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Office Address

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GST/HST Tax Holiday Ends Soon

For the December 14, 2024 to February 15, 2025 period, certain items normally subject to GST/HST should not have GST/HST applied at the point of sale. Businesses selling these goods can still claim input tax credits for the

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Secondary Suites – Tax Considerations

There are several reasons an individual might convert part of their home into a rental property. However, this action can have significant income tax implications, including potentially limiting access to the principal residence exemption, which can be easily

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Administration of the increased Capital Gain Inclusion rates

The capital gains inclusion rate has been proposed to increase from 50% to 2/3, effective June 25, 2024, for corporations and most trusts as well as for the portion of capital gains realized in the year that exceeds

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Electronic letters only for businesses starting 2025 – CRA changes

In the Spring of 2025, CRA will change the default method of correspondence for most businesses to online only. This means that most businesses will receive their notices of assessment, letters, forms, statements and other documents from CRA

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2024 Year-End Tax Tips

December 31, 2024 is fast approaching… see below for a list of tax planning considerations. Please contact us for further details or to discuss whether these may apply to your tax situation. 1) NEW! As of June 25,

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Shareholder Purchasing Asset: Input Tax Credit (ITC)

An August 20, 2024 Tax Court of Canada case reviewed whether a corporation could claim ITCs of $8,874 related to the purchase of two vehicles that were used by the corporation. One vehicle was purchased by the shareholder

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CEBA: Collection Process

Where borrowers cannot repay their CEBA loan in full when it becomes due, the loan may be assigned from the taxpayer’s financial institution to the CEBA program for collection. CRA is assisting with the collection of loans that

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Advantages & The Process of Incorporating as a Registered Psychotherapist

Incorporating as a Registered Psychotherapist (RP) can be an excellent decision for individuals seeking greater control over their practice, enhanced financial benefits, and professional growth. This guide will explore the key steps, advantages, and considerations for psychotherapists who

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Psychotherapy and Counselling Therapy: GST/HST Changes

As of June 20, 2024, certain psychotherapy and counselling therapy services have become exempt from GST/HST. This means that those providing these exempt services are no longer required to collect GST/HST on their services, and these service providers

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Short-Term Rentals: Selected Tax Issues

In late 2023, the Federal government announced its intention to deny income tax deductions for expenses by non-compliant operators of short-term rental properties (such as Airbnb or VRBO properties rented for periods of less than 90 days). These

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