It’s good to know your options and one resource to help you learn is our blog.
September 20, 2022
If you have money owing to the CRA and have not been making voluntary payments, the CRA can take legal action to collect those funds or seize your assets. You’re not alone. This situation is one that many taxpayers find themselves in. Here's what to do.
September 20, 2022
Imagine this: you’ve picked your dream home, put down a deposit and waited years until it was finally built. Shortly after you take possession you realize your circumstances have changed, the home no longer fits your needs and you decide to sell it. Now you have a letter from the CRA claiming you’re a builder and they want to collect Harmonized Sales Tax (HST) on the sale of the property – how does this make sense?
August 19, 2022
It’s a common problem; you’ve filed your tax returns on time but find yourself or your company owing more than you can pay at once. Will the CRA come after you or your company to enforce collection of the outstanding tax balance? The answer is yes. Here's what to do.
August 17, 2022
Housing speculation has driven the real estate market in Ontario to all-time highs, preventing many Canadians from purchasing a home. Recent tax measures on so-called “assignment sales” seek to cool down the market and make it more accessible to middle-class Ontarians.
August 17, 2022
The CRA can reassess your taxes, leaving you with a large, unexpected tax bill. Here’s what to do if you want to dispute a Notice of Reassessment from the CRA and how the CRA reassessment requires you to act quickly.
August 16, 2022
If a parent, or even both parents for that matter, have passed away leaving behind unsettled tax debt and this tax debt has progressively grown over an extended period, can this tax burden be passed on to their estate? Short answer – yes, it can.
May 30, 2022
Parliament introduced a temporary immediate expensing measure for capital property. The measure allows qualifying corporations to write off up to $1.5 million in qualifying investments in the first eligible year, rather than claiming these costs across multiple years, resulting in a lower tax payable.
May 20, 2022
By: Matthew Boyd, Associate, Farber Tax Law Taxpayers with foreign assets may have reporting obligations of which they are unaware. Form T1135 requires taxpayers to report certain types of assets held offshore once a cumulative threshold amount is met. Failure to file Form T1135 may result in onerous penalties and interest. This article provides a […]
May 17, 2022
By: Rimo Rico More and more retirees are trading in their Winnebagos for a Carnival Cruise. CNN has recently reported that some cruise-lovers are even choosing to spend their entire retirement on a cruise ship. Before embarking on a retirement at sea, a retiree should consider the income tax implications of tax residence in Canada […]
March 30, 2022
By: Mina Alexander Tax filing deadlines are quickly approaching, and it is important to know when you are required to file and pay any tax balance owing. As we will discuss, you may be required to pay taxes owing prior to your filing deadline, if you fail to do so, you may be subject to interest payments […]