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For the December 14, 2024 to February 15, 2025 period, certain items normally subject to GST-HST Tax should not have GST-HST Tax applied at the point of sale. Businesses selling these goods can still claim input tax credits
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There are several reasons an individual might convert part of their home into a rental property. However, this action can have significant income tax implications, including potentially limiting access to the principal residence exemption, which can be easily
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The Capital Gain Inclusion Rate has been proposed to increase from 50% to 2/3, effective June 25, 2024, for corporations and most trusts as well as for the portion of capital gains realized in the year that exceeds
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In the Spring of 2025, CRA will change the default method of correspondence for most businesses to online only. This means that most businesses will receive their notices of assessment, letters, forms, statements and other documents from CRA
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December 31, 2024 is fast approaching… see below for a list of tax planning considerations. Please contact us for further details or to discuss whether these may apply to your tax situation. 1) NEW! As of June 25,
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An August 20, 2024 Tax Court of Canada case reviewed whether a corporation could claim ITCs of $8,874 related to the purchase of two vehicles that were used by the corporation. One vehicle was purchased by the shareholder
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Where borrowers cannot repay their CEBA loan in full when it becomes due, the loan may be assigned from the taxpayer’s financial institution to the CEBA program for collection. CRA is assisting with the collection of loans that
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Incorporating as a Registered Psychotherapist (RP) can be an excellent decision for individuals seeking greater control over their practice, enhanced financial benefits, and professional growth. This guide will explore the key steps, advantages, and considerations for psychotherapists who
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As of June 20, 2024, certain psychotherapy and counselling therapy services have become exempt from GST/HST. This means that those providing these exempt services are no longer required to collect GST/HST on their services, and these service providers
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In late 2023, the Federal government announced its intention to deny income tax deductions for expenses by non-compliant operators of short-term rental properties (such as Airbnb or VRBO properties rented for periods of less than 90 days). These
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