Income splitting is the process of shifting income within a family to take advantage of the lower tax brackets, deductions and credits available to each family member. Anti-avoidance legislation was…
Capital Gain Reserve Carry Forward If you have a capital gain, there may be an option to defer or reduce the capital gain tax. In some instances, all of the…
Deducting Private Health Insurance Payments Under ITA S20.01, you can deduct premiums paid to a private health services plan (PHSP) from self-employment income if you meet the following conditions; …
There could be some tax consequences for Canadians who travel US frequently. Read the attached article published by CGA association to explain how IRS calculates the days present in US…
Can rental income be claimed as Active Business Income (ABI)? In most cases, income from the property will be considered as passive income and would not qualify for a small…