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 […]
Role of Accountants for Doctors in Canada
For medical professionals in Canada, the demands of patient care and managing a practice often leave little time for handling complex financial matters. This is where a knowledgeable accountant can be an invaluable asset. In this article, we’ll explore the critical role of Accountants for Doctors in Canada’ financial health and ensuring compliance with Canada’s […]
Tax Return Filing for Amazon Business in Canada
Operating an Amazon Business in Canada offers entrepreneurs an incredible opportunity to tap into the e-commerce boom. However, with great opportunities come great responsibilities, including fulfilling your tax obligations accurately and timely. Navigating tax return filing can be daunting, but this guide aims to simplify the process and ensure compliance for Tax Return Filing for […]
Accountant for Corporation Tax Return in Canada
For corporations operating in Canada, tax season is a significant undertaking that demands accuracy and compliance. Corporation tax returns involve intricate calculations, complex regulations, and potential pitfalls. Engaging a skilled accountant for your corporation tax return is not just a wise choice but a strategic move. In this article, we’ll delve into the importance of […]
Tax Accountant for Self-Employed Tax Return Canada
Running a self-employed business in Canada comes with numerous benefits, but it also brings along the responsibility of managing your taxes effectively. Tax returns for self-employed individuals can be complex, and ensuring accurate filings is crucial to avoid penalties and maximize your deductions. This is where a qualified tax accountant can make a significant difference. […]