Understanding the Departure Tax
When you leave Canada and become a non-resident for tax purposes, you might be subject to the departure tax. This is essentially a capital gains tax on the deemed disposition (forced sale) of your worldwide assets.What is the Departure Tax?The departure tax is triggered when you cease to be a resident of Canada. The Canada Revenue Agency (CRA)...
Facing an Audit for Personal Services Business?
As a tax lawyer, I understand the stress and uncertainty that comes with receiving a notice of an audit, especially when it pertains to being classified as a personal services business. Being audited for this classification can be daunting, but it’s crucial to remember that you have rights and options. In this blog post, I’ll dive...
Tax Planning Strategies for Toronto Real Estate Investors
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...