The following article is a case study on a non-resident of Canada taxpayer, named Cameron, and how he should deal with his Canadian rental property for tax purposes. Facts about Cameron’s tax situation: Receives $3,000 monthly rental income from his beautiful home in Vancouver. Loves warm weather and is retired, so decided to move to […]

CRA has provided two new options for claiming employment expenses related to working from home in 2020. New – Temporary Flat Rate Method – where employees can claim a flat rate amount of $2/day to a maximum of $400.  Under this method, no employer certification is required. Simplified Detailed Method – for employees who claim […]

Introduction Stock option plans are a popular method to attract, motivate, and create loyalty among employees in both Canada and the US. The tax treatment of stock options is complex, and rules vary between different countries. This article is part-one of a three-part series.  First, we will discuss US tax implications of stock options.  Part-two […]

The Government of Canada rolled out a new rent subsidy retroactively covering September 27, 2020 until June 2021. This new rent subsidy is similar to the previous rent subsidy originally announced at the beginning of the pandemic, however, this version does not require the participation of landlords. Eligibility criteria To be eligible for the CERS […]

Global Intangible Low Tax Income (GILTI)was introduced as part of the Tax Cuts and Jobs Act that was signed into law in December 2017. Its purpose is to discourage US taxpayers from shifting corporate profits outside the US to low income tax or zero-tax jurisdictions. GILTI results in tax being imposed on the earnings of […]

Are you in the market for a new vehicle?  The Government of Canada has come up with tax incentives to steer taxpayers towards purchasing zero-emission vehicles in efforts to reduce greenhouse gas emissions in Canada. What is a Zero-emission vehicle?  The CRA has defined zero-emission vehicles into the following categories. Plug-in hybrid Electric Powered by […]

Since the COVID-19 pandemic many employees now have the option to continue working from home. This leave taxpayers wondering if they can deduct home office expenses related to their employment income on their 2020 tax return. Here is everything you need to know about being eligible for home office deductions. Typically, an employee can claim […]

A growing number of taxpayers are trading on the stock market using online broker accounts. Knowing how to report gains/losses from trading activity accurately on your tax return is especially important since failing to do so can end up being a costly mistake and leave you owing lots of money to CRA. The most important […]