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Entries by Admin

About Admin

The partners in Connect Live CPAs believe in providing timely, quality service with a personal touch. Focusing on a web based approach and with 38 years of tax, accounting and advisory experience, Connect Live CPAs can serve all your tax and accounting needs.

1For 2024 Connect Live CPAs can file your 2024 taxes (or any prior year) easily and conveniently!

For 2024 Connect Live CPAs can file your 2024 taxes (or any prior year) easily and conveniently!

Mar 9, 2025

In any year many people struggle with increasing costs and other economic challenges. If CRA owes you money we can help you get it back faster. How easy is it to file with Connect Live through the web? Simple! 1) Go to the Connect Live 2024 Tax Checklist page & complete the checklist.2) Choose your […]

2

Different types of Income Different Tax Rates

Mar 3, 2025

In Canada, different types of income are taxed in different ways depending on the source and nature of the income. Here’s an overview of how the main types of income are taxed: 1. Employment Income 2. Self-Employment Income 3. Investment Income 4. Rental Income 5. Pension Income 6. Government Benefits 7. Social Assistance and Unemployment […]

3

Individual Personal Tax Rates 2024 and 2025

Mar 3, 2025
4

Taxation of Capital Gains- Update

Mar 3, 2025

As of January 31, 2025, the Canadian government announced a deferral of the proposed increase in the capital gains inclusion rate from 50% to 66.7%. Originally intended to take effect on June 25, 2024, this change has been postponed to January 1, 2026. This decision follows the prorogation of Parliament on January 6, 2025, which […]

5

Crypto Currency Investments Taxation

Mar 3, 2025

In Canada, cryptocurrency gains and losses are taxed as either capital gains or business income. This depends on how the cryptocurrency is being used and what your intent was when purchasing or selling it. Here’s a breakdown: 1. Capital Gains Tax If you hold cryptocurrency as an investment (i.e., buying and holding it for potential […]

6

RRSP/FHSA/TFSA Limits and Deadlines

Mar 3, 2025

In 2025, the contribution limits and key dates for the RRSP, FHSA, and TFSA programs are as follows: Registered Retirement Savings Plan (RRSP): First Home Savings Account (FHSA): Tax-Free Savings Account (TFSA): Annual TFSA dollar limits 2009 to 2012 $  5,000 2013 and 2014 $  5,500 2015 $10,000 2016 to 2018 $  5,500 2019 to […]

7

Important Dates- 2025 tax deadlines and due dates for payments(Individuals and Corporations)

Mar 3, 2025

Individuals Personal Due Dates for Filing March 31, 2025- Due date for BC Speculation & Vacancy Tax declarations (if applicable) April 30, 2025   – Tax Filing Deadline for individuals other than self-employed individuals June 16, 2025   – Tax Filing Deadline for self employed individuals Personal Due Dates for Payments Personal Tax Instalments (Quarterly)                          […]

8

Update on BC Home Flipping Tax

Mar 3, 2025

As of January 1, 2025, British Columbia’s Home Flipping Tax, officially known as the Residential Property (Short-Term Holding) Profit Tax Act, imposes a tax on profits from selling residential properties within two years of acquisition. The tax rate is 20% for sales within the first 365 days, decreasing over the next 365 days, and phasing […]

9

Home Flipping Taxes

Mar 1, 2024

Federal Property flipping are the transactions of purchasing residential property and reselling the property in a short period of time to realize a profit. The profit from property flipping is fully taxable as business income and does not qualify for the 50-per-cent capital gains inclusion rate or the Principal Residence Exemption. Previously such income would […]

10

Bare Trusts, Estate Planning & CRA filing

Feb 27, 2024

We are preparing additional details regarding this area of filing. While complex Advotax Law of Ontario has prepared a concise summary of this new area of concern. https://www.advotaxlaw.ca/post/a-basic-guide-on-bare-trusts-for-canadian-taxpayers

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Recent Posts

  • For 2024 Connect Live CPAs can file your 2024 taxes (or any prior year) easily and conveniently!
  • Different types of Income Different Tax Rates
  • Individual Personal Tax Rates 2024 and 2025
  • Taxation of Capital Gains- Update
  • Crypto Currency Investments Taxation

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Connect Live CPAs Inc. are designated Chartered Professional Accountants providing Tax, Accounting and Advisory services to individuals and small businesses.

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Fresh from our blog

  • For 2024 Connect Live CPAs can file your 2024 taxes (or any prior year) easily and conveniently!
  • Different types of Income Different Tax Rates
  • Individual Personal Tax Rates 2024 and 2025
  • Taxation of Capital Gains- Update

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