Sometimes taxpayers make mistakes with their annual tax filings. These mistakes come in many forms: an omission, an understatement, a misclassification of an income, an information return left unfiled, or perhaps the tax advisor may have inadvertently misinterpreted the Income Tax Act. The examples are endless.
A second chance
Taxpayers who find themselves in these types of stressful situations can stress no more; the CRA has a program that ... Read More
Should rental properties be held personally or in a corporation?
With the real estate in such high demand in Vancouver, Canada, many Vancouverites are buying investment properties either to generate rental income and/or participate in capital appreciation. The dilemma commonly faced is whether or not the rental unit(s) should be held personally or in a corporation?
Personal ownership makes more sense
Although there are many pros, cons and legal considerations that come with ... Read More