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April 14, 2019

If you own / manage one or multiple rental properties and you wonder if you can claim motor vehicle expenses as a deduction on your T776, then you should read the following guidelines are provided by Canada Revenue Agency:

If you own one rental property, you can deduct...

January 7, 2019

Every year we receive the same “classic” question from our clients, so which is really better? TFSA or RRSP?

The RRSP is better if:

  • The marginal tax rate for RRSP withdrawals will be lower than the marginal tax rate when contributions are made. In other words, you in...

January 7, 2019

Any of us may be subject at an audit at one time or another. That being said, there are ways of reducing your chances of being audited. We all have heard of red flags. Being aware of red flags can lessen the chance you’ll be selected for audit by the CRA. Avoid these r...

January 7, 2019

In general, interest expense which is incurred in order to earn income from business or property is tax deductible.  If you have borrowed funds to purchase real estate from which you will be earning income, the interest expense is deductible, but with restrictions if t...

January 6, 2019

Even if you cannot pay your full balance owing on or before April 30, 2018, you can avoid the late-filing penalty by filing your return on time.

If you owe tax for 2016 and do not file your return for 2016 on time, we will charge you a late-filing penalty. The penalty i...

January 6, 2019

Generally, you can deduct expenses for the business use of a work space in your home as long as:

  • The work space is your principal place of business; or

  • You use the space only to earn your business income, and you use it on a regular and ongoing basis to meet yo...

January 6, 2019

Income Tax Act s. 40(2)(b)

Principal Residence Exemption (PRE)

When a principal residence is sold, the gain is not taxable if it has been the person's principal residence for the whole time it has been owned.  This is because the principal residence exemption eliminates...

February 22, 2018

For 2018 tax filing, here are changes you can share with clients:

Changed credits and amounts

  • Tuition, education, and textbook credits – As of January 1, 2017, the federal education and textbook credits were eliminated. However, you can still carry forward unused amo...

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