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What Are The Tax Implications For Rental Income Properties?

With the rising inflation, owning a house in Canada is getting very expensive so many homeowners earn rental income by renting out space in their primary residence or from a separate rental property. According to recent a CIBC poll, more than one in four Canadian homeowners are either already landlords (15%) or plan to earn

Still Working From Home? – Breaking Down The Implications Of Remote Work On Taxes

During global COVID-19 pandemic, employers have embraced an environment where employees work from home. With the opportunity to work from home, some Canadians are taking the opportunity to work from anywhere. For some that means working from the cottage or working from a foreign location. While this has been a great opportunity for employees and employers alike, there’s just one catch: understanding the impact of working remotely on taxes. In this article, we will explain where Canadian remote workers pay taxes and the unique tax implications of working remotely.

Leasing vs. Buying a Vehicle – Determining the Best Fit For Your Business

When your business needs a new vehicle, the most common question is if you should buy or lease a vehicle. The decision to lease or buy vehicle and other equipment is best made on a case-by-case basis, as every business is unique. Many factors play into your decision, and it can be stressful deciding which is best for your particular business. Let’s look at the pros and the cons of leasing vs buying vehicle for your business.

All You Need to Know About Canada’s Electric Car Govt. Rebates, Tax and Tax Write-offs

The federal government has declared that by 2035 100 per cent of passenger cars and trucks sold in Canada must be zero-emission. But we all know that the higher upfront purchase cost of zero-emission vehicles (ZEVs) can make it more difficult to adopt this clean technology. In order for you to make the switch, both Federal and provincial government has announced new incentives to make zero-emission vehicles (“ZEV”) more affordable for Canadians. Here is the breakdown of everything you need to know before purchasing ZEV.

What Is a Trigger Rate – and How Does It Impact Your Mortgage?

The trigger rate applies to variable-rate mortgage holders that are on a fixed payment schedule. In case of variable rate mortgage (VRM), the trigger rate is the rate at which the regular mortgage payments no longer covers the accrued interest.

Extension of Canada Emergency Business Account (CEBA) Repayment

The Canada Emergency Business Account (CEBA) program has provided interest-free, partially forgivable loans to nearly 900,000 small businesses and not-for-profit organizations to help them navigate the challenges of COVID-19 pandemic and remain resilient. The loan was given to cover their non-deferrable expenses such as wages, rent, lease payments, property taxes, utility bills etc.  

What’s the Difference Between a Bookkeeper and an Accountant?

Regardless of your industry or your company’s legal structure, bookkeeping and accounting professionals are vital to the health of your business. Most people would be hard-pressed to describe the difference between an accountant and a bookkeeper. And while the terms are often used interchangeably, there is a great difference between accountants and bookkeepers in terms of their roles when it comes to managing and leveraging your financial data.

How Do Capital Gains Work In Canada?

Selling your high-performing stocks or your investment property can reap significant profits, and those moments are worth celebrating. But while you’re enjoying the spoils of your investments, keep in mind that you’ll eventually have to pay tax on them. In Canada, most gains on capital assets are taxed.

What Self-employed Contractors Need To Know About Taxes?

As an independent contractor, you can forget the standard 9-to-5 and set your own hours. Rather than earning an annual salary, it’s up to you to set the price of your work—and to sell it. Instead of receiving assignments from a manager, you get to choose who you work with and what type of work you do. Working as an independent contractor can provide you with great freedom when it comes to your schedule and income, but it can also make things more complicated during tax season.

Starting A New Business? Avoid These Common Mistakes

Starting a new business for the first time is not always easy. There are many factors to take into consideration – whether financing, marketing, customer acquisition or dealing with legal issues. Many new businesses place legal concerns on the back burner due to costs and time constraints. They assume that legal problems can be dealt with later, but it may be too late or even more costly to fix.