Nowadays, a lot of people are using a side business or additional source of income to augment their primary income. The tax implications of these extra sources of income are frequently misunderstood or overlooked entirely.The side-hustle could involve earning money...

In April, as part of the Federal Budget, the Finance Minister announced a change to the capital gains inclusion rate from 50% to 66.67%, effective from June 25, 2024.No matter your level of wealth, this change likely WILL affect you at some point. So, what has...

There are several kinds of income or benefit that are not subject to tax under the Income Tax Act. To the extent you can get any of these, you won’t need to pay tax on the income, or in many cases even report it.Here are some of the kinds of income that are not taxed,...

The Liberal government’s Budget of April 16, 2024 (budget.canada.ca) has committed billions of dollars to support building new housing, recognizing that the shortage of housing in Canada has become a serious crisis, and hoping to get almost 4 million new homes built...

What happens for tax purposes if you leave your job — voluntarily or by being terminated — and your employer pays you money?Typically, you might receive one or both of the following kinds of payments:(1) An extension of your salary during a period while you are still...

Being asked to be the Executor of someone’s estate is a significant responsibility, often coming at a very sad time if that person is a family member. The responsibility is not something which should be taken on lightly. The estate administration process can sometimes...