For 2023 and subsequent taxation years, Budget 2022 introduced a new deeming rule for residential real estate (including rental property). The new deeming rule is to ensure that profits from the disposition of flipped property are taxed as business income.
Property flipping involves purchasing residential property and reselling the property in a short period of time to realize a […]
At Focused Tax Strategies, we feel obligated to inform our US clients about their obligations to file form 5471, failing which they could be liable for significant fines and exposure to life-long audits. Given the complexity of these situations, we are NOT accepting clients who need a 1040 and/or state return who own […]
In the Budget 2022, the government proposed the introduction of the Tax-Free First Home Savings Account (FHSA). This new registered plan would give prospective first-time home buyers the ability to save $40,000 on a tax-free basis. Like a Registered Retirement Savings Plan (RRSP), contributions would be tax-deductible, and withdrawals to purchase a first home—including from investment income—would be […]
Any income from the sale or transfer of such cryptocurrency is treated either as business income or as a capital gain. Similarly, losses are either treated a a business loss or capital loss and can be set off against business profits or capital gains, respectively
Taxable transactions occur in the following situations:
There are various deadlines for filing and paying taxes in Canada for the 2022 tax year.
Mar 1, 2023 Last day for 2022 RRSP contributions
Mar 15, 2023 Due date for tax instalments for 2022 (see below)
Feb 28, 2023 Last day for filing T4s for employees, and T5s for dividends paid
Mar 31, 2023 Last day for […]
The first of the Government of Canada’s new financial support measures took effect on November 4, 2022 with the additional one-time goods and services tax credit (GST credit) payment.
This additional one-time payment will double the GST credit for six months for those who receive it, to help make life more affordable.
GST credit recipients do not need […]
Seeing a dental care professional is important not only for oral health, but for overall health. In Canada, a third of people do not have dental insurance, leaving many unable to visit an oral health professional to get the dental care they need.
On December 1, the Government of Canada announced that applications for the new interim […]
Rather than hiring employees directly, many taxpayers retain non-employees to provide services, whether to fill a short-term need, obtain specific expertise or otherwise fill a role that is not suited to a full-time position.
These situations carry significant income tax risk, and that risk depends on whether an individual or corporation is providing the services.
When the service provider is an […]
As Residents of Canada’s Capital move from Canada to the United States or vice versa, a multitude of unique lifestyle, immigration, financial, tax and estate planning issues must be considered. Ideally, it is best to plan or be aware of these considerations prior to the move, not afterward. In this article, we will discuss some of […]
You may have been putting considerable energy into saving for retirement, but what about estate planning? If you want your assets to pass through as easily as possible to your beneficiaries, it’s worth speaking to an advisor and doing some planning early on.
“There are many things to consider during the planning process,” says FCPA […]
