Caring for aging parents or family members can be a time-consuming and financially demanding experience. If you find yourself in this situation, where you need to provide financial or physical support for your elderly parents, and you’re facing the costs of nursing care and other medical needs, it’s important to understand which expenses are tax-deductible […]
The Ontario Trillium Benefit (OTB) is a tax credit in Ontario that provides refunds to residents with low to moderate income. It encompasses several credits, including the Ontario Energy and Property Tax Credit, the Northern Ontario Energy Credit, and the Ontario Sales Tax Credit. Typically, the annual entitlement for the OTB is divided into 12 […]
To ensure proper financial management for your Canadian business, it is crucial to choose between ASPE and IFRS accounting standards. However, before making a decision, it is essential to comprehend the implications of these accounting requirements for your company. Regardless of the size of your business, it is vital to have a good understanding of […]
Welcome to Canada! As one of the over 405,000 newcomers who immigrated here last year, there are a few important things you should know about Tax Filing Information for Newcomers, and as a new Canadian, you’re eligible for the same tax credits and deductions as Canadian citizens. You’ll encounter friendly faces wherever you go, witness […]
The Tax-Free Savings Account (TFSA) was introduced in Canada in 2009 and has since gained popularity among Canadians as a beneficial savings tool. However, it’s important to consider the potential tax implications when holding foreign investments in a TFSA. For Canadian clients who hold foreign investments in their TFSA, dividends received within the account are […]
Managing a Rental Property and Taxes: What You Need to Know Whether you’re a seasoned real estate investor with multiple properties or just dipping your toes in the market by renting out a portion of your home, managing a rental property can be a lucrative investment. However, it also entails the responsibilities of being a […]
Family Day is not only a time for bonding with loved ones but also an opportunity to reflect on the changes that have occurred at home over the past year, as they may impact your tax situation for tax benefits for families. Regardless of whether your family has become blended or if things have […]
As the COVID-19 situation evolves, the Canadian government has made important updates to several relief programs to better assist individuals and businesses during these challenging times. In this blog post, we’ll highlight the recent changes to the Canada Emergency Business Account (CEBA), the Canada Emergency Wage Subsidy (CEWS), and the Canada Emergency Response Benefit (CERB) […]
Navigating Taxes as a Non-Residency Considerations in Canada: Exploring Your Obligations Taxes evoke a mix of emotions among Canadians. While no one relishes seeing their hard-earned money diminish, we also appreciate the presence of healthcare and social programs that support our fellow citizens and communities. However, if you find yourself in Canada without holding non-residency […]
Ensuring the protection of our assets in the event of our death or incapacity is a common concern. It’s important to align our long-term goals with the beneficiaries of our work. When it comes to TFSA (Tax-Free Savings Account) holder, there is a significant designation known as the successor holder, which may be more important […]