Are TFSAs and RESPs US Tax Traps? The headlines tell us (Canadian residents over the age of 18) why we should contribute to a Tax Free Savings Account (TFSA) every year. They also tell us how to support a child’s future education by opening a Registered Education Savings Plan (RESP). As attractive as TFSAs and […]
2018 Tax Preparation Checklist
We’re pleased to release the DMCL Personal Tax Return (T1) Checklist for 2018 >>
Buyers and Sellers Beware: Tax Rules for the Sale of U.S. Real Property
Are you a resident of Canada thinking about selling your U.S. real property? Whether you hold the property for investment, rent it out, or use it as an escape from Canadian winters, you should be aware of the rules outlined in the Foreign Investment in Real Property Tax Act (FIRPTA). Sellers If you are a […]
Buyers and Sellers Beware: Tax Rules for the Sale of Canadian Real Property
Are you a non-resident of Canada thinking about selling real property located in Canada? Whether you hold the property for investment, rent it out, or use it as a vacation home, you should be aware of the Canadian tax rules that will apply when you sell the property. Sellers If you are a non-resident of […]
Driving and Taxes
As the prices at the pump continue to increase, it’s important that you understand the tax deductions that you or your business may be entitled to claim for automobile expenses. This blog post summarizes some of the considerations for employees and self-employed or incorporated individuals. Employees As an employee, in certain situations you may be […]
New Enhanced Tax Depreciation Write-Offs
The Department of Finance announced new rules in its 2018 Fall Economic Update on November 21st 2018 to temporarily allow Canadian businesses to immediately expense for tax purposes 100% of the cost of certain newly acquired machinery and equipment and certain specified clean energy equipment if acquired after November 20th 2018 and before 2028. These […]
Student Taxes 101: How to Maximize Your Deductions
As a post-secondary student and a Canadian taxpayer, you have four student-based tax breaks available to you.
How long should you keep your business tax records in Canada?
According to the Income Tax Act, you need to keep business tax records for a minimum of six years from the end of the taxation year to which the records and books relate. If You Want to Correctly Keep Business Tax Records in Canada, You Should Have All: Sales Invoices Contracts and Guarantees Loan agreements […]
Empty Homes Tax – Audits and Appeals
Empty Homes Tax – Audits and Appeals If you are a City of Vancouver residential property owner, you may be subject to an audit of your 2017 Property Status Declaration. The City of Vancouver may also have recently denied your request for an exemption to the Empty Homes Tax (EHT). This post outlines how to […]
Valuations for Income Tax Purposes – What Does the CRA think?
Tax planning and corporate restructuring have become an integral part of the services provided by professional advisers to their clients. A key component of any plan is establishing the fair market value (FMV) as the valuation represents the first step towards assessing the tax consequences of any transaction. This post looks at valuations for income […]
