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:CCB Filing Deadline News: Beware of Limitations
Most people know that when you miss filing a tax return your family will miss out on receiving the Canada Child Benefit. However, did you know that you can retroactively claim the CCB by filing those missed returns? How far back you can go, however, depends on what type of CCB you file for.
Tax Efficient Ways to Obtain Funds from Your Small Business
Small businesses are critical to the health of the Canadian economy. According to a recent study by the Government of Canada, small businesses (1-99 employees as defined by the Government) represented 97.9% of all enterprises in Canada. According to the same study, these businesses employed 8.4 million individuals in 2019 or 68.8% of the private labour force. In addition, small business contributed 41.9% to the Gross Domestic Product generated by the private sector in 2016. Now that we are in past-pandemic mode, understanding the needs of small businesses will pay off in better tax and financial planning solutions.
Tax Avoidance Versus Tax Evasion
You may ask yourself, what is the difference between tax evasion and tax avoidance?
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Need Answers to Tax Question? Expand Your Toolkit
No time to wait for hours on hold with the CRA? Expand your tax season toolkit with Knowledge Bureau’s suite of immediately implementable tools including EverGreen Explanatory Notes and the Knowledge Bureau Tax Planning Calculators. These tools are designed to provide you with answers to trigger questions your clients have about tax efficiency and the important financial decisions they need to make.
Basic Rules on Interest Deductibility
With recent interest rate hikes in the news, taxpayers will have more questions about the deductibility of interest costs. Exactly when is interest fully deductible as a carrying cost or a business deduction? When does it form part of the capital cost of the property? Finally, when do new legislative proposals recently released by Finance Canada begin to restrict interest cost deductibility and for whom? Here’s what you need to know to have more confident conversations between advisors and taxpayers:
