Warning – Could Your TFSA be Taxed?
Since their inception in the 2008 budget, Tax-Free Savings Accounts (TFSA) have become extremely popular investment vehicles as no income taxes are paid on the income earned by the investments within these funds. However, in certain circumstances that may be challenged by the CRA. In particular, Income Tax Act states that if a “business” is carried…
Deducting Vehicle Expenses for Work to Minimize Taxes
DEDUCTING VEHICLE EXPENSES FOR WORK TO MINIMIZE TAXES If you are an employee, you are able to deduct motor vehicle expenses if you meet all of the following conditions: You were normally required to work away from your employer’s place of business or in different places. Under your contract of employment, you had to pay your own…
Snowbirds Beware!
At Rumley Holmes LLP, a question we are often asked is “How many days can I spend in the United States without getting on the wrong side of the Internal Revenue Service (IRS)?” Few people realize that a Canadian resident, who is not a U.S. Citizen or green card holder, having no U.S. sourced income,…
