January 31, 2025 Ottawa, Ontario Canada Revenue Agency The Department of Finance announced today that it will introduce legislation in Parliament in due course, related to the capital gains inclusion rate change with a new effective date of January 1, 2026. The announcement confirms the government’s intention that, effective for dispositions that occur on or after January 1, 2026, the inclusion rate will…
Category: Personal income tax news
Don’t miss out on tax benefits for northern residents
February 12, 2025 Ottawa, Ontario Canada Revenue Agency If you lived in a northern or remote area for six months or more in 2024, you may qualify for the northern residents deductions. These deductions recognize the unique challenges northern residents face, such as higher living costs and limited access to services. Find out if you…
Changes to rules for eligible deductions from short-term rental income
What’s new Changes to the income tax rules now deny income tax deductions related to non-compliant short-term rentals after 2023. If you rented out a residential property for short periods, these changes may affect you. What is a short-term rental A short-term rental is a residential property that is rented or offered for rent for a period of less than 90 consecutive…
Tips and gratuities
IntroductionEmployer responsibilitiesIs income from tips and gratuities part of an employee’s pensionable or insurable earnings, or both?Controlled tipsDirect tipsDeclared tips (in the province of Quebec only)More informationLegislative references Introduction This article is for employers and their employees who receive tips and gratuities. It explains how to treat tips and gratuities for purposes of the Canada…
Just had a client fall for the I-Tune gift card scam today...
I just had a client today that fell for the scammers, and was taken for $2,500. Must be a coincidence, but they said they talked to ‘Jenny’ at my office… DO NOT! DO NOT FALL FOR THIS SCAM! So happens that I have a Jennifer at my office. They however did not talk to her,…
Counterpoint: Why taking CPP at 60 can make sense, even when the hard math says otherwise
Ted Rechtshaffen | March 21, 2017 1:52 PM ET More from Ted Rechtshaffen Pawel Dwulit/Bloomberg News Earlier this week, Lisa Bjornson and Fred Vettese wrote an excellent article suggesting that one should wait to take the CPP until age 70. The pure math is hard to dispute, as the government provides a bit of an…
2016 Federal Budget - My editorial comment
First of all, an overall comment that while, it is true that the time to borrow and ‘invest’ is when the economy is down and so are interest rates… Am afraid that this ‘investing’ will instead be spending money on luxuries, such as arenas and other pet projects, rather than on the fixing and upgrading…
Last day of tax season
This is the last day of my 35th tax season. Thankful to the Lord for sustaining me not only this tax season, but in all the 35.
2015 indexation adjustment for personal income tax, benefit amounts, and the annual dollar limit for Tax-Free Savings Accounts (TFSAs)
Each year, certain personal income tax and benefit amounts are indexed to inflation using the Consumer Price Index data as reported by Statistics Canada. Increases to tax bracket thresholds, amounts relating to non-refundable credits, and most other amounts will take effect on January 1, 2015. However, increases to the Canada child tax benefit (including the…
Save yourself the trouble — get it in writing!
Before you decide to hire a contractor to do construction, renovation, or repair work on your home, ensure they are reputable and insist on getting a written contract and receipts. Be sure to ask a lot of questions, and ask for proof of workers’ compensation or equivalent private liability insurance to cover injury and any…