New Capital Gains Rules: Impact on Farm Property Sales & Transfers
Misunderstandings swirled as farmers tried to prepare for the impact of the new capital gains inclusion rates, which took effect in June 2024.
Alternative Minimum Tax (AMT) Changes: Everything You Need to Know
While most Canadians are never subject to Alternative Minimum Tax (AMT), business owners who generate high income may find themselves subject to this alternative tax regime.
What is the TFSA Limit for 2025?
Last updated: Nov. 29, 2024
The Canada Revenue Agency (CRA) has announced the 2025 Tax Free Savings Account (TFSA) contribution limit is $7,000. Want to learn more about this investment option? Read on to learn the ins and outs of TFSAs – from finding your limit to accurately tracking your contributions. What is a TFSA? … Read more
Year-End Tax Strategies to Maximize Savings for Tradespeople
As a self-employed tradesperson, juggling jobs, quotes, and invoices keeps you busy enough – never mind thinking about taxes before they’re due.
Cultivate a Prosperous Future: Year-End Tax Strategies for Farmers
Like farming, tax planning is a year-round activity, and the end of the calendar year is the perfect time to implement strategies to maximize tax savings.
Home Office Expenses: A Guide for Canadian Employers
The shift to remote work has become the new normal. One of the biggest questions is: what are my responsibilities when it comes to home office expenses?
Explaining Capital Gains: New Inclusion Rates Simplified.
Whether you sold off assets or hedged your bets before the new capital gains rules kicked in on June 25, understanding these changes is crucial.
Consequences of Not Filing Business Tax Returns in Canada
Last updated: Jun. 18, 2024 Every small business owner in Canada must file an annual tax return. However, not everyone fulfills this obligation, which can lead to serious consequences. The Canadian tax system, governed by the Income Tax Act, imposes strict penalties on those who fail to comply with tax filing requirements. This includes not … Read more
Your Guide to 2024 Tax Dates, Rates and Numbers in Canada
Last updated: Apr. 29, 2024 Filing a return that is accurate and on time is the best way to avoid tax penalties and over-payment. With that in mind, below is a list of key dates and tax numbers to help you with your tax return. Canada’s tax filing and payment deadlines *If you are paying … Read more