Canada Tax Implications for Immigration and Emigration
Know the Tax Implications of Immigrating to or Emigrating from Canada Canada tax residency is a key factor when relocating to or from Canada, a great life change with significant tax considerations. Whether you are immigrating to Canada or emigrating to another country, understanding the tax implications will help you plan effectively and avoid potential financial pitfalls. Here's what you need to know. Tax Residency in Canada Taxation in [...]
Business Expenses
Business Expenses General Deductibility All reasonable expenses incurred to earn business income are deductible for tax purposes, with specific restrictions based on expense type. Meals & Entertainment A maximum of 50% of meal and entertainment costs can be claimed. Includes dining with clients or business-related entertainment directly tied to earning income. Automobile Expenses Deductible costs: fuel, maintenance, repairs, insurance, and licensing fees. Depreciation (or lease payments) can be claimed [...]
Tax Incentives for Homeowners, First-Time Buyers, and Landlords in 2024
Tax Incentives for Homeowners, First-Time Buyers, and Landlords in 2024 The Canada Revenue Agency (CRA) offers tax measures to help Canadians manage housing costs, save for their first home, and support housing-related decisions. Saving for Your First Home Home Buyer’s Plan (HBP) Withdraw up to $60,000 tax-free from your RRSP to buy or build a qualifying home. For withdrawals made between Jan 1, 2022 – Dec 31, 2025, the [...]
2025 Automobile Deduction Limits and Expense Benefit Rates for Businesses
2025 Automobile Deduction Limits and Expense Benefit Rates for Businesses As the new year begins, businesses need to be aware of the updated automobile deduction limits and expense benefit rates announced by the Department of Finance Canada. Effective January 1, 2025, these changes impact how businesses manage automobile-related expenses for tax purposes. What’s Changing in 2025? Increased Capital Cost Allowance (CCA) Limit The capital cost allowance (CCA) ceiling for [...]
BC Home Flipping Tax
BC home flipping tax The British Columbia (B.C.) government has introduced the Residential Property (Short-Term Holding) Profit Tax, commonly known as the Home Flipping Tax, effective January 1, 2025. This measure aims to deter speculative real estate activities that contribute to housing affordability challenges. Key Features of the Home Flipping Tax: Applicability: The tax targets profits from the sale of residential properties held for less than two years. It [...]
Does My Business Have to Collect Sales Taxes?
Understanding the intricacies of Canadian sales tax is not merely a financial concern but a regulatory imperative that profoundly influences a business's financial standing. For business owners, discerning whether collecting taxes, notably GST and HST, is obligatory ensures financial transparency and legal compliance. This article serves as a concise guide through the complexities of sales tax obligations, providing insights from authoritative sources to address the crucial question: "Does My [...]