Five Essential Post-Tax Season Actions for Business Owners
After the tax season wraps up, business owners should take several essential actions to ensure their financial health and plan for the future. Here are five key steps: With these, business owners can ensure their financial stability, minimize tax liability, and position their businesses for long-term success. Let us help you handle your business financesYour Read More Link Text
Unreported Capital Trades Included on a T5008: CRA Policy
Traders or dealers in securities must report to CRA the disposition of securities, such as publicly traded shares, mutual fund units, bonds and T-bills, of their clients on a T5008. A November 4, 2022 French Federal Court case summarized CRA’s administrative policy where a taxpayer has not filed a tax return, but a T5008 wasYour Read More Link Text
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
