Category Tax News

Where should I invest? RRSPs vs TFSAs

RRSPs vs TFSAs

This is the time of year when people consider both RRSPs and TFSAs. It can be a complicated and confusing topic. Let’s dive into each plan, discuss the benefits, and discuss when you might want to choose one over the…

Expanded Trust Reporting Requirements

Expanded Trust Reporting Requirements

We would like to make you aware that the Canada Revenue Agency had made significant changes to trust reporting requirements. These requirements are much broader in scope, thereby capturing situations that most taxpayers have not traditionally considered. Effective years ending…

Underused tax credits

Underused tax credits

There are tax savings strategies like medical, donations and childcare that everyone tends to know about. But what about those tax deductions that are less common and very useful? Below are a few tax credits that you might find useful…

Employee Gifts and Awards

Employee Gifts and Awards

Canada Revenue Agency (CRA) has recently updated its guidance on a number of several employment benefits, which turns out to be good news for employers and employees. One of the changes included is a new policy on fits and awards.…

Underused Housing Tax

Underused Housing Tax

When preparing your personal income tax return for 2022, there is a new tax that you should be aware of that may apply to you. The Underused Housing Tax is an annual 1% tax on the ownership of vacant or…

Top 10 List – Personal Tax Savings

catching savings

With personal tax season fast approaching, we often get asked the question – “What should I be claiming on my income taxes that I don’t know about?” The answer is not necessarily the same for everyone. It depends on their…

What’s New for 2023 Tax Season

2023 Tax update

Since the calendar has turned to 2023, it’s hard to believe that tax season is just around the corner. Some of you might be wondering what’s new for filing your 2022 Income Tax return. Here are some of the changes…

Immediate Expensing of Capital Property

Immediate Expensing of Capital Property

With the calendar turning to 2023, it is a good time to consider tax planning. One of the most interest opportunities for tax planning is Immediate Expensing of Capital Property. The 2021 Federal Budget introduced new rules with respect on…