Tax Planning

What to Know About the Free Canadian Dental Care Plan Proposed in 2023 Budget

What to Know About the Free Canadian Dental Care Plan Proposed in 2023 Budget More Canadians will soon have access to dental care coverage, thanks to the new Canadian Dental Care Plan announced in the 2023 federal budget. The government wants to widen access to dental care with the Canadian Dental Care Plan. It aims

Flipping A House? B.C. To Introduce House-Flipping Tax

Flipping A House? B.C. To Introduce House-Flipping Tax Effective as of January 1, 2023, the new residential anti-flipping tax rule came into effect in Canada according to which all flipped properties profits are subject to full income inclusion. The primary goal of this law is to combat excessive price growth in the housing market. It uses

How to Maximize Tax Return 2022 in Canada

How to Maximize Tax Return 2022 in Canada With rising interest rates every Canadians are experiencing strains caused by the increased cost of living and inflation. Claiming tax deductions & credits can help offset the financial burden by putting extra money back in your pocket. In order to maximize your tax return, you need to calculate your

Understanding Shareholder Loan Accounts

Understanding Shareholder Loan Accounts As interest rates continue to climb in 2023, the idea of taking out a loan from your corporation at no or low interest may be increasingly appealing. But before you plan to do that, it is important to understand the tax implications related to that. If you’re considering taking out a

Thinking About Retiring? Our Advice on Credits & Benefits Available to Canadians

Thinking About Retiring? Our Advice on Credits & Benefits Available to Canadians It is essential for seniors to adopt a plan regarding taxes when planning for retirement. More than 1 in 5 working-age Canadians are between the ages of 55 and 64 – more than at any time in our history. With the impending retirement wave, retirement planning

All You Need to Know About TFSA Rules For Trading Stocks in Canada 2023

All You Need to Know About TFSA Rules For Trading Stocks in Canada 2023 TFSAs (tax-free savings accounts) and RRSPs (registered retirement savings plans) are two of the most popular registered accounts held by Canadians. A TFSA helps you save for any goal – from next summer’s vacation abroad to supplementing your retirement later on — with tax-free growth.

Investing in RRSPs or TFSAs: What’s right for you?

Investing in RRSPs or TFSAs: What’s right for you? If you’re self-employed or a small business owner, saving for retirement comes with its own set of challenges. Can you save for the retirement and get a tax break? An RRSP and a TFSA are both investment accounts, registered with the Canada Revenue Agency (CRA), that

How to recession-proof your business finances in 2023?

How to recession-proof your business finances in 2023? Small business owners are struggling to make sense of the current economic state in 2023, with reports on a looming recession floating around. Therefore, it is advisable to be ready to weather the upcoming storm. Just as evolution in animals dictates that only the fittest survive, in

Government Announces the 2023 Automobile Deduction Limits and Expense Benefit Rates for Businesses

Government Announces the 2023 Automobile Deduction Limits and Expense Benefit Rates for Businesses Department of Finance Canada announced the automobile income tax deduction limits and expense benefit rates that will apply in 2023. The following changes to limits and rates will take effect as of January 1, 2023: The ceiling for capital cost allowances (CCA)

All You Need to Know About Tax Deductions From Commission Income

All You Need to Know About Tax Deductions From Commission Income Employers offer additional incentives to employees to generate high performance levels in form of bonus or commissions on top of their base salary. Commission employees under the paragraph 8(1)(f) of the Income Tax Act, have the option of deducting a broader range of expenditures