New Trust Reporting Rules
Bare trusts and in-trust (ITF) accounts may need to file a T3 income tax return.
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January 31, 2024
Real Estate Sales & Income Taxes
Whether you buy and sell homes as a business or hold real estate for rental purposes, knowing the tax consequences can save you from costly surprises. Business Income or Capital Gains If you are in the business of buying a home, making some changes and then reselling it for a profit then all of your gains are taxable and losses…
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February 11, 2013
12 Income Splitting Opportunities
Many of the income splitting opportunities have been curtailed by a set of rules known as the attribution rules. When opportunities are available, they can be complex, expensive, and difficult to maintain. However, if you and other family members are in very different tax brackets, the benefits may be substantial. Record Keeping Proper records are a must when establishing an income splitting arrangement.…
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February 3, 2013
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Tax Tip: Defer Capital Gains
When you sell certain types of property including shares, real estate, a business or farm for a gain you may be able to defer the tax on the capital gain for up to 5 years and in in certain circumstances, 10 years. The Income Tax Act allows you to defer a portion of your capital gain when you sell property but do…
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January 29, 2013
Tax Tip: Group Medical and Medical Expenses
If you are a member of a group medical insurance plan and you pay all or a portion of the premium through payroll deductions, those premiums may qualify as medical expenses for the medical expense tax credit. Other commonly overlooked medical expenses include: Co-payments or non-reimbursed portions of medical expenses Dental bills Certain attendant care expenses for persons with disabilities…
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January 28, 2013
Consulting Corporations Beware
If you run your consulting business through a corporation you should be aware of the tax rules surrounding personal services businesses. Small business corporations are afforded preferential tax treatment on their income by means of the small business deduction. However, certain types of corporations are specifically excluded from claiming this deduction and can have many of the other benefits afforded a…
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June 15, 2012