Finance Minister François-Philippe Champagne presented the Federal Budget 2026 on November 5, 2026. The budget keeps personal and corporate income tax rates unchanged. Instead, it focuses on simplifying Canada’s tax system. The government describes this budget as the first of two packages. It plans to introduce the second in the Spring Economic Update 2027. Several […]
Federal Budget 2026: What It Means for You Read More »
Moving from Canada to the US can bring new career opportunities, business prospects, and lifestyle changes. However, before relocating, it is important to understand how the move affects your taxes. Your Canadian tax responsibilities do not automatically end when you cross the border. Your residency status, Canadian assets, investments, and income sources all influence what
Moving from Canada to the US: What Happens to Your Taxes? Read More »
In my line of work, I often come across situations where individuals move away, from Canada with their spouses and dependents but choose to rent out their residence to someone unrelated. This scenario often raises a series of tax-related questions: 1. Does keeping a residence in Canada mean they are still considered residents for tax
Have you ever missed filing your Tax Return? Or failed to report the selling of your principal residence? If yes, then this blog is what you need right now. This blog emphasizes on the significance of disclosing the sale of your principal residence on your tax return. We will guide you step by step on
Rectifying Missed CRA Deadlines: Reporting the Sale of Your Principal Residence Read More »
By Haroon Khan, CPA, CA (Canada), CPA (USA) Life is busy, and juggling with all the responsibilities and workload often affects some of the important tasks, such as forgetting to buy milk for morning coffee and that is important. However, in this day-to-day routine, it is quite understandable if you may have forgotten to file
By: Haroon Khan, CPA, CA (Canada), CPA (USA) On 13 September 2023, we encountered a series of interesting FAQs at our Professional Development Hours session on Underused Housing Tax. The FAQs were regarding the classification of properties according to the rules of Underused Housing Tax. The main discussion surfaced around the properties used for residential
By Haroon Khan, CPA, CA (Canada), CPA (USA) To simplify tax matters, we have prepared a course on Underused Housing Tax (UHT) regulations in Canada. We have received a lot of queries regarding the impact of rules on jointly owned properties by citizens and Permanent residents, particularly when spouses are involved. This blog explains the
