Entries by KRP

September tax news: Tax implications of a side hustle, new GAAR rules in force–and more

THE TAX IMPLICATIONS OF YOUR SIDE HUSTLE Nowadays, a lot of people are using a side business or additional source of income to augment their primary income. The tax implications of these extra sources of income are frequently misunderstood or overlooked entirely. The side-hustle could involve earning money via the gig economy, selling goods online, […]

August tax news: The impact of new capital gains rules–and more

HOW DO THE NEW CAPITAL GAINS RULES AFFECT YOU? In April, as part of the Federal Budget, the finance minister announced a change to the capital gains inclusion rate from 50% to 66.67%, effective from June 25, 2024. No matter your level of wealth, this change likely WILL affect you at some point. So, what has […]

June tax news: The federal housing plan, CRA information demands–and more

THE FEDERAL GOVERNMENT’S HOUSING PLAN The Liberal government’s Budget of April 16, 2024 (budget.canada.ca) has committed billions of dollars to support building new housing, recognizing that the shortage of housing in Canada has become a serious crisis, and hoping to get almost 4 million new homes built over the next 7 years. Some of the measures proposed […]

February tax news: Benefits of a family trust and a last call for 2023 RRSPs

THE BENEFITS OF ESTABLISHING A FAMILY TRUST Estate planning is an important consideration for all individuals, irrespective of their level of wealth. Poor planning, or no planning, can result in an excessive proportion of your estate being lost when you die, in the form of either probate fees or taxes, or both. Luckily, there is […]

KRP welcomes new Partner Vincy Vuong; Jenya Fourman promoted to Director, Tax

If 2023 was the year to celebrate our 50th anniversary as a firm here at KRP LLP, 2024 is about looking to new growth and development as we continue to deliver industry-leading service to our clients. It starts by celebrating two very significant promotions. We’re very proud to welcome long-time manager Vincy Vuong to the KRP […]