“New Mortgage Rules Simplify Adding Secondary Suites”
Mortgage Insurance Rule Changes Make Adding Secondary Suites Easier for HomeownersThe Government of Canada has introduced significant changes to mortgage insurance rules, which take effect starting today. These updates mark a important step towards addressing housing affordability and expanding rental options nationwide. With these adjustments, homeowners now have greater opportunities to unlock their property’s potential […]
Canadian Economy Update
Canadian Economy Update The Canadian economy is currently navigating a complex landscape marked by both growth and emerging challenges. With diverse sectors experiencing varying levels of performance, the overall outlook for the nation remains uncertain. Here’s an in-depth analysis of the latest developments and their implications for Canada’s economic future. Economic Growth and Contraction October […]
Understanding Dividends and Taxation in Canada
Understanding Dividends and Taxation in Canada Dividends are payments made by corporations to their shareholders, representing a share of the company’s profits. These distributions are taxed differently than regular income in Canada. The Canadian tax system uses an integration mechanism to ensure that income earned by a corporation and subsequently paid to shareholders as dividends […]
RDTOH, ERDTOH, and NERDTOH Explained
RDTOH, ERDTOH, and NERDTOH Explained: A Strategic Tax Guide for Canadian Companies In Canada, corporations are subject to a range of taxes that can impact their business decisions, profitability, and financial planning strategies. One such tax mechanism that is significant to both public and private corporations is the Refundable Dividend Tax on Hand (RDTOH) system. […]
Defining Bare Trust- Key Features and Benefits
Bare Trusts in Canada: in general, and in Canada. Introduction A bare trust is a simple yet effective vehicle for holding assets in Canada, offering a transparent and flexible approach to asset management. This article explores the functionality, characteristics, and general guidelines of bare trusts, along with their provisions under Canadian law. By understanding how […]
Registered Retirement Income Fund (RRIF) in Canada:
Registered Retirement Income Fund (RRIF) in Canada: A Comprehensive Guide Introduction A Registered Retirement Income Fund (RRIF) is a crucial financial arrangement in Canada designed to provide individuals with a reliable source of income during retirement. While often confused with the more commonly known Registered Retirement Savings Fund (RRSP), the RRIF serves a distinct purpose […]
PREC: Personal Real Estate Corporations
PREC: Personal Real Estate Corporations The Real Estate Council of Ontario (RECO) regulates real estate professionals in the province, ensuring that they adhere to industry standards and ethical practices. One significant development within this regulatory framework is the establishment of Personal Real Estate Corporations (PREC). This legislative change allows brokerages to pay remuneration directly to […]
SCIENTIFIC RESEARCH AND EXPERIMENTAL DEVELOPMENT (SR&ED)
Unlocking Innovation: Understanding the SR&ED Program In today’s fast-paced business landscape, innovation is key to staying competitive. However, the costs associated with research and development (R&D) can be daunting. This is where the Scientific Research and Experimental Development (SR&ED) program comes into play. The SR&ED program represents a significant opportunity for Canadian businesses to invest […]
Deemed Disposition and Tax- Emigration- Leaving Canada
What is Deemed Disposition? Deemed disposition” refers to a tax concept where an individual or entity is considered to have disposed of an asset for tax purposes, even though the asset may not have been sold or transferred. This can trigger tax consequences, such as capital gains or losses, depending on the situations. It’s crucial […]
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 […]
