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Choosing Your GST-HST Filing Period

What Is A Filing Period? Your GST/HST filing period determines how often you must file a GST/HST return. Unlike income tax returns (which always have an annual filing period with a set year-end and filing deadline), GST/HST registrants usually have several options. For businesses earning annual revenues of $1.5 million or less the default filing [...]

Business Deductions: The Reasonable Expectation of Profit

Business owners, freelancers and self-employed people have many questions about what they can and can't write off for their taxes. This is a potentially endless topic. There are an infinite number of possible businesses, with an infinite number of ways they can be run; meaning there are an infinite number of potential business deductions. The [...]

Foreign Property Worth Over $100,000 CAD

 In the last few years you have probably noticed a question on your Canadian income tax return asking if you owned any foreign property: "Did you own or hold specified foreign property where the total cost amount of all such property at any time, in the tax year, was more than $100,000 CAD?" What [...]

Remote Tax Preparation

March 17, 2020 - In response to the current COVID-19 crisis, Personal Tax Advisors will be completing all tax preparation remotely (no in-person appointments) until further notice. Remote Tax Preparation allows you to have the same level of service as an in-person appointment, but with the convenience of not having to come to our location. [...]

No Good Deed Goes Untaxed

Parents want the best for their kids, and that often extends to giving away some of their assets in order to help their adult children get established in life. But while Canadian tax law renders gifts exempt from tax for the receiver, they can be taxable for the giver due to rules around capital gains. [...]

Does your foreign real estate have to be declared on T1135?

Form T1135 must be filed when a person answers 'yes' to the question "Did you at any time in the year own foreign property valued at over $100,000 (CAD)?" However, some real estate is considered exempt from this question, and therefore doesn't trigger -- and need not be reported on -- form T1135. If the [...]

All About CRA Matching

It’s a little-known fact that when CRA first receives an income tax return and sends the taxpayer a Notice of Assessment, they do little to no review of what is actually in that tax return. Unless your return has been selected for a pre-assessment review, for the most part CRA just goes along with whatever [...]

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