CEBA Loan Repayment Deadlines Extended
The Canada Emergency Business Account (CEBA) was introduced at the height of the pandemic to help out small businesses forced to close or limit their operations due to public health measures. The program offered interest-free loans backed by the federal government. A business could apply for up to $60,000 through the program — up to $20,000 […]
Eligible vs Non Eligible Dividends in Canada
In Canada, eligible and non-eligible dividends refer to the different tax treatment of dividends received from Canadian corporations. The key distinction lies in the source of the funds used to pay the dividends. Lets find difference in Eligible vs Non Eligible Dividends; The tax treatment of dividends is important for individual investors, as it affects […]
How to determine your tax residency in Canada
To determine whether you’re a resident or non-resident, use the Canada Revenue Agency’s criteria to assess your ties with Canada. Because determinations are made on a case-by-case basis, there are no universally applicable rules to determine your tax residency status in Canada. However, your country of residence will usually be the one that you have the closest ties […]
Guide to Tax Return filing for Medical Residents in Canada
Navigating tax returns can be a daunting task for anyone, but for medical residents in Canada, it can be particularly challenging due to the unique financial circumstances they face. In this comprehensive guide, we will delve into the intricacies of tax return filing for medical residents in Canada, providing essential information and tips to help […]
Converting your principal residence into a rental property
The tax rules state that each time you change the use of a property, you’re considered to have sold the property at its fair market value and to have immediately reacquired the property for the same amount, which becomes your new tax cost or adjusted cost base. As a result, the general rule is that […]
First Time Home Buyers Tax Credit (HBTC)
First-time home buyers who acquire a qualifying home can claim a non-refundable First Time Home Buyers tax credit of up to $750 . The value of the HBTC is calculated by multiplying $5,000 by the lowest personal income tax rate (15% in 2022). A qualifying home must be registered in your or your spouse’s or common-law partner’s name in […]