What’s New This 2023Tax Filing Season?
Every year tax season brings new changes that may impact most of our clients. To make things simple, we’ve provided a summary of how...
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A. IBRAHIM
- Oct 27, 2022
- 1 min
Home Accessibility Tax Credit - Federal
The Home Accessibility Tax Credit is a non-refundable tax credit that provides recognition of eligible home renovation or alteration...
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A. IBRAHIM
- Oct 27, 2022
- 5 min
Multigenerational Home Renovation Tax Credit
Budget 2022 proposes to introduce a new Multigenerational Home Renovation Tax Credit. The proposed refundable credit would provide...
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A. IBRAHIM
- Oct 27, 2022
- 3 min
Residential Property Flipping Rule
Property flipping involves purchasing real estate with the intention of reselling the property in a short period of time to realize a...
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A. IBRAHIM
- Oct 27, 2022
- 2 min
Home Buyers’ Tax Credit - Federal Tax Credit
First-time home buyers who acquire a qualifying home can obtain up to $750 in tax relief by claiming the First-Time Home Buyers’ Tax...
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A. IBRAHIM
- Oct 27, 2022
- 3 min
Tax-Free First Home Savings Account - New Federal Tax Credit
Budget 2022 proposes to create the Tax-Free First Home Savings Account (FHSA), a new registered account to help individuals save for...
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A. IBRAHIM
- Oct 27, 2022
- 2 min
Ontario Low-Income Workers Tax Credit
The Low-Income Workers Tax Credit (known as Low-income Individuals and Families (LIFT) Tax Credit) is a non-refundable tax credit that...
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A. IBRAHIM
- Oct 27, 2022
- 1 min
Ontario Sales Tax Credit
This credit is a tax-free payment to help Ontarians with the sales tax they pay. Eligibility for the 2022 benefit year (July 2022 – June...
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A. IBRAHIM
- Oct 27, 2022
- 2 min
Ontario Trillium Benefit
Eligibility for the 2022 benefit year (July 2022 – June 2023) To qualify, you must be a resident of Ontario on December 31, 2021, and at...
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A. IBRAHIM
- Oct 27, 2022
- 2 min
Ontario Seniors’ Home Safety Tax Credit 2022
The Seniors’ Home Safety Tax Credit is a temporary, refundable personal income tax credit that can help you make your home safer and more...
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A. IBRAHIM
- Oct 27, 2022
- 2 min
Ontario Staycation Tax Credit 2022
The temporary Ontario Staycation Tax Credit for 2022 aims to encourage Ontario families to explore the province, while helping the...
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A. IBRAHIM
- Oct 27, 2022
- 3 min
Zero-Emission Vehicles – Tax Incentives
If you are considering purchasing an electric vehicle (EV), you may be eligible for an incentive rebate off the Manufacturer’s Suggested...
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A. IBRAHIM
- Oct 27, 2022
- 3 min
IMMEDIATE EXPENSING OF CERTAIN DEPRECIABLE PROPERTY
Legislation was recently passed into law for a new temporary measure that allows Canadian-controlled private corporations (CCPCs),...
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A. IBRAHIM
- Oct 25, 2022
- 5 min
Tax implications for a personal services business
Do you own an incorporated business that provides consulting services? If you could be regarded as an employee of your clients, you run...
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A. IBRAHIM
- Feb 28, 2021
- 2 min
What expenses can I deduct for working from home during COVID?
If you are an employee and choose to use the detailed method to claim home office expenses, you must be aware of what you can and cannot...
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A. IBRAHIM
- Feb 24, 2021
- 2 min
Can I deduct car expenses against my rental income?
Can I deduct my car expenses against my rental property income?
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A. IBRAHIM
- Feb 21, 2021
- 1 min
Canada Emergency Business Account (CEBA)
If you have applied and received the first $40K loan (25% forgivable) and/ or the second loan of $20K ($10K forgivable), it is important...
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A. IBRAHIM
- Feb 12, 2021
- 2 min
What's new for 2021 tax filing (2020 tax returns)?
Immediate Support for Families with Young Children - The Government proposed to provide, in 2021, four tax-free payments of $300 per...
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A. IBRAHIM
- Jan 21, 2021
- 1 min
Home Office Expenses Calculator
To calculate the amount of home office expenses you are allowed to claim, you can use the CRA calculator. https://www.canada.ca/en/revenu...
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A. IBRAHIM
- Jan 10, 2021
- 3 min
Change in Use of a Residence - What happens if I Move into my Rental Property, or Start Renting out
Deemed Disposition When there is a change in use of real estate, either from income-producing to personal-use, or from personal-use to...
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