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Underused Housing Tax: The Impact on Some Residential Property Owners
February 14th, 2024 by SNJ
Canada Revenue Agency extended the deadline for filing the 2022 Underused Housing Tax Return until April 30, 2024. This extension means that all penalties and interest will be waived so long as the return is filed by April 30, 2024. This also means that both the 2022 and 2023 Underused Housing Tax Returns need to be filed by the same deadline. The Underused Housing Tax… Read More »
CHANGES IN TAX RULES MAY LESSEN THE TAX BURDENS ON INTERGENERATIONAL TRANSFERS
March 2nd, 2022 by Gemma Brown
By Gemma L. Brown, Partner and Alexandra Philippot, Articling Student-at-Law Bill C-208, which was introduced by Larry Maguire, MP from Brandon-Souris, makes amendments to the Income Tax Act by aiming to lessen the tax burden on intergenerational transfers of small businesses, family farms or fishing corporations. This bill addresses a gap in the Income Tax Act that made it more costly for small business owners… Read More »
Legal Fees as Deductions on Income Tax Return
September 8th, 2020 by Gemma Brown
Did you know….your Legal Fees might be deductions on your Income Tax Return We are all familiar with the process of filing income tax returns. Every year, we gather our T3’s, T4’s and T5’s, visit our accountant and they file our income tax return to the Canada Revenue Agency. What you might not know is that some of the legal fees you pay to your… Read More »
Donation Receipts for Providing Services
December 30th, 2019 by Samuel Teichroew
The Income Tax Act currently permits a registered charity to issue official donation receipts for income tax purposes for donations that legally qualify as gifts. To qualify the gift must be property of some kind: cash, investments, real property, and the rights to receive property of some kind all qualify. However, the contributions of services, time, skills or efforts, are not property, and do not… Read More »
Accounting Records for Your Business
March 6th, 2019
It is fairly common knowledge that businesses are required to keep their accounting records for seven years. However, many people are not aware that they should be keeping certain records, like their general ledgers, forever in some cases. Take for instance, the family farm which has been operated for thirty years and is being passed down to the next generation. As part of the succession… Read More »
Canada Pension Plan Top Up – The Child Rearing Provision
January 3rd, 2019
Individuals who left the work force, or had low earnings because they were caring for a child under the age of seven may be able to qualify for benefits or increase their Canada Pension Plan Benefits. To qualify the individual must have either not worked or had low earnings while being the primary caregiver of a child under the age of seven who was born… Read More »
