When it comes to filing U.S. tax returns, Canadians often find themselves navigating a complex web of rules and regulations that differ significantly from their home country. In this blog post, we’ll discuss some of the common mistakes Canadians make when filing their U.S. tax returns and offer insights on how to avoid them. Whether …
Top 3 Mistakes Canadians Make When Filing U.S. Tax Returns Read More »
The Government of Canada has implemented a tax called the Underused Housing Tax (UHT) on vacant or underused housing in Canada. The Underused Housing Tax Act, which regulates the UHT, was approved on June 9, 2022. The UHT is a yearly federal tax of 1% on the ownership of vacant or underused housing in Canada, …
One of the key focus areas in the 2022 federal budget (Budget 22) was to improve housing affordability, particularly for first-time buyers. Here is a summary of the new initiatives proposed in Budget 22, and the existing government programs to support first-time home buyers. New proposals in Budget 22 First Home Savings Account: Budget 22 …
Government Programs To Support First-Time Home Buyer Read More »
Don’t wait until tax time to begin readying information. Tax time can be tricky for almost anyone, but this can be especially true for those who work for themselves. Turning to a CPA when filing – or better yet, in the months before – can help reduce the inevitable headache and possibly the amount of …
Self-employed? Talk to a CPA long before filing your taxes Read More »
This is from CRA NEWSWIRE December 30, 2021 INTERNATIONAL INCOME TAX ISSUES: CRA AND COVID-19 Section VII of this page has been updated to extend the administrative relief that was provided to Canadian-resident cross-border workers in respect of their 2020 income tax obligations to also apply to 2021. This update does not contain any further …
Find out about some of the legal and tax implications of a rental unit before you sign on a tenant. For people currently renting or considering renting a portion of the home they own, the tax considerations can be complex and the fallout costly if you don’t do it right. In fact, earning income from …
Why A Rental Unit In Your Home Is Not As Simple As It Sounds Read More »
Before granting an employee’s request to telework from another country, employers need to ensure the organization is meeting all its obligations. Despite the widespread closure of borders, there are more digital nomads than ever – 35 million worldwide. And, with the introduction of vaccination passports and increasing remote work opportunities, a growing number of employees …
The Tax Implications of Employees Working Remotely Abroad Read More »
When we think about fraud committed against individuals, many of us immediately think of identity theft. Identity theft is the taking of a victim’s private information (such as their social insurance number or birthdate) to use for financial gain. Examples of identity theft include applying for and using a credit card with the stolen information. …
In Canada, we are fortunate to have access to various benefit, credit and incentives programs delivered to Canadians through the tax system. Dependant and care giver benefits What is the Canada caregiver credit? Do you support a spouse or common-law partner, or a dependant with a physical or mental impairment? The Canada caregiver credit (CCC) is …
Meeting regularly with a CPA to establish and maintain a good framework is just one of the ways to set yourself up for success. Ask any CPA and they will tell you there is no shortage of small business owners who struggle with the ins and outs of their bookkeeping and accounting chores. The biggest …
Why Year-Round Financial Housekeeping Can Help Your Business Read More »
