tax guide

Inflation is often thought of as a gradual increase in prices, but it’s important to remember that it’s also a tax. As prices rise, the purchasing power of your income decreases, meaning you can buy fewer goods and services with the same amount of money. This can significantly impact your finances over time, especially if you’re not aware of how it’s affecting you.

Many experts and analysts are bracing for lacklustre returns in 2023. If you are an investor, you may sell some of your investments and trigger capital losses as you rebalance your portfolio. In this article, we outline some tax strategies that can go hand-in-hand with your investment decision that will put more money into your pockets.

The sentiment that a country ought to “tax the rich” has been circulating the airwaves for several years. With record levels of government spending, impending recession, inflation, an increase in immigration, and funding the Ukrainian war, the government needs more money. It seems like 2023 will be an opportune time for the Canadian government to introduce another round of tax on the rich (when the Liberals came to power in 2015, they also introduced a 4% tax hike on people in the top tax bracket).

With rising interest and energy costs, more real-estate investors are expected to sell in 2023. These investors need to watch out for the Anti-Flipping Tax that comes into effect on January 1, 2023.

The Canadian banks have increased their prime lending rate to 5.45%. We discuss strategies to mitigate the blow of high interest rates.

The CRA is escalating its scrutiny of personal services businesses towards the end of 2022. CRA typically undertakes campaigns where they focus on a specific issue and cast a large net to identify taxpayers who may be in violation of certain tax rules.

The CRA made changes to the capital dividend election form (T2054). We highlight some of the changes in this article.