CRA Cracks Down on Ontario Real Estate: What You Need to Know0

Posted On July 18, 2024, by Angela-delaney

The Canada Revenue Agency (CRA) has significantly ramped up its scrutiny of the real estate sector, with a particular focus on Ontario and the Greater Toronto Area (GTA). This heightened attention stems from the sector’s critical economic impact and its potential for tax non-compliance. Here is what you need to know about the CRA’s activities […]

Update on Capital Gains Inclusion Rate: What You Need to Know0

Posted On June 27, 2024, by Trevor-buttle

Canada’s Federal Spring 2024 budget proposals have ultimately resulted in a significant change to the capital gains tax, specifically putting into effect the new two-thirds capital gains inclusion rate. Understanding the change and the potential implications is crucial for effective tax planning and financial decision-making. What is the Proposed Change? Prior to the recent change, […]

Understanding Not-for-Profit Organizations and Charities in Canada0

Posted On May 16, 2024, by Jennifer

Non-profit organizations play a vital role in the fabric of Canadian society, serving diverse purposes and addressing various community needs. In navigating the sector, it is important to consider the distinctions between Not-for-Profit Organizations (NPOs) and charities. In this article, we aim to provide clarity on these differences and offer guidance on the pathway to […]

Could You Be Facing an RRSP Over-Contribution?0

Posted On May 2, 2024, by Angela-delaney

What Happens When You Over-Contribute? Individuals aged 18 and above are allowed a $2,000 lifetime over-contribution allowance to their RRSPs. This provision by CRA serves to reduce penalties for minor, unintentional surpasses. In reality, utilizing this allowance leads to contributions that cannot be deducted in the current tax year, but are potentially eligible for deductions […]

Received Your Notice of Assessment? Now What?0

Posted On April 25, 2024, by Angela-delaney

Introduction Understanding your Notice of Assessment (NOA) from the Canada Revenue Agency (CRA) is crucial for managing your finances effectively. One key aspect of the NOA is your RRSP deduction limit, which plays a significant role in your retirement savings strategy. In this article, we will walk you through how to find and make sense […]

Sole Proprietorship vs Incorporation: Choosing the Right Business Structure for Your Canadian Venture0

Posted On April 4, 2024, by Trevor-buttle

When venturing into entrepreneurship in Canada, one of the critical decisions entrepreneurs face is selecting the appropriate business structure. The choice between sole proprietorship and incorporation significantly impacts various aspects of the business, including taxation, liability, and administrative requirements. This article aims to provide a Canadian comparison of sole proprietorship and incorporation, equipping entrepreneurs with […]

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