Tax Tips for Homeowners + Tax Checklist
Canadian homeowners can use their residence to help reduce the tax paid + a basic tax checklist to help file your tax return on time.
Day trading in your TFSA? Watch out for the CRA!
We all want to be in the black regarding our investments, but investors using their Tax-Free Savings Account (TFSA) as a vehicle to shelter profits from triggering taxation could find themselves in hot water. According to Jamie Golombeck, an expert authority on Canadian tax law, the Canada Revenue Agency (CRA) is cracking down on investors…
How Homeowners Are Reducing Taxes Owed to IRS
What the average American pays in income tax each year can vary widely based on income, tax deductions, credits, and other factors. However, data from the Internal Revenue Service (IRS), the average federal income tax rate for all taxpayers was 14.5% in the 2018 tax year (the most recent data available). Additionally, many states also…
House Flipping in Canada in 2023 (+ Profit Formula)
Use these six steps and this benchmark house-flipping formula to increase your home reno business profits
Crypto and Taxes: Basic Guide for Beginner Crypto Investors
To avoid tax evasion related to cryptocurrency investments, along with penalties and fees, here are some basic details on crypto and taxes.
What is the Capital Gains Plus 1 Rule and Its Tax Implications?
The capital gains plus 1 rule helps property owners shelter more of the profit earned on a property sale.
Use a Capital Gains Tax Calculator in Canada
Using a capital gains tax calculator is helpful but it’s only an estimate.
Who Pays for the Capital Gains Tax on an Inherited Property?
The estate is required to pay capital gains tax but the beneficiary must complete the requirement.
10 Ways Taxpayers End up in Court with the CRA
Based on a scan of Canadian court cases, using CANLII, there are several reasons why Canadian taxpayers end up in court with the Canada Revenue Agency (CRA) for tax-related offences. The five most common reasons include: 1. Disputes with the Canada Revenue Agency (CRA) Many court cases involve disputes between taxpayers and the Canada Revenue…
Impact of Tax on Our Earnings + How to Reduce Capital Gains Tax
In order to reduce or eliminate tax owed we need to understand how each type of tax is triggered (+ 5 tips to reduce taxes)