Tag: personal tax ↓

Canada gets a variety of tax cuts

November 5th, 2007 · 4 Comments

The Canadian government released a mini-budget this past week that featured serious tax cuts. The GST goes down another point to 5% and the lowest bracket of personal tax is lowered back down to 15%. Corporate taxes continued their downward trajectory. The CICA focused first on the reduction to corporate taxes: “The government’s commitment to [...]

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Category: Taxation
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8 quick facts about the principal residence exemption

June 12th, 2007 · 3 Comments

Continuing the series of “quick facts” posts (see prior ones about the capital gains exemption and the new financial instruments standards), today is all about the principal residence exemption in Canada. Any residence may be designated a principal residence as long as you “ordinarily inhabit” the home. Ordinary inhabitation includes seasonal living such as your [...]

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Category: Taxation
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My busy season has begun in earnest

January 12th, 2007 · 3 Comments

Busy season is upon me and I’m up to my eyeballs in work. It’s Friday night but I’m relaxing at home, trying to chill out and prepare for a full day at the office tomorrow. Got out early tonight, at a mere 6:30pm! Needless to say it’s affecting my blogging frequency. And hearing about lunch [...]

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Category: Profession
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Incorporate or not: It’s the investment

September 28th, 2006 · 2 Comments

A small business usually starts out as a sole proprietorship, owned and operated by the founder personally and reporting business income on their annual personal tax return. But as the business grows, the question of incorporation will always arise, and there are several factors to consider when this happens. The most important single factor, in [...]

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Category: Taxation
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