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Five End-of-Year Tax Planning Tips
The end of the year is rapidly approaching, which commonly brings about a time when business owners reflect on taxes. There are a few considerations that owners can contemplate to help maximize tax efficiency. Below are some immediate things you can contemplate and
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1% Tax on Vacant and Underused Housing Approved for 2022
Earlier this summer, the government’s Underused Housing Tax Act (UHTA) received Royal Assent. The Act is retroactive to January 1, 2022 and will impact 2022 tax filings for many registered owners of properties that are considered to be vacant or underused. What Types
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New Luxury Tax Coming into Force on Planes, Boats & Automobiles
Starting September 1st, 2022, a new luxury tax will be applied to the purchase of recreational vehicles and aircraft priced at $100,000 or more, and vessels priced at $250,00 or
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CRA Prescribed Rate Rising – What Does it Mean for You?
The impact of rising interest rates by the Bank of Canada are being felt in many places, including the Canada Revenue Agency. Effective October 1st, the CRA prescribed base interest rate will be rising to 3% (currently at 2%) for the fourth quarter of 2022. The
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Electric Vehicle Rebates for Consumers & Businesses Explained
With the high price of gasoline, the COP26 UN Climate Change Conference, and the recent natural disasters in BC fresh in everyone’s mind, many consumers may be considering purchasing an electric vehicle (EV). Buyers may be eligible for an incentive rebate off the
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The Time to Get a Business Valuation is Now for Immediate Tax Savings
CRA will be watching to ensure shares are transferred at an amount equal to market value and/or the adult children are actually running the business after the
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