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 the property is registered you must:
The Home Buyers’ Plan (HBP) limit has been increased from $35,000 to $60,000 per person … and the repayment has been changed from 15 years to a payment holiday for the first 5 years thereby extending the overall repayment requirement to 20 years. Of course, you can pay it back quicker.
This is attractive because it is an interest free loan. […]
Cryptocurrency is treated as a commodity for tax purposes
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
Taxable transactions occur in the following situations:
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Filing Considerations for the 2022 Tax Year
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 […]
Personal Service Corporations
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 […]
Home Office Deduction for Employees
For the 2021 and 2022 tax years, employees working from home due to the COVID-19 pandemic may be able to claim up to a maximum of $500 using the simplified temporary flat rate method, to calculate their home office expenses. This is an increase over the $400 maximum for 2020
The new temporary flat rate […]