Short Term Rental Deductions – New Rules
Starting 2024, the rules for the short-term rentals have changed and are going to impact taxability on the rental income earned from properties. Any dwelling unit which is rented for less than 28 consecutive days is termed as short-term rental. The government has come up with a provision to curb the shortage of housing as […]
Introduction to Partnerships in Canada
As we all know Partnership is the involvement of two or more persons for the achievement of a common motive generally the profits from business. It may be made through the verbal or the written agreement. It may be for profit or not for profit. In general, the partnerships are written for the rights/duties of […]
Canadian Dental Care Plan
The Canadian Dental Care Plan(CCDP) is a federal government program to provide coverage for Canadian residents who do not have dental benefits. This program is in addition to the already run programs by any government and the benefits of those do not lapse. Benefits will be coordinated between the programs and no benefits will be […]
Foreign Assets Reporting
CRA wants every person holding foreign properties above specified value to submit each year information regarding the foreign assets and income earned on those assets with a view to plug tax evasion and tax avoidance. Each year a form needs to be filled through which CRA gets all the information about the foreign properties for […]
