Saving up for a down payment can seem like an impossible task. The good news is that first-time homebuyers in Canada can withdraw funds tax-free from their registered retirement savings plan (RRSP) to contribute to a down payment. The program is called the RRSP Home Buyers’ Plan, and in order to be eligible, there are […]
FIRST THINGS FIRST When a loved one dies, and you are responsible for dealing with their affairs after death, including for administering their estate, you may be experiencing uncertainty about your role, on top of all the emotions that come when grieving a loved one. One of the first duties of the estate trustee, usually […]
Depositing money into a bank means lending that money to the bank, and, in exchange, the bank gives you interest. Yield farming or liquidity mining (these are different terms for the same thing) means lending cryptocurrency to a new crypto platform wanting to raise capital. The lender often gets interest payments for doing this or […]
Cryptocurrencies like Ethereum, Polygon, Fantom, Avalanche, and Bitcoin, to name a few, are digital assets using cryptographic techniques in order to transfer assets securely and create more cryptocurrency units. The main feature is a blockchain (or transaction) recording ledger that is not controlled by the government or any central authority. Cryptocurrencies each have their own […]
Since the Covid-19 pandemic prevented many Canadians from going on overseas vacations and since so many people are still working from home, it shouldn’t come as a surprise to discover there has been a boom in cottage sales lately. In fact, during the first nine months of 2020, cottage sales went up almost 12% in […]
Falling behind on filing income tax returns and paying taxes is more common than you think. However, as a Canadian taxpayer, it is your responsibility to calculate, submit, and pay your taxes by the deadlines. The deadline for filing 2021 taxes is April 30th, 2022, for individuals and June 15th, 2022, for those who are […]
Section 160 of the Income Tax Act in Canada is a tool for tax collection which impedes taxpayers attempting to hide assets from the tax collector by transferring them to related corporations, friends, or relatives. There is a wide variety of transactions, such as those involving cryptocurrency and NFTs, so if you receive anything like […]
Income tax audits can be daunting and costly for taxpayers. Anyone running a company, especially a cash-based one, might not realize the Canada Revenue Agency, or CRA, has various methods it can use to reassess taxpayers. Also, not all methods depend on examining the company’s records and books. If the CRA believes that a taxpayer’s […]
The Excise Tax Act offers the Canada Revenue Agency (CRA) and its tax collectors’ broad authority to recover tax obligations. Many taxpayers are surprised when their bank accounts are blocked, possessions confiscated, or paychecks garnished. However, there are precise and time-based constraints where the CRA can legally recover GST/HST tax obligation. Unlike most tax debts, […]
Section 85 rollover allows a Canadian taxpayer to transfer eligible property, deferring the tax to a taxable Canadian corporation. This means a taxpayer can defer part or all of the tax consequences that typically arise on the transfer, depending on objectives. Section 85 rollover applies to the following situations (and more): Estate planning Sole proprietors […]
