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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).

The year 2022 was a busy year in the tax world. Coming out of the pandemic and dealing with an uncontrollable real-estate market, the government introduced many tax measures to boost the economy while controlling the housing market. We don’t expect as many tax measures in 2023. But we still expect the government to introduce some significant tax measures.

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 Department of Finance has announced the 2023 automobile deduction limits and expense benefit rates for businesses. The amounts have generally gone up because of high inflation in Canada.

In this edition, we cover the following: Please click here to read our December 2022 edition of the LRK Tax Newsletter. The year 2022 was a strange year in the tax world. We came out of the pandemic with a lot of government spending relief programs, a red-hot housing market, and skyrocketing interest rates to

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 government released draft legislation under new subsection 160.5(2), which requires making payments and remittances to the CRA through electronic means where the amount of the remittance or payment exceeds $10,000. There is an exception if the payor or remitter cannot reasonably remit or pay the amount electronically. It is unclear what the threshold for

A recent court ruling demonstrates why preparing financial statements is important if you are receiving tax benefits and credits.