Welcome back to the GBA-LLP.ca education series, ‘Special Tax Topics.’ The journey towards homeownership is laden with challenges, especially for first-time buyers. The Canadian government’s introduction of the First Home Savings Account (FHSA) seeks to ease this path. Today, we’ll uncover the intricacies of the FHSA, highlighting its benefits and some of its major rules. […]

Welcome to another article in our GBA-LLP.ca education series, ‘Special Tax Topics.’ Today, we will delve into a topic that has raised many eyebrows, yet it remains shrouded in an aura of complexity – the GST/HST New Housing Rebate. The Basics To start, let’s talk about what we know. The Goods and Services Tax (GST) […]

Hello again to our valued readers. We are back with another installment in our GBA-LLP.ca education series, ‘Special Tax Topics.’ This time, we’ll explore a subject that’s becoming increasingly important in today’s changing real estate landscape: the GST/HST implications on short-term rental properties. What We Know: Short-Term Rentals and GST/HST Firstly, let’s clarify what we […]

Welcome back to our GBA-LLP.ca education series, ‘Special Tax Topics.’ Today’s installment navigates through an often nerve-wracking scenario for Canadian taxpayers – over-contributing to a Registered Retirement Savings Plan (RRSP). Understanding RRSP Over-contributions To set the stage, we must first grasp what an RRSP over-contribution entails. Every year, you’re entitled to contribute a specific percentage […]

Welcome to our new GBA-LLP.ca education series, ‘Special Tax Topics.’ Our topic today is aimed at helping you navigate the often complex world of tax documents. We’ll show you how to read your Notice of Assessment (NOA) to avoid over-contributing to your Registered Retirement Savings Plan (RRSP). Let’s delve into it. Understanding Your Notice of […]

At GBA LLP, we understand that navigating the compliance landscape with the Canada Revenue Agency (CRA) can often feel daunting for non-profit organizations (NPOs) and charities. But don’t fret! When armed with a clear understanding of the regulations and a step-by-step guide, ensuring your organization’s compliance with the CRA is a manageable task. In this […]