Expenses

Tiered Partnerships & Flow-Through Characteristics A tiered or stacked partnership refers to a partnership that owns a partnership interest in another partnership. The Tax Court of Canada (TCC) affirmed the flow-through characteristics of income and losses through a tiered partnership structure in the decision in Devon...

Zero-Rated Supplies & GST/HST The Goods and Services Tax (GST) and Harmonized Sales Tax (HST) are consumption-based taxes levied in Canada. These taxes are applied to the sale of most goods and services. However, not all supplies are taxed at the regular GST/HST rate. Some goods and services are classified as...

The New CRA Gig Economy Rules The Canada Revenue Agency (CRA) has introduced new rules that require digital gig economy platforms, such as Uber, Lyft, and DoorDash, to report income earned by their workers. CRA is trying to ensure tax compliance within the rapidly growing gig...

Tax deductions play a crucial role in reducing the taxable income of small businesses in Toronto, allowing them to retain more of their hard-earned profits. Understanding and maximizing available deductions can significantly impact the financial health of small businesses. In this blog post, we’ll explore the importance of tax deductions...

Investing in real estate in Toronto offers lucrative opportunities for individuals seeking to build wealth and diversify their investment portfolios. However, navigating the tax implications of real estate investment requires careful planning and strategic decision-making. In this blog post, we’ll explore tax planning strategies tailored...

What is a Management Fee? The Management Fee Expense The payment of management fees for services rendered is an issue commonly under scrutiny by the Canada Revenue Agency (“CRA”). This is because a management fee can represent multiple services and the amount can be deducted from taxable income,...