Jul 26, 2024Advantages & The Process of Incorporating as a Registered Psychotherapist
Incorporating as a Registered Psychotherapist (RP) can be an excellent decision for individuals seeking greater control over their practice, enhanced financial benefits, and professional…
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Jul 10, 2024Psychotherapy and Counselling Therapy: GST/HST Changes
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…
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Jun 10, 2024Short-Term Rentals: Selected Tax Issues
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…
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May 26, 2024CRA Audit Activity – Real Estate & Cryptocurrency
Real Estate: CRA Audit Activity CRA uses a combination of risk assessment tools, analytics, leads and third-party data to detect non-compliance in the real…
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Apr 30, 2024April 2024 Tax Update – Capital Gains Inclusion Rate, Mandatory Electronic Filing, Director Liability
Capital Gains Inclusion Rate: Proposed IncreaseThe 2025 tax Federal Budget proposed to increase the capital gains inclusion rate from 50% to 2/3 of the…
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Mar 10, 2024Maternity Benefits for Self-Employed Therapists in Canada: What You Need to Know
In Canada, expecting mothers are entitled to various maternity and parental benefits, but the situation can differ significantly for self-employed individuals. While employees are…
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Feb 10, 2024Maximizing Tax Deductions for Canadian Psychotherapists
As a psychotherapist in Canada, you have the opportunity to reduce your taxable income by taking advantage of various tax deductions available to you.…
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Jan 23, 2024CPP Enhancements: Higher Contributions and Higher Benefits
In 2019, the government commenced a two-part enhancement to the Canada Pension Plan (CPP), with full implementation to be completed in 2025. Phase 1…
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Jan 9, 2024First Home Savings Account (FHSA): A New Investment Tool
The tax-free FHSA was introduced in 2023 to help first-time home buyers save up to $40,000 for a home purchase.Individuals eligible to open an…
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