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Converting your Home into a Rental Property

Converting your Home into a Rental Property (or vice versa)? Did you Know there are Tax Consequences to Consider?

A change in use occurs when your property is changed from income producing to personal use (for example:  moving into a property that you have previously used as a rental property) or when it is changed from personal use to income producing (for example: changing your principal residence to a rental property). In addition, the change in use can be for 100% of the property or just a portion of the property (for example: changing …

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What to Expect when the CRA Contacts You

What to Expect when the Canada Revenue Agency Contacts You

Scammers posing as Canada Revenue Agency (CRA) employees continue to contact Canadians, misleading them into paying false debts. These persistent scammers have created fear among people who now automatically assume that any communication from someone representing the CRA is not genuine. This article will remind Canadians that the CRA does indeed contact taxpayers by phone, email and mail for legitimate reasons. The following tips will help Canadians identify legitimate communications from the CRA. To identify …

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Capital Dividends

They say the best things in life are free. That’s what Capital Dividends are to …

They say the best things in life are free. That’s what Capital Dividends are to shareholders of Canadian small businesses. When a Canadian controlled private corporation generates a capital gain from the sale of investments or the sale of capital assets, such as land or business goodwill, one half of the gain is subject to corporate income tax. So what happens to the other half of the gain? How to Pay your shareholders tax-free? The …

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Should I Incoporate my Practice

Should I Incorporate my Practice?

Should I incorporate my practice? This is a common question for medical and dental professionals and it is one that has become increasingly more relevant since the new tax on split income (“TOSI”) rules were introduced in 2017. Determining whether or not incorporation is right for your practice is not straightforward and can be costly if you make the wrong decision. To begin the process of determining whether or not you should incorporate, consider the …

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Tips and Traps to Avoid to be an Effective Treasurer

Tips and Traps to Avoid to be An Effective Treasurer

To be successful a non-profit or charitable organization must earn the trust and respect of its donors and funders. Due to an organization’s financial management being directly tied to the Treasurer’s responsibilities, their execution of these responsibilities will have an impact on the public’s perception and confidence in the organization as a whole. When an organization is seeking a Treasurer they should keep this top of mind and look for individuals with strong financial literacy …

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