It’s Not Too Late - February 26 in Depth Tax School
Please join Evelyn Jacks and guest Faculty members for a virtual mini-summit February 26 for an in depth Tax School for tax and financial professionals.
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Real Tax News You Can Use
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In This Edition:
February 14, 2025
More Bad News on the Canada Carbon Rebate
Anti-Flippers Beware: CRA Fines are Exorbitant
What Residential Property Owners Need to be Audit-Proof
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GST Holiday Ends This Week: Lost Aversion Kicks In
The GST holiday which began in December comes to an end on February 15th and the fallout for consumers and businesses could linger for longer than the two month exemption itself. Announced by the Prime Minister and then Finance Minister on November 21st, the end of the break will mean Canadians must once again pay more for common children’s items in particular. Further, businesses will gain incur costs to reprogram point-of-sales and accounting systems.
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Anti-Flippers Beware: CRA Fines are Exorbitant
Canadian homeowners may not yet have caught up with the new rules around anti-flipping when they buy and sell their principal residences. CRA has not only tightened the reporting rules, but now can deny the tax exempt treatment if the personal residence is not held for 365 consecutive days. Some exceptions do apply. So let’s take a look at the rules that should be discussed with all home owners and potential home owners:
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Tax Season Can Provide Financial Stress Relief
Real Wealth Management is the accumulation, growth, preservation and transition of wealth after taxation, inflation and fees. Seldom has an economic environment been more conducive to this approach with the threat of tariffs, significant tax change and numerous interest/inflation fluctuations. Fortunately, tax season, which official begins for filing of T1s on February 24, can provide some cash flow relief. Here are some things to consider.
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