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Short term rental ownership has doubled from 7% to 15% in the period 2017 to 2021. The federal government plans to deny tax deductions otherwise claimable to reduce income earned in the case of non-compliant short term rental owners starting in the 2024 tax year. This measure introduces significant complexity to an already perplexing tax regime for real estate owners and their accountants at a time when the outlook for growth in this market may be subsiding. Here’s what we know and why there may be a good argument for scrapping this tax entirely:
Times are tough but there are some things that are just too important to pass up on. One of them is the RRSP contribution for the 2023 tax filing year. The final deadline for reducing your 2023 taxes is February 29 this year. That’s a Thursday and here are 9 great reasons why you shouldn’t miss this opportunity.
Expecting a tax refund or GST/HST payment? You may not get it if you owe money to the Canada Revenue Agency (CRA), including repayments of the Canada Emergency Response Benefit (CERB) and other pandemic supports you may have received. Here is what you need to know and why contacting the CRA is so important to get on better financial ground in 2024:
How does a person know whether a trust exists or not? The answer to that question can at times be more complicated than you’d imagine. There are occasions where a written document, such as a Will, very clearly purports to establish a “trust” but fails to do so. There are other occasions where there is no written document present at all, but nonetheless a trust relationship is deemed at law to have arisen. In some provincial jurisdictions, a trust to hold land cannot be validly created unless there is a written document in place.
It’s a question we are often asked and we are proud to tell you why Knowledge Bureau may provide the perfect career, training or entrepreneurial solution you or your firm may need at this moment. Knowledge Bureau is a certified, national post-secondary educational institute which provides world class business education and continuing professional development to advisors in the tax, accounting and financial services and vocational training to those who wish to enter these industries.