Things to know when leaving Canada

If a resident of Canada moves to another country, and severs residential ties with Canada, he/she is deemed to be an emigrant of Canada for tax purposes.  When this happens, the person is deemed to have disposed of almost all their property and re-acquired it at fair market value.  Tax will be payable on any […]

Tax requirements for non-residents of Canada earning rental income

Non-residents of Canada who earn certain types of Canadian source income may be taxed on this income in Canada. Those that earn income from rental properties are taxed on this income in a very specific manner. Some of basic steps to know for non-residents earning rental income from Canada are: Once the property is purchased […]

TRANSFERRING CAPITAL LOSSES TO A SPOUSE – YEAR END TAX PLANNING TIP

Capital losses can be transferred to a spouse or common-law partner by selling the loss shares, and having your spouse purchase those shares within 30 days.  You are denied the superficial loss, but the loss amount is used to increase the cost basis of your spouse’s investment.  Your spouse must hold the shares for more than 30 days for […]

Starting a new Business? Here is what you need to know

STARTING YOUR OWN BUSINESS? Here is what you need to know The Canada Revenue Agency provides a Checklist for Small Businesses to help you understand each stage of your business cycle. Find out more here. Feel free to contact us and book a free consultation today.