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Do I need to file a UHT return if I am on legal title to a property but am not the ‘real’ owner?

Wednesday September 20, 2023

QUESTION: Do I need to file a UHT return if I am on legal title to a property but am not the ‘real’ owner? ANSWER: Short answer? Yes. Underused Housing Tax (UHT) affects private corporations, trusts, partnerships, non-citizens, residents who are not permanent [...]

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Do I need to file an Underused Housing Tax (UHT) return if I own a rental property with my spouse?

Monday September 11, 2023

QUESTION: Do I need to file an Underused Housing Tax (UHT) return if I own a rental property with my spouse? ANSWER: Short answer? Maybe. Underused Housing Tax (UHT) affects private corporations, trusts, partnerships, non-citizens, residents who are not permanent residents, and non-residents [...]

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How do you establish FMV on an inherited cottage?

Wednesday July 26, 2023

QUESTION: How do I establish FMV on an inherited cottage? ANSWER: A client recently approached us about a cottage they had just inherited. They hoped to keep the property in the family, but were unsure of the associated tax burden and wondered how [...]

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Sustainable Business Practices: ESG Incentives in Canada

Tuesday June 27, 2023

Canadians are becoming increasingly invested in the sustainability and ethical impact of business operations; and corporate stakeholders are looking for more transparency on how companies manage and integrate ESG risks and opportunities into their business strategy. Consequently, incorporating sustainable business practices that account [...]

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Ontario Made Manufacturing Investment Tax Credit: Potential Stumbling Blocks

Tuesday June 27, 2023

The Ontario Made Manufacturing Investment Tax Credit (OMITC) is a new refundable tax credit that allows qualifying Canadian Controlled Private Corporations (CCPC) to claim a 10% credit on eligible investments in buildings, machinery and equipment used for manufacturing or processing within Ontario. The [...]

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Tax Planning Considerations: You’ve filed your taxes, now what?

Thursday May 18, 2023

With tax season over for the majority of Canadians (self-employed Canadians and their spouses still have until June 15th to file their returns), now is the perfect time to embark on a financial tune-up and do some proactive planning. Here are some key [...]

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Tax implications of short-term rental properties

Wednesday April 26, 2023

QUESTION: We are considering renting out our cottage for a few weeks in the summer. Are there any tax implications of short-term rental properties we should be aware of? ANSWER: The short answer is yes: in addition to reporting the rental income and [...]

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RRSP Over-Contribution? What Next?

Thursday March 23, 2023

When it comes time to file your taxes, you may realize you have made an RRSP over-contribution. It’s an easy mistake to make. If you have over-contributed to your RRSP, there are immediate steps you can take to minimize penalties and interest. RRSP [...]

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2022 Personal Income Tax Return Update

Friday February 17, 2023

The 2022 personal income tax filing deadline is May 1,2023. The filing deadline for self-employed individuals and their spouses (including HST returns) is June 15th. The late filing of your tax return will result in a CRA penalty of 5% of any balance [...]

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