion, they often refuse to waive the tax. Care should be afforded to ensure not to make excess TFSA contributions, and if an error is made, it should be corrected as soon as possible.