As we edge closer to the end of 2023, it’s crucial for businesses to stay informed about tax planning strategies. This year has brought several changes and opportunities in the realm of tax planning, including adjustments in deadlines, new legislative measures, and strategic considerations for managing tax liabilities. 1. Invest in Capital Assets With 2024...
Canada’s approach to taxing its residents on worldwide income, as stipulated in the Federal Income Tax Act (ITA), extends beyond domestic borders. Today, we will focus on ITA’s “specified foreign property” (SFP) reporting regime. It’s crucial to note that separate rules apply to foreign affiliates (T1134), which are not covered here. Who Must Report The...
In the ever-evolving landscape of the sharing economy, Airbnb has emerged as a popular platform for property owners to earn additional income. However, with this new revenue stream comes the crucial question for Airbnb hosts: Is the income generated from Airbnb considered business income or property income for tax purposes? This distinction is critical, as...