The Underused Housing Tax is an annual 1% tax on the ownership of vacant or underused housing in Canada that took effect on January 1, 2022. The tax usually applies to non-resident, non-Canadian owners. In some situations, however, it also applies to Canadian owners. Many Canadian corporations, partnerships, and trusts — including those with no Read more about Underused Housing Tax (UHT)[…]
As a business owner, your corporation has a life insurance policy on your life – a key part of your estate and succession planning! However, to avoid unintended tax consequences, it’s critical that the beneficiary designations of your corporate owned life insurance policies be reviewed. Where your corporation is the owner and payor of the Read more about Corporate Owned Life Insurance – Watch Those Beneficiary Designations![…]
CRA will open accepting electronic filing of tax returns for year 2021 from February 21, 2022. We recommend you to wait until end of March if you have a bigger investment portfolio, as investment statements including T5s and T3s are issued in March by most of the investment companies and mutual funds. If you receive Read more about 2021 Personal Tax Update and Checklists[…]
We have been receiving many requests to provide NOAs, RRSP limits, refund issued etc. We encourage you to register with CRA to view or download any statements you need including NOAs, RRSP limits, track your assessments and many more. CRA has following two videos showing how to register for CRA My Account (used for individuals) Read more about CRA My Account and My Business Account[…]
The TFSA program began in 2009. It is a way for individuals who are 18 years of age or older and who have a valid social insurance number (SIN) to set money aside tax free throughout their lifetime. Unlike an RRSP, investors are not able to deduct contributions to a TFSA for tax purposes; however investment Read more about How to retire with over $200,000 Non-Taxable Family Income[…]
Leveraged investing is a technique that seeks higher investment profits by using borrowed money. These profits come from the difference between the investment returns on the borrowed capital and the cost of the associated interest. Leveraged investing exposes an investor to higher return with high risk. Watch the video below from Industrial Alliance and B2B: Read attached to Read more about Understanding Investment Leveraging – Investment Loans[…]
As a parent, you want the best for your child – their health, happiness and future opportunities. A Registered Education Savings Plan (RESP) is one way you can help lay the groundwork for a lifetime of learning. There are many financial benefits to consider as well, including government grants and tax-deferred growth of the investments Read more about SMART TALK… about registered education savings plans (RESPs)[…]
The Canada Revenue Agency locked roughly 800,000 accounts after a routine check found that the login information was available to “unauthorized individuals,” the federal tax agency said Friday. Impacted users will be locked out of their accounts as a preventive measure until they create a new user ID and password, the CRA said in a Read more about Canada Revenue Agency locks 800,000 accounts[…]
Gift received by a Canadian resident from Indian resident is taxable in India in the hands of the recipient unless received from relatives. In India, one of the most common modes of transfer of property and money is by way of a gift. A gift can be a transfer of movable or immovable property or Read more about Indian Gift Tax Rules: Documents that you should have[…]
First payroll remittance for year 2021 will be due on Feb 15th 2021 if you are monthly remitter or on April 15th 2021 if you are quarterly remitter. The CPP rate for year 2021 has gone up to 5.45% from 4.25% in 2020, see the table below. CPP contribution rates, maximums and exemptions Year Maximum Read more about 2021 Payroll Planning[…]