Do you have an idea or opportunity to pursue a business but are not sure about the paperwork side of things? Don’t worry; I’ve got you covered. Licensing Do you need a license? This is a variable a…

Do you have an idea or opportunity to pursue a business but are not sure about the paperwork side of things? Don’t worry; I’ve got you covered. Licensing Do you need a license? This is a variable answer because it depends on what type of business and what level of business you will run. Canada has BizPal, found here, which will help you determine what kind of permits and licensing you may depending on your business type.  

Principal Residence Exemption We’ve discussed capital gains in our previous blog post and how the sale of an investment property triggers capital gains. …but what happens when you sell your princip…

Principal Residence Exemption We’ve discussed capital gains in our previous blog post and how the sale of an investment property triggers capital gains. …but what happens when you sell your principal residence? In Canada, we have a Principal Residence Exemption (PRE). This exemption eliminates the capital gains on the sale of your principal residence. This means that if you can demonstrate that this is your primary residence in Canada, you will not have to pay taxes when you sell your home.

When you’re in retirement and living the best life, you may be able to do something known as pension splitting or income splitting if you have eligible pension income. Eligible income is usually wi…

When you’re in retirement and living the best life, you may be able to do something known as pension splitting or income splitting if you have eligible pension income. Eligible income is usually withdrawn from RRSPs or Registered Retirement Income Funds (RRIFs), etc. Typically, this is done when one spouse's income is in another marginal tax rate, and another spouse is in a lower marginal tax rate.

Are you current on your tax filings or a decade behind? You might think that’s a bit extreme, but it happens. You would think that the Canada Revenue Agency would bend over backwards to keep people…

Are you current on your tax filings or a decade behind? You might think that’s a bit extreme, but it happens. You would think that the Canada Revenue Agency would bend over backwards to keep people current on their taxes; however, if someone cannot authenticate their identity, it is extremely difficult for the average person to get sorted. I’ve spoken to numerous individuals over the years who are sometimes 7-10 years behind on their filings and don’t know how to file since they’ve lost their T-slips and cannot remember their old address (frequent apartment move), so they cannot give CRA enough information to validate their identity or get anything sent to them for a reset as they no longer live at that address.

It’s that time of year again. Soon, millions of Canadians will be gathering their documents and getting ready to prepare their personal tax return, also known as a T1. The first date that ind…

“I have to pay 50% tax!” insert hysteria I have heard this statement an alarming amount recently–even from my own parents, who I thought had a clear understanding of capital gains…