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Claiming Your Capital Gains Exemption on The Sale of Shares

The Lifetime Capital Gains Exemption (LCGE) is an incredibly valuable tax exemption. Every individual is entitled to this exemption and it currently (for 2023) can exempt a gain of up to $971,190 (the amount is indexed to inflation each year). In Ontario for example, the tax savings from the LCGE can be worth up to […]

Beware of Employer / Contractor Status

Do you hire individuals to perform tasks for your business? Do you have domestic helpers such as nannies or caregivers? Ensure that you understand the nature of the relationship and that you report the payments appropriately. This is a topic that arises fairly regularly in the courts – has an individual been hired as an […]

Assets Outside Of Canada? Check If You Need To Report

If you have assets located outside of Canada, make sure to check whether you are required to declare these, as the deadline for 2023 is the same as that for your tax return. Penalties can be very significant if you are required to declare these and you don’t. The basic rule is that Canadian residents […]

Simplified Installments if You Have the Cash

If you are required to pay the CRA personal or corporate installments for income tax or GST/HST purposes, here is a useful tip that can simplify your payments. It is only worth considering if you have ample cash available and no concerns about running short of cash. Personal Income tax installments are payable quarterly. Corporate […]

Can’t Afford a House?

To tackle the bane of unaffordable housing prices, the federal government has introduced a novel program, which is a RRSP + TFSA combined. In this program, first time home buyers will be able to allocate up to $40K of income to this program, get a tax deduction on the $40K life RRSP (Maximum yearly contribution […]

2023 Budget – Interesting Proposals and Potential Tax Increases

Federal government budgets over the years have had some key common traits: loss of brevity, increasing amounts of details for the public (despite all the focus on openness hardly anyone aside from industry experts reads the budget, and a more voluminous version conversely makes the budget even more daunting to tackle). With the 270 page […]

The Apprenticeship Service Program (ASP)

About the Program With a shortage of skilled workers across the trade industry, the Apprenticeship Service Program makes it easier for small to medium-sized enterprises to hire first-year apprentices in Red Seal trades across Canada through financial incentives funded by the Government of Canada’s Apprenticeship Service, and in partnership with EHRC (Electricity Human Resources Canada) […]

Around the Courts (Restaurant Gratuities and Tips)

Restaurant gratuities (tips) are taxable for income tax and EI, and may be subject to GST/HST Recent Court cases have confirmed, not only that tips to waiters are taxable, but also that if they are paid through the employer, they are subject to source withholdings, EI and CPP withholding. If they are mandatory gratuities, the […]

Watch Out For Short Taxation Years

A corporation can be deemed to have a year-end for income tax purposes, in the middle of its fiscal year, for a number of reasons. One common reason is a change in control (or of 75% ownership) of the corporation (now called a “loss restriction event” in the Income Tax Act). If the corporation is […]

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