- Increase Generational Wealth Through Unique Tax Planning During Recession – Despite the possibility of a recession or sluggish economic growth in 2023, there are ways for entrepreneurs and small business owners to leverage the tax system and boost their long-term financial security. These tax planning opportunities can help them accumulate generational wealth.
- Flip the Anti-Flipping Tax on its Head – The government introduced the anti-flipping tax to discourage short-term residential home flips. However, through clever tax planning, taxpayers can use this rule to pay less taxes by structuring real-estate investments through a corporation.
- Non-Residents Getting Out of Canadian Real Estate Need to Pay Attention to Special Tax Filings – The implementation of policies such as the Underused Housing Tax (UHT) has prompted foreigners to sell their Canadian properties. Failing to engage in effective tax planning prior to selling could result in unexpected financial strain and funds being held by the CRA.
If you found this newsletter useful, please feel free to pass it on to your team of advisors as it will be useful for them as they also consider your financial, estate, and business plan to preserve and grow your hard-earned wealth.
Sincerely,
LRK Tax Team
