Personal Tax Guide 2024
Personal Tax Guide 2024 Canada’s personal tax filing process is an annual requirement for residents to report their income and claim deductions or credits. The Canada Revenue Agency (CRA) oversees this process, setting deadlines for submission and providing guidelines for accurate reporting. Understanding your tax obligations, including types of income such as employment, investments, and…
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Construction Mortgage
What is Construction Mortgage? Construction Mortgage as the name goes is a type of mortgage that allows you to finance the construction of your home. The concept is that it allows you to finance the purchase of a home that may not even exist yet – whether you are designing it or purchasing a pre-build…
Planning to Buy Commercial Real Estate?
Planning to Buy Commercial Real Estate? Are you planning to buy Commercial Real Estate? But, not sure where to start? Whether you are looking to expand your investment portfolio or start a new venture, purchasing commercial property can be a lucrative endeavour. However, navigating the complex world of commercial real estate requires careful planning and…
LICO 2024 – Income Requirements for Immigration and Super Visa
LICO 2024 – Income Requirements for Immigration and Super Visa In order to sponsor your parents or grandparents for a Super Visa or PR, you need to meet certain income requirements set by the Canadian government. Importantly, by showcasing that you have enough financial resources to support your loved ones during their stay, you can increase…
Business Purchase Financing
Business Purchase Financing Program Business purchase financing refers to the various methods and sources of funding that individuals can use to acquire an existing business. This type of financing can come in the form of loans, lines of credit, or even investor capital. Are you looking to purchase a business but don’t have the necessary…
CEBA Repayment Options (Important Update)
CEBA Repayment: Important Update This is an important update regarding the Canadian Emergency Business Account loan repayment. There are certain important dates which you need to understand. December 31, 2023. If you have received any e mail from your bank that you are not eligible for the debt forgiveness, then you must pay the full…
Revival of a Corporation: Tax Collection
Revival of a Corporation: Tax Collection A June 12, 2023 Court of King’s Bench of Alberta case reviewed CRA’s application to revive a corporation dissolved in 2020. The former sole shareholder opposed the application. The corporation’s capital losses (as quantified during an audit of the 2013 and 2014 years) were used in 2017…
Businesses Purchasing from Non-Residents: GST/HST?
Businesses Purchasing from Non-Residents: GST/HST? Certain non-resident vendors are required to register for and collect GST/HST under a new simplified GST/HST registration regime that commenced July 1, 2021. While the rules are very complex under the simplified regime, GST/HST is not required to be collected on the supply of goods or services to customers…
Enhanced GST Residential Rental Rebate
Enhanced GST Residential Rental Rebate: Increased Incentives On September 14, 2023, the Department of Finance provided details on a proposal to enhance the existing GST rental rebate. In general, the existing rebate provides a 36% rebate of the GST component of the price paid by landlords to construct, or purchase newly constructed, rental property….
CEBA Repayment Deadline Extended: Some Issues
CEBA Repayment Deadline Extended: Some Issues On September 14, 2023, the Department of Finance provided details on extending the deadline for Canada Emergency Business Account (CEBA) repayments, including the following key elements: the deadline to qualify for partial loan forgiveness (by paying the non-forgivable portion) has been extended from December 31, 2023 to January 18,…