WHAT IS NEW FOR THE 2024 TAX SEASON?
As tax season is upon us, we wanted to reach out to you with some important updates and reminders to ensure a smooth and efficient filing...
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A. IBRAHIM
Sep 16, 20233 min read
Incorporating a New Business in Canada: A Comprehensive Guide by IB Tax
Starting a new business is an exciting endeavor that often begins with the crucial step of incorporation. If you're considering...
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A. IBRAHIM
Jul 11, 20233 min read
First Home Saving Account by IB Tax Ottawa Canada
Purchasing your first home is an exciting milestone in life, and finding the right financial tools to support your dream is crucial. In...
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A. IBRAHIM
Jun 22, 20233 min read
Simplify Your Tax Matters with IB Tax: Your Trusted Tax Consultant in Ottawa
IB Tax is your trusted tax consultant in Ottawa, offering personalized tax solutions, expert advice, and comprehensive services. Simplify y
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A. IBRAHIM
Apr 25, 20232 min read
What is the Underused Housing Tax?
The new Underused Housing Tax was enacted into law and applicable for January 1, 2022 onward. This tax, due annually, is based on the...
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A. IBRAHIM
Jan 26, 20233 min read
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, 20221 min read
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, 20225 min read
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, 20223 min read
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, 20222 min read
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, 20223 min read
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, 20222 min read
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, 20221 min read
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, 20222 min read
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, 20222 min read
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, 20222 min read
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 26, 20223 min read
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 26, 20223 min read
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, 20225 min read
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 27, 20212 min read
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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