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We attempt to assist our readers by simplifying some of the complex income tax issues in Canada. Occasionally, we answer the general tax questions as well that can help a broader readership of our blog section.
INSIGHTS
Top 10 Mistakes to Avoid on Personal Tax Returns
Tax filing is sometimes, if not always, a fairly complicated process! For the majority of taxpayers, it is so easy to make mistakes and overlook possible credits and deductions. It simply cannot be taken for
Personal Real Estate Corporation (PREC)
In Ontario, real estate agents and realtors have traditionally operated as sole proprietors, as they were not allowed to incorporate their businesses. However, Bill 145, the Trust in Real Estate Services Act, 2020, introduced important
2021 – Individual Income Tax Return (T1) Checklist
2021 – Individual Income Taxes – Checklist Electronic filing for Individual Income Tax Returns (T1) for the 2021 tax year is open now. We have compiled a checklist for the individual taxpayers for a quick
Business and Professional Income (T1)
Business or Professional Income on T1 If you have a business income or professional income, please provide the below information. Please note this is applicable to any unincorporated form of business, also known to some
Crypto Mining in 2022 and Income Taxes
Crypto mining is on the rise! Learnt he income tax application and reporting of Crypto mining in Canada!
TAX QUESTIONS
Taxation of RSUs after moving from Canada
Question: I moved from the U.S. to Canada in April of 2024 after I got my Canadian PR approved. I have RSUs that were granted while I was in the
Short Term Rentals in Canada
Tax Question Asked by: Andrea J. Marie I have a condo that I use as an AirBNB in Toronto. I am recently told that I cannot claim any tax deductions
Bare Trust Reporting in Canada
Question asked by Sumit Khanna My son owns a house where he lives. He was having a hard time getting a mortgage. I decided to be on the title of
Late filing Penalties for form 5471
Tax Question asked by Aiman Doe (Name changed at their request) I am an American living in Canada since 2011. I own a Canadian Corporation since 2012. I have never
Tax Treaty Benefits for Non-U.S. members of LLC
Question: Can a U.S. LLC claim exemption from Canadian corporate income tax under article VII of treaty if it has non-us members?