TFSA: Carrying on a Business Within It
Earnings in a TFSA are typically not taxable. However, earnings in a TFSA become taxable when they are earned from carrying on a securities trading business. In a February 6, 2023 Tax Court of Canada case, CRA had assessed the TFSA on the basis that it was carrying on a business and was therefore taxableYour Read More Link Text
Underused Housing Tax (UHT): Increased Disclosures and Taxes
UHT is a 1% federal tax intended to apply to the value of vacant or underused residential real property owned by non-resident non-Canadians. However, many Canadian individuals and other entities are also required to file UHT returns and may even be liable for the tax. Numerous exemptions from the tax itself exist, but significant penaltiesYour Read More Link Text
Budget 2023: Top Five Items for Owner-Managers
Budget 2023 (A Made-in-Canada Plan: Strong Middle Class, Affordable Economy, Healthy Future) was introduced in the House of Commons on March 28, 2023. The top five changes that may impact individuals and owner-managed businesses are as follows: Alternative minimum tax (AMT) – The AMT is an alternative method of calculating taxes that ensures that anYour Read More Link Text
