Canada’s Tax-Free First Home Savings Account (FHSA) is a savings tool introduced in 2023 to help Canadians save for their first home. It combines features of both the Tax-Free Savings Account (TFSA) and the Registered Retirement Savings Plan (RRSP), allowing for tax-deductible contributions and tax-free withdrawals when used for a first home purchase.
Ramesh Gupta CPA Professional Corporation - Our Blog
We are pleased to provide a variety of resources on accounting, taxation and other related subjects that we hope will be helpful to both individuals and businesses.
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The content provided in this blog is for general informational purposes only and is not intended as professional accounting, tax, or financial advice. While efforts are made to ensure the accuracy and timeliness of the content, errors or omissions may occur. The content does not constitute a client-advisor relationship. Readers should consult with a Chartered Professional Accountants or other financial professional for advice tailored to their specific needs. We are not liable for any actions one might take based on the information provided in this blog.
Reducing or Avoiding the Capital Gains Tax
In Canada, capital gains are taxed when you sell an investment or property for more than its purchase price. However, there are several strategies to reduce or avoid capital gains tax. Here’s how you can manage it:
Am I a Personal Services Business (PSB)?
In Canada, a Personal Services Business (PSB) is a type of business that the Canada Revenue Agency (CRA) designates under certain conditions. The rules governing PSBs are stringent, and the tax treatment of a PSB is less favorable compared to other types of corporations. Here’s an overview of what constitutes a PSB and its implications:
Capital Gains Tax - Changes in the 2024 Budget
The 2024 Canadian Budget introduced several changes related to capital gains that are important to be aware of. Here are the key points:
The Do's and Dont's of Navigating a CRA audit
Receiving a notice of audit or review from the Canada Revenue Agency (CRA) can be stressful, but by avoiding the Red Flags that can trigger and audit and knowing the do's and don'ts when dealing with the process can help you navigate thruogh the event smoothly. Here are some guidelines:
Business People Need to Monitor These Indicators
Maintaining good financial management is crucial to a firm’s survival. Timely and informed decisions are much easier when responding to changing conditions in today’s business world.
Tax Planning - Start Now to Create Wealth
Engaging in tax planning from the beginning of the year means that you can enjoy the benefits at tax time.
Tax planning is the broad concept of tax efficiency. Tax efficiency considers the larger financial picture incorporating individual age, goals, tolerance for risk and investment timeline. By incorporating tax planning, you uphold long-term wealth creation and protect your capital.
Do you do your own taxes?
Do you consider yourself a DIY type of person?
How about the office worker who can help their neighbour with a computer problem or can cook a gourmet meal for a group of 10 at the drop of a hat? All this, in addition to being able to keep his workplace organized. You probably know people like that who display genius in many areas, on demand. Good for them; they can be treasures when you need a friend as they can sometimes save you money.