Do you rent out your home? Are you self-employed with a home office and selling your primary residence? Know these facts and save on tax!

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Do you rent out your home or claim home office expenses as a self-employed individual? One of the most well-known provisions in the Canadian Income Tax Act (“ITA”) allows taxpayers selling their Principal Residence (subject to certain conditions and criteria) to be exempt from any potential income tax on the capital gain realized on its ….

Real estate’s top 4 “hidden taxes”

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While most business owners are accustomed to paying corporate, personal, and sales taxes, some are not as familiar with several lesser known taxes that can significantly impact the bottom line of real estate industry entrepreneurs. Understanding and planning for these largely “hidden taxes” can help your business achieve its targets. Let’s take a look at ….

U.S. tax reform has significant impact on U.S. citizens in Canada and Canadian entities conducting business in the U.S.

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Both houses of the U.S. Congress have passed different but similar tax reform bills. The differences will be reconciled by a joint committee of congress and the revised bill will be resubmitted to each of congress for approval before going to President Trump’s desk for approval. It is likely, though not certain, that the reconciled ….

Congratulations to our 2017 successful CFE writers!

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Zeifmans is proud to congratulate the following writers for passing the Common Final Examination (CFE): Arham Arshad Shailaja Desai Alex Kay Keerthana Menon Armand Sorra Raymond Zhao Our successful writers’ dedication and hard work led to their achievement of the final step of educational requirements for the Chartered Professional Accountant (CPA) designation. We are proud ….

A quick guide to success when buying or selling a pharmacy

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As all pharmaceutical entrepreneurs are aware, making the decision to purchase a pharmacy – or sell your existing one – is an in-depth process requiring careful consideration, including the assessment of operations pre purchase to evaluate if performance is as expected for a pharmacy, to directing lawyers on the structure of transaction and advising the ….

Selling real estate? The tax treatment may not be what you think

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Many Canadian taxpayers believe the sale of real estate typically receives a more favorable tax rate than other types of income. This is not always the case, however, and selling real estate can be fraught with issues. Our real estate industry experts share factors to consider when looking to sell homes or properties, so you can ….

Pending real estate laws may save realtors tax dollars

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By David Posner, Partner Historically, real estate agents operating in Ontario have not been permitted to incorporate, because the Real Estate and Business Brokers Act to which they are subject, prohibits them from incorporating their businesses using a Personal Real Estate Corporation (PREC).  Many have considered this unfair, given incorporation is permitted for similar professionals in ….

News Alert: Oct 18 and 19 updates on the taxation of owner-managed businesses

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On October 3rd, 2017, we reported on Part 4: The Conversion of Income into Capital Gains, providing two examples of how double taxation could arise, should this proposed legislation be passed into law.  On October 19th, Finance Minister Bill Morneau announced that the Department of Finance will not be moving forward with the foregoing legislation.  ….

How Will My Business Be Affected By The New Taxation of Owner-Managed Business? Update: Federal Government Tax Changes Announced October 16th, 2017

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Federal Government Tax Changes Announced October 16th, 2017 In our recent 4-part series, we took an in-depth look at how the Department of Finance’s proposed legislative changes could affect Canadian business owners. In particular, we discussed how the new taxation could influence Passive Investments, Income Splitting, the ECGD, and Capital Gains. On October 16th, 2017, ….