Tax Change: Advise Taxpayer About Short-Term Rentals
Taxpayers who own a residential property and rent it out must be aware that income reporting is required in most cases. Further if the rental was for periods of less than 90 days, expenses to offset that income could be restricted. These Short Term Rental (STR) rules are new for the 2024 tax year. Here’s what you need to know based on recent directives from Finance Canada and the CRA, which includes a brief reprieve for some STR owners in 2024:Business Owners: Claim the Small Businesses Air Quality Improvement Tax Credit
The Small Businesses Air Quality Improvement Tax Credit is now law, and it could be a lucrative return for those who improve their business premises. The business owner can also reach back and make the claim for expenses incurred in 2021. Details follow:
Defining New Realities: Headliners at DAC 2022 Are Truly Outstanding
This year’s thought leaders will be taking the stage at DAC Acuity 2022, October 16-18 in Niagara Falls to discuss the theme “Velocity: How to Gain Momentum in the New Economy”, as we move into a crucial time that requires defining new realities and taking new financial strategies with clients in the ever evolving new economy. Learn more about the speakers and their topics you can’t miss! RSVP now, and take advantage of early-bird tuition rates – only until August 31.
Protecting Client Privacy is Ethically and Morally Essential in Business
In the digital era of networking and cyberspace, establishing ethical standards for privacy is especially urgent. The collection of your client’s very personal and financial information, usually through electronics has brought privacy to the forefront of everyone’s mind. The people submitting the information and those collecting the information should be extremely concerned about privacy protection and compliance.
MFA-P Discovery Seminar: How Can Advisors Build Their Business by Supporting Their Community?
Professional advisors and charity professionals all focus and spend time in our individual specialty areas. On June 23 at 12 PM CST/ 1:00 PM EST, let’s spend some time discussing how these professionals can work collaboratively to enhance the client/donor experience with panelists MFA-P™ alumni Candice Jay and Aneil Gokhale. RSVP now for this complimentary MFA-P™ Discovery Seminar.
Prescribed Rates Going Up July 1: Pay Taxes, Make Tax Efficient Spousal Loans Now
Prescribed interest rates are about to rise for July 1 to September 30. One interesting and potentially beneficial financial strategy to grow the family’s wealth is to draw up an interspousal loan. The time to draw up the paperwork and lock in the current 1% prescribed rate is before the end of the month - June 30. Taxpayers who owe money to CRA will want to pay up before then too. Here are the details:
T1s Due June 15: Proprietors Must File for More Reasons Than One!
Unincorporated taxpayers must file their personal tax returns by June 15 or face late filing penalties. However, there are many more reasons to file than just to report and pay your taxes. Here’s a rundown of the obligations:
