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Claiming Working from Home Expenses
January 2024 Update: The rules for claiming home office expenses have reverted back to pre-pandemic rules. Claiming home office expenses was a temporary measure and it ended for the 2022 tax year. For your 2022 personal tax filing, the Canada Revenue Agency has two
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2023-2024 Tax Facts for Ontario Residents
We’ve updated our Tax Facts for Ontario Residents document to include the new 2023 rates, as well as the 2022 rates. GGFL’s “go-to” Tax Facts sheet is a quick reference guide on Ontario tax rates, including corporate income, RRSP limits, prescribed
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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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Tuition Savings Strategies for Business Owners
No matter how you slice it, paying for college or university tuition is costly. A 2018 survey of 23,000 students by MacLeans Magazine put the average annual cost of college or university at close to $20,000. For families with young children, the cost will only get
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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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