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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 […]

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 […]

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 […]

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 […]

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 […]

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)                          […]

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 […]

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