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Comparing Investment Plan Alternatives – What are they and how can they work for you?

Posted on February 13th, 2019 | 0 comments.
This week’s blog is about the different types of investment accounts an individual can open up in Canada. Since we are right around the first 60 day mark, which means the last chance to contribute to RRSPs for the 2018 taxation year, I figured it’s a great time to explain how to choose ...

Tax and other benefits for people with children

Posted on February 4th, 2019 | 0 comments.
Last week we discussed what employment expenses are, and who can deduct these types of expenses. If you missed that blog, you can find that blog right here. Today I will be blogging about a subject that is very important to me as a parent. Many new parents ask me what ...

Which employment expenses do I qualify for?

Posted on January 28th, 2019 | 1 comment.
Hi everyone Hope you enjoyed my two recent articles linked to Non-Residents.  These articles can be found with the rest of the real estate blogs I have written in the past, here. Today I turn my attention back to the residents of Canada and have decided to write about those that have ...

I am a Non-Resident and I am selling my Rental Property in Canada

Posted on January 21st, 2019 | 0 comments.
Last week we looked at how a non-resident individual who owns property in Canada would report rental income. With this week’s topic, we’ll look at what non-residents who want to sell their property would need to do in terms of reporting this property.   The easy answer is that a resident would have to ...

I am a Non-Resident and I own a Rental Property in Canada

Posted on January 14th, 2019 | 1 comment.
First is the issue of requirements, which includes having either a Social Insurance Number (SIN) or an Individual Tax Number (ITN). Social Insurance Numbers are granted to residents/citizens of Canada through application and allow you to invest or work in Canada – including owning a property. Alternatively, those who are not eligible for a Canadian SIN apply for Individual Tax Numbers by filing form T1261, which is subsequently filed with the income tax return. T1261 forms are not easy to file, for your own benefit enlist the help of a professional to file it.
It’s been a while since I’ve been able to write a blog. Personal life has taken a big chunk of my time, after getting married and with the birth of our son it’s been a challenge to find the time. He is now 1 year old and can give both ...

Assignment of a Right to a Property and the Tax Implications That Follow Part 2

Posted on September 12th, 2014 | 1 comment.
Assignment Sale
In the first part of this article, we discussed how the CRA may view an assigned property, specifically the possibility that they may view the assignor of a property as a builder, and examined the related HST implications that follow. The article can be found here. If you have ...

Assignment of a Right to a Property and the Tax Implications That Follow Part 1

Posted on September 3rd, 2014 | 0 comments.
Assignment
With the strength of the preconstruction market over the past decade, many have chosen to reap the benefits by purchasing property on plan from a builder and subsequently selling the rights to the property, with a markup, to another buyer before closing. Selling a construction property prior to closing is ...

So I’m a First Time Home Buyer, What Do I Need to Know?

Posted on August 25th, 2014 | 1 comment.
Congratulations, you are on your way to purchasing your dream home, here is what you should know about the biggest investment of your life. Purchasing a home in this day and age is an expensive proposition, one must be mindful of available government incentives and initiatives designed to reduce the financial ...

Clarifying the Home Buyers’ Plan RRSP withdrawal process

Posted on September 19th, 2013 | 1 comment.
You can find a brief summary of the Home Buyers Plan (HBP), and associated credits on my website here:  For this posting, I will focus on the HBP RRSP credit, specifically as it pertains to clarification of the process as well as associated conditions and qualifications for exceptions. The maximum allowable withdrawal ...

Tuition, Education & Textbook Amounts

Posted on June 26th, 2013 | 0 comments.
Tuition, Education & Textbook Amounts
Tuition, Education & Textbook Amounts  Students often fail to claim tuition credits when filing their tax returns for those years in which they are attending a post-secondary institution. These are important credits that not only yield immediate returns, but may also derive benefits in future years. A salient aspect of tuition credits ...

The Healthy Home Renovation Tax Credit

Posted on June 18th, 2013 | 1 comment.
The Healthy Home Renovation Tax Credit
Since the Home Renovation Tax Credit came and went in the 2009 taxation year, my clients consistently inquire about writing-off their renovations. The Ontario government has in fact brought back a semblance of the Home Renovation Tax Credit, with some key differences, this time calling it the Healthy Home Renovation ...

How important are RRSPs?

Posted on March 6th, 2013 | 0 comments.
rrsp
Well it's hard to answer that question without knowing the individuals future goals. But I can tell you one thing if you don't work for a company that offers you any sort of future pension you need to consider that CPP and OAS will not be enough cash flow in ...