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Understanding the Underused Housing Tax for Canadians

What is it? The Underused Housing Tax is a federal tax of 1% on the ownership of vacant or underused housing. When is it due? The UHT deadline for the 2022 calendar year is April 30th, 2024. Failure to submit your UHT return by the provided date can result in fines of $5,000.00 for individuals […]

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Unlocking the Key to Vibrant Neighborhoods: The Vacant Home Tax

What is it? And when is it due? By February 29th, 2024, all residential property owners in Toronto are required to declare the occupancy status of their properties. This new law is called the Vacant Home Tax, a new tax law introduced in 2021 to put pressure on the owners of vacant homes to either […]

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The CEBA Loan: One step closer to financial freedom

The Government of Canada announced an extension on the CEBA program that allows eligible loan holders to be entitled to the loan forgiveness incentive, if paid by January 18th, 2024. What is the CEBA program? The CEBA (Canadian Emergency Business Account) program was created to “offer interest-free loans of up to $60,000.00 for small business […]

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Understanding the art of Capital Gains Stripping

What is Capital Gains Stripping? The Capital Gains Stripping method is used efficiently to distribute retained earnings from a corporation through Capital Gains, a tax-efficient approach from the traditional method of issuing dividends. Business owners use this technique to withdraw money from their corporation at a lower tax rate compared to the regular dividends rate. […]

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Unlocking the Door to Homeownership: Understanding the First Home Savings Account

Introducing the First Home Savings Account, CRA’s latest tax-deductible account that can save you fortunes annually, while setting you up for the purchase of your first home. Why should you invest in an FHSA account? What are its benefits? How much can you contribute to your FHSA’s? Who is eligible? What happens to your FHSA […]

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