View short-term rental property decision tree here.

Cash is King/Queen in a small business.  In an owner-managed business, working “on” the business vs. “in” the business is hard to do.  You are so concerned with increasing revenues and keeping costs at a manageable level, that sometimes other operational areas are put on the “to do” list for a later day. 

When you create a company, you have the opportunity to determine when you would like the fiscal period to end. The general default for a person is to select December 31st as the year-end.

Life Insurance is a great thing to have. Especially from a tax perspective. When you personally purchase a life insurance policy, and you die, your beneficiaries receive the amount of the policy and it is a tax-free receipt of cash to them.

In the Fall Economic Update statement (November 2023), it was stated that certain deductions were no longer going to be allowed after January 1, 2024. These rules became law on June 20, 2024 under Bill C-59. The legislation denies many expenses if you are not following the rules…

The 2024 Federal Budget was announced in April, which is already a busy time for accountants, so you can imagine how pleased the tax community was to find out that this particular Budget was going to make some major changes to how Capital Gains are being taxed in Canada.

When the Federal government delivered their 2023 Fall Economic statement, they proposal that certain deductions on short-term residential rentals would no longer be allowed. This is one way that the Federal Government is trying to create more housing for people living in Canada.

The dreaded Canada Revenue Agency audit. Everyone, including us, get a bit anxious when we receive a letter from the CRA informing us that a client of ours is going to be visited by their staff to perform an audit of their financial records. But realistically, there shouldn’t be too much for us to worry about since we’ve all been through the process a number of times before.

If you are over 65 years of age, an Alter Ego Trust or a Joint Spousal Trust can be used to assist with your Estate Tax Plans and to help minimize the taxes due on your death as well as assisting in avoiding Probate Fees. Probate fees in BC are 1.4% of the Fair Market Value of the assets in a person’s estate. But like anything, there are advantages and disadvantages of creating one of these trusts.

Well, we’ve just received the Fall Economic Statement from our Government. In there, were a bunch of tidbits. And one change that was found on the CRA website that could be helpful to some taxpayers.