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Safe Income

To create an effective corporate structure plan, business owners in Canada should understand the tax concept of safe income, as this obscure detail of the Canadian Income Tax Act (“ITA”) could cause you unnecessary grief if not considered in your planning. This article will provide information on what safe income means, how it is calculated, what challenges might be present, and what influence it has on corporate structure planning. Learn More

Toronto Vacant Home Tax – First Annual Deadline to Declare is February 2, 2023

The City of Toronto has implemented an annual tax on vacant Toronto residences in hopes to offer some relief to the current housing shortage, effective for the 2022 calendar year and payable beginning in 2023. The Toronto Vacant Home Tax (VHT) requires all Toronto residential property owners to submit a declaration of occupancy. Homeowners who choose to keep their properties vacant will be subject to this tax. Learn More

Tax Return Deadlines in Canada 2023

The deadline for the 2022 personal income tax return (without self-employment income) is May 1, 2023 (since April 30, 2023, falls on a Sunday). Any tax owing must also be paid by this date. Learn More