Understanding shareholder loans and the tax pitfalls are crucial aspects in owning an incorporated business. Whether you own an incorporated business or are in the process of incorporating your business there are a few things you should know in order to avoid significant tax consequences. There are significant tax rules associated with shareholder loan accounts that prevent shareholders from borrowing ...
One topic that consistently captures the attention of property owners and investors is the change in use of property. Whether you're a homeowner contemplating the transformation of your residence into a rental property, or a real estate investor seeking to optimize your portfolio, understanding the intricacies of altering a property's use is of the utmost importance.
If you have an incorporated business, you are likely benefiting from some of the advantages of incorporation, including limited liability, tax deferral of funds reinvested in your business and the ability to initiate family planning. Want more good news?
In the dynamic landscape of business acquisitions, the choice between a share purchase and an asset purchase holds significant implications for both the buyer and the seller.
Owners of certain residential property in Canada should act quickly to meet their obligations under the Underused Housing Tax (UHT) as the first-year transitional relief runs out on October 31, 2023.
The Tax-Free First Home Savings Account (FHSA) offers prospective first-time home buyers to save $40,000 tax-free to purchase a primary residence.
Note: This is a further update to our article published on January 5, 2023.
The Underused Housing Tax Return and Election Form is now available on the CRA website.
Personal tax season is just around the corner. Please visit Personal Taxes for the following documents and other tools to help you get started:
Toronto residential property owners, including corporations, partnerships and trusts, must submit a declaration of their property’s occupancy status for 2022 and pay any tax assessed on the property in 2023.
Owners, except for Excluded Owners (see below), of residential property in Canada will now have to file an annual Underused Housing Tax return to determine if they are subject to this new tax.