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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 […]

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

Who Can Deduct Work- Space-In-Home Expenses? Employees may be able to deduct work-space-in-home expenses if all the following criteria are met: What are deductible Home Expenses? In order for expenses not reimbursed by the employer to be deductible, the above criteria must be met. Allowed expenses include heat, electricity, light bulbs, cleaning materials, maintenance, etc.  If […]

During 2023 many people struggled 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 2023 Tax Checklist page & complete the checklist.2) Choose your option […]

Individuals Personal Due Dates for Filing March 31, 2024- Due date for BC Speculation & Vacancy Tax declarations (if applicable) April 30, 2024   – Tax Filing Deadline for individuals other than self-employed individuals June 17, 2024   – Tax Filing Deadline for self employed individuals Personal Due Dates for Payments Personal Tax Instalments (Quarterly)                          […]

First Time Home Buyers who acquire an eligible qualifying home can claim a non-refundable tax credit of up to $1,500. This is calculated by multiplying $10,000 by the lowest federal personal tax rate of 15% (as of 2024). Qualifying homes include: Note- shares in a cooperative housing corp also potentially qualify depending on the specific […]

2022 was not an easy year for many people. Let’s try to get ahead by getting your tax filing out of the way early! How easy is it to file with Connect Live through the web? Simple! 1) Go to the Connect Live 2022 Tax Checklist page & complete the checklist.2) Choose your option on […]

At Connect Live we do taxes for individuals as well as businesses. Our rates are very reasonable and you also get access to us all year round for answers to your financial questions. How easy is it to file with Connect Live through the web? Simple! 1) Go to the Connect Live 2021 Tax Checklist […]

At Connect Live we do taxes for individuals as well as businesses. Our rates are very reasonable and you also get access to us all year round for answers to your financial questions. How easy is it to file with Connect Live through the web? Simple! 1) Go to the Connect Live 2019 Tax Checklist […]