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…

Government Debt in Canada as of 2017

Government Debt in Canada as of 2017 Upon the release of the annual budgets by the federal and provincial, increasing debt and budget deficits are key issues. We have seen an increase in the combined federal and provincial net debt from $833 billion in 2007 to a projected $1.4 trillion in 2017. The combination of…

What is the Importance of a Family Trust? Find out More

What is a family trust? The Family Trust. Family Trusts are becoming increasingly popular among people who wish to manage their assets and protect their property, and are mainly used to pass assets from one family member to another or other people who stand to benefit from the assets. The settlor is the owner of…

Foreign Reporting Requirements in Canada

Recently, International Consortium of Investigative Journalists’ (ICIJ) released an investigative report on the use of secret offshore accounts in Panama, for the purpose of tax avoidance by wealthy individuals, limited enterprises, limited partnership, and trust companies, around the globe. With progressive insight on the issue, many taxpayers have started paying attention to the development made…

Learn More About the Family Tax Cut – Q&A

What is the new Family Tax Cut? All about the new family tax cut . Under Canada’s tax system, federal personal income tax rates increase with the level of taxable income of the individual. As a result, a couple in which one individual has a higher taxable income than the other often pays more federal…

The Family Tax Cut

The Family Tax Cut The Government of Canada is proposing a new Family Tax Cut of up to $2,000 for couples with children under the age of 18, effective for the 2014 tax year. The proposed Family Tax Cut will take the form of a federal non-refundable tax credit that will allow the higher-income spouse…

How Holding a Company is Advantageous to Small Businesses

How Holding Companies are Advantageous to Small Business Owners: In Canada, as other places in the world, the smaller businesses have a low survival rate, more specifically small businesses and medium sized businesses. Industry Canada claims only 51 percent of these sized business are able to survive and last longer than five years. Efficient planning…