Posts

residential property flipping

November tax news: Property flipping, rules around investment income in a corporation–and more

RESIDENTIAL PROPERTY FLIPPING If you buy a home or condo, and then sell it soon after you get title — certainly if it’s within 18 months or so — the CRA will usually consider that you have “flipped” the property, and that any gain is fully taxed as business profit, not half-taxed as a capital […]

yacht tax in Canada

December tax news: Luxury tax updates, calculating entertainment expenses—and more

PROPOSED LUXURY TAX ON EXPENSIVE CARS, BOATS AND PLANES The Liberal government is planning to introduce a new Luxury Tax, to take effect on January 1, 2022. It will apply to: new cars, SUVs and pick-up trucks costing over $100,000 boats costing over $250,000 certain aircraft costing over $100,000 The tax will be 20% of the […]

September tax news: Share transfers to an RRSP, charitable donation receipt rules–and more

TRANSFERRING SHARES TO AN RRSP   Should you transfer shares that you already own to your RRSP? The prospect can be attractive. The shares you transfer are considered a contribution to your RRSP. If you have unused RRSP contribution room, you can thus get a substantial tax deduction for shares that you already own. If […]