Tax News

Tax News2022-12-31T14:51:19-08:00

Potential tax problems

A tax problem can quickly become a tax emergency.

Unresolved tax disputes with the CRA pose significant risks to taxpayers. The CRA has sufficient powers to collect tax debt under the various tax acts. Taxpayers facing problems such as past due tax returns, undeclared income, or outstanding tax debt could face harsh consequences including:

  1. Interest: Unpaid […]

Need more tax deductions?

Did you know that some Canadians are entitled to benefits and credits but they don’t know that they are? You may be leaving money on the table by not filing your income tax and benefit return.

The Canada Revenue Agency (CRA) wants you to receive […]

Moving Back To Your Home Country

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 […]

First Time Home Buyers

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 […]

Foreign Corporation that is not a PFIC- Form 5471

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 […]

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.

What is property flipping?

Property flipping involves purchasing residential property and reselling the property in a short period of time to realize […]

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Corporate taxation on passive investment income

11/21/2024|Comments Off on Corporate taxation on passive investment income

Taxation of investment income earned in a corporation When there is surplus cash in your corporation, the first step is to determine if the business will need the funds in the near future. Perhaps your corporation will need the excess cash to make tax instalments or a major business [...]

BC Transfer Tax for First Time Home Buyers

11/09/2024|Comments Off on BC Transfer Tax for First Time Home Buyers

The first time home buyers' program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. If you qualify for the program, you may be eligible for either a full or partial exemption from the tax. To qualify for an exemption, at the time [...]

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