How Does Disposing of a Canadian Property as a Non-Resident Work?

How Does Disposing of a Canadian Property as a Non-Resident Work? Canadian tax law allows non-residents to buy and sell properties. However, there are some considerations non-residents should be aware of. An individual can be considered a non-resident under the Income Tax Act if enough time has elapsed (183 days or more cumulatively in a…

Canada Revenue Agency Tax Treatment of Bitcoins

Canada Revenue Agency Tax Treatment of Bitcoins and Other Cryptocurrencies   Bitcoin The Cryptocurrency Climate in Canada Over the past couple of years, Bitcoin and other cryptocurrencies have been garnering more attention from the media and consequentially from Canadian taxpayers. The nature of these cryptocurrencies have resulted in their implementation across various jurisdictions today, however,…

GST/HST/PST on Short Term Rental of Residential Properties.

GST/HST/PST implications on short term rental contracts of residential properties. A very important topic on GST/HST/PST was and always will be about how rental income is treated when earned from cottage or vacation property using services such as Airbnb. For example, the following question is a good example of a potential question that an investor…

Medical Professionals and GST/QST Requirements

Medical Professionals and GST/QST Requirements Today, there are a large number of healthcare professionals that are not registered for GST/HST simply because there is not any legal requirement for them to do so. The reason is that under the Excise Tax Act, many healthcare professionals offer services that fall under the “exempt services” category. However…

Top 5 Reason Why People Don’t Budget

The backbone to every successful financial plan, whether it is personal or business accounting, is a monthly budget. This monthly budget is the blue print to your financial success and prepares you on where your money is going and what to do with it in advance. Without a system of budgeting or a method of…

Warren Buffett’s Top 10 Tips for Investing

Warren Buffett’s Top 10 Tips for Investing Warren Buffett is a well known and trusted name when it comes to investing. His personal portfolio is a clear indication of his extensive knowledge, so why not learn a little bit about what has made him so successful? Here are a few quotes from him and his…

4 Reasons Why You Should Borrow Instead of Give Up Equity

Equity: Whether you are just starting out or well into your business, when presented with the opportunity to receive funds many deals can look attractive. Especially when they look like they just come with a business partner and no interest. But you may not have considered all of the risks and expenses that go into…

Why Use Cloud Accounting Software for Your Bookkeeping

If you want your business to be more efficient, cloud accounting is a worthy investment. When you work in the cloud, you will have a better view of your finances and an overall better way to collaborate with your team members. There are many benefits as to why cloud-based accounting is best for your business.…

How to Start an Effective Business Budget

How to Start a Business Budget: When running a business, it’s important to have a budget in order to operate efficiently. It is known in business that before you make money, it is important you learn how to spend it. Drafting a budget is an essential way to turn your business into a success. This…

Starting Your Own Business: A Checklist

Starting Your Own Business: A Checklist: We are living in an age where people want to be their own bosses and don’t want to have to climb up the professional hierarchy in order to make something of themselves. Being part of the digital age, we as a generation are a lot more resourceful and ambitious…