Canadian Tax Guy @TheTaxHeroes Twitter profile | Pikagi

Pikagi

Canadian Tax Guy

@TheTaxHeroes

14,600

Followers

1,424

Following

90

Media

6,574

Statuses

I help businesses, business owners, & professionals understand and save tax. Need a CPA or have a q? DM me.

Canada

https://t.co/tIrgM8rMHc

Joined December 2022

Don't wanna be here? Send us removal request.

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@TheTaxHeroes

Canadian Tax Guy

5 months

There’s a lot of talk about how Canada discourages building wealth by starting businesses. I’m not here to argue if that’s true or not, or if that’s good/bad or not. I want to highlight 4 ways proper tax planning can help you build wealth if you’re a business owner in Canada:

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@TheTaxHeroes

Canadian Tax Guy

5 months

We prepared a tax return for our client’s son. He’s 18 and has no income. He’s getting a $0 refund. So why did we file? Because he will be getting $1,200+ in various government benefits in the upcoming year. These benefits don’t show up on your refund or many online tax

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@TheTaxHeroes

Canadian Tax Guy

8 months

A friend of mine was renting a place. The landlord told them they will be moving in so he needs to vacate the property. Generally in Ontario, a tenant can be kicked out if a landlord will be moving in. My friend didn’t believe the landlord and thought he just wanted him out

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@TheTaxHeroes

Canadian Tax Guy

7 months

A friend of mine landed an internship with CRA when he was in university. It took them one month to get him a laptop. And by the time he got his laptop, his supervisor said 3 months wasn’t enough to do any meaningful work so he did nothing for the rest of the internship. He

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@TheTaxHeroes

Canadian Tax Guy

1 month

“If I leave Canada without paying my tax, how will the CRA ever collect payment?” Sometimes I explain to people the complex tax rules when leaving Canada. Sometimes I’m asked, “what if I don’t report anything and I leave? They can’t make me pay from another country!” The truth

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@TheTaxHeroes

Canadian Tax Guy

5 months

The 2024 federal budget is being announced. This is a once a year event where the government announces their budget along with tax changes. Here are some of the changes I caught quickly going through it.

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@TheTaxHeroes

Canadian Tax Guy

1 year

HOW PERSONAL TAXES WORK IN CANADA & HOW TO SAVE PERSONAL TAX Personal tax in Canada contains 3 calculations. If you look at your actual personal tax return, you will see it essentially follows this format.

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@TheTaxHeroes

Canadian Tax Guy

9 months

YEAR-END TAX TIPS 1) Take TFSA withdrawals (if you need to). If you withdraw from your TFSA, you don’t get that contribution room until Jan 1st of the following year. So if you do need the money early 2024, it makes sense to withdraw at the end of 2023.

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@TheTaxHeroes

Canadian Tax Guy

5 months

The RRSP Home Buyer’s Plan is increasing from $35k to $60k. This allows you to withdraw up to $60k from your RRSP to buy a home (subject to restrictions) and repay it over a number of years w/o paying any tax. For a couple, this means up to $120k together from the RRSP

@bdkoepke

Brandon Koepke, CFA

5 months

CHBA lobbying worked, 30-year insured mortgages for new-builds only. Hopefully it works out better this time than the last time we relaxed amortizations. The HBP plan withdrawal limit was increased to $60k, and the first payment moved from 2 to 5 years.

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@TheTaxHeroes

Canadian Tax Guy

8 months

When I post about tax rates, the most common replies are about how the government is taking so much of our income for taxes. So I looked for global comparison and found this chart of Reddit. Among developed countries, Canada is relatively tax competitive.

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@TheTaxHeroes

Canadian Tax Guy

6 months

CRA is getting aggressive on crypto. They aren’t just accepting crypto tax reports like Koinly. They want detailed transactions reports.

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@TheTaxHeroes

Canadian Tax Guy

8 months

After-tax earnings for a $100k salary. Found this on TikTok. Fact checked a few provinces and found they were slightly different but nothing significant. Takeaway: A friend of mine at this income level thought moving from Ontario to Alberta would save him income tax. It did

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@TheTaxHeroes

Canadian Tax Guy

1 year

I hate Rich Dad, Poor Dad for distorting what a liability is. A house is not a liability, a mortgage is a liability! A fancy car might not be a good purchase bc of the upkeep but it does not mean it’s a liability. It’s more like a depreciating asset. A car loan is a liability.

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@TheTaxHeroes

Canadian Tax Guy

10 months

Being a business owner can unlock a lot of tax savings. But if an employee makes $80,000 in Ontario, they pay total taxes of ~$20,200. If a self-employed person makes $80,000 in Ontario, they pay total taxes of ~$22,250. This surprises everyone I tell. If business owners

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@TheTaxHeroes

Canadian Tax Guy

5 months

OMG ARE YOU SERIOUS?!! CRA ANNOUNCES BARE TRUSTS EXEMPT FROM FILING FOR 2023. WHY COULDNT THEY DO THIS SOONER?!!

Tax Tip - NEW - Bare trusts are exempt from trust reporting requirements for 2023

/CNW/ - To support ongoing efforts to ensure the effectiveness and integrity of Canada's tax system, the Government of Canada introduced new reporting...

www.newswire.ca

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@TheTaxHeroes

Canadian Tax Guy

7 months

In a unique situation, a $5k RRSP can result in $2,890 of refunds/other benefits for someone that makes just $50k. That sounds like a good thing but it could also be a bad thing. That means if they were originally making $45k and increase their income to $50k, they would

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@TheTaxHeroes

Canadian Tax Guy

1 year

100% expensing. Everyone who owns a business needs to know what this is. If you have a business and you have income, let’s say $100, you pay tax on that $100. If you have an $20 expense, that brings your income to $80 and you pay tax on $80. But what about buying capital

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@TheTaxHeroes

Canadian Tax Guy

1 year

RRSP home buyers plan and FHSA withdrawals don’t actually need to be used for a home. RESP doesn’t need to be used for education. TFSA can be used for investing. RRSP withdrawals can be taken out before retirement. Don’t limit your options based on branding.

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@TheTaxHeroes

Canadian Tax Guy

5 months

“What was it like to be incorporated in 2016 with 50% capital gain inclusion rates, no TOSI rules that restrict paying a dividend to your spouse, and no increased corporate tax rates when you earn more than $50k of passive income in a corporation?”

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@TheTaxHeroes

Canadian Tax Guy

13 days

Are dividends better than salary? I was on Facebook and saw a tax firm ad bragging how they’ve saved their clients a ton of personal tax by switching from salary to dividends. But is that correct? Dividends generally means less personal tax BUT more corporate tax!

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@TheTaxHeroes

Canadian Tax Guy

10 months

HUGE ANNOUNCEMENT Short term rentals (STRs)/AirBnB are getting less attractive. So should you change your STR property to a regular rental property? You could lose $100,000+ by converting from an STR to long-term rental right away bc of this little known rule!

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@TheTaxHeroes

Canadian Tax Guy

5 months

So for comparison, after June 24, 2024 Tax paid at highest marginal rate in Ontario for $100 of capital gain. Individual w/ less than $250k in capital gains - $27 Individual w/ more than $250k in capital gains - $36 Corporation with funds kept in corporation - $34

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@TheTaxHeroes

Canadian Tax Guy

1 year

Anyone can pay significantly less tax with these steps: 1. Create/have a profitable business 2. Set up a corporation & transfer your business to the corporation 3. Limit the amount you pay yourself from the corporation 4. Invest remaining cash in the corporation

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@TheTaxHeroes

Canadian Tax Guy

3 months

Reminder that if you gift something that has appreciated (stocks, real estate, etc) to anyone other than to your spouse, you are deemed to sell it to them at market value. You may have to pay tax on the capital gain (or recapture for real estate).

@ShaziGoalie

Shazi

3 months

"Ontario senior hit with $40,000 tax bill after gifting land to family despite not being wealthy." 👇🏽

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@TheTaxHeroes

Canadian Tax Guy

1 year

If you can understand Refundable Dividend Tax On Hand (RDTOH), you will know more about tax than 99.99% of Canadians. It’s a difficult concept to understand, but once you understand it, you will truly understand tax in Canada.

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@TheTaxHeroes

Canadian Tax Guy

5 months

If you’re planning to sell something or leave Canada before June 25, you need to understand the tax implications of AMT. Generally for tax purposes, when you leave Canada, you’re deemed to sell everything you own (with certain exceptions). So imagine owning shares you bought for

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@TheTaxHeroes

Canadian Tax Guy

11 months

Lots of people know about RRSP contributions but when I tell them about ‘spousal RRSP contributions’, sometimes it’s their first time hearing about it or they do not understand the mechanics. The spousal RRSP contribution explained:

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@TheTaxHeroes

Canadian Tax Guy

8 months

Happy TFSA top up day! A reminder that since it’s a new year, you will receive your new TFSA room. So if you’ve previously maxed your TFSA, you can add an additional $7k today. Don’t forget about room/contributions for other accounts: RESP, FHSA, RRSP.

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@TheTaxHeroes

Canadian Tax Guy

2 months

One of the best ways to save tax? *Income Splitting* Income splitting is the strategy of transferring income from people with high income to people with less income.

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@TheTaxHeroes

Canadian Tax Guy

1 year

Went to New York this past weekend and it has become evident to me that Americans are simply more entrepreneurial than Canadians. Taking risks is encouraged. This is very different from Canada. Shocking since I would actually argue Canada has more favourable tax treatment for

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@TheTaxHeroes

Canadian Tax Guy

4 months

This really is a crappy rule, but it is the rule nonetheless. And to clarify the CRA just administers these rules, they don’t make them. Please know that it doesn’t apply if the non-resident landlord has a property manager or agent! And it’s not unique to Canada. The US (and I

@jackhauen

Jack Hauen

4 months

The CRA confirms that tenants are responsible for withholding 25% of their foreign landlords' rent and paying it to the CRA — something almost no one was aware of a month ago. "The Government of Canada continuously reviews the tax system to ensure it is both fair and efficient."

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@TheTaxHeroes

Canadian Tax Guy

1 year

Lots of young people don’t invest in an RRSP because they want the deduction when their income is higher. However you can defer the deduction. Ie: If I contributed in 2015 and never took the deduction, I can take it this year. Don’t delay contributions because your income is

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@TheTaxHeroes

Canadian Tax Guy

1 year

Ignoring the noise, this video is a great summary of some of the different taxes at play in Canada (some specifically in Ontario) - property tax - personal income tax - corporate income tax - HST/GST/PST - CPP/EI (technically not a tax) - luxury tax - health premium - probate

@Tablesalt13

Tablesalt 🇨🇦🇺🇸

1 year

I'll take this video one step further A high progressive tax system also means that once you get into a cost of living debt trap It becomes increasingly difficult to get yourself out of it! Over 97k income, you need to earn $1760 to cover every $1000 of interest expense!

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@TheTaxHeroes

Canadian Tax Guy

1 year

Working a job in tax was so funny. You saw ppl earning 10x + what you’re earning and paying a lower tax rate than you. And they expected you to stay…

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@TheTaxHeroes

Canadian Tax Guy

2 months

Jimmy bought a $1 million business. But he made a $480k tax mistake. Here’s what happened:

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@TheTaxHeroes

Canadian Tax Guy

6 months

New ‘successful’ business owner horror story: 1. They start a business one year. 2. Business does well that year. 3. They spend all the money they made from the business in that year. 4. Come tax time in the following year, they have to pay last year’s income taxes, GST/HST,

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@TheTaxHeroes

Canadian Tax Guy

1 year

The CRA, Service Canada, Immigration Canada, and other Federal departments all announced they were going on strike last night. Here’s what you need to know:

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@TheTaxHeroes

Canadian Tax Guy

7 months

Wealthsimple’s simple guide to deciding between TFSA, RRSP, and FHSA. Personal finance is so easy, right? I also disagree with their logic on some items but generally a decent chart.

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@TheTaxHeroes

Canadian Tax Guy

1 year

SHOPIFY TAX Coming back on twitter after a day off and seeing a slew of bad tax takes about the Shopify situation. The worst one I’ve seen was that Canada should be thankful to Shopify for all the tax revenue it has brought it and not do this. LOL Let’s break it down:

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@TheTaxHeroes

Canadian Tax Guy

3 months

CRA will pay you a cut of the tax evasion you report. They will pay you between 5% to 15% of the taxes that are found. There are a bunch of conditions: it has to be international related, it has to be for at least $100k of tax that is evaded, it can’t be speculative, etc.

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@TheTaxHeroes

Canadian Tax Guy

4 months

About to start a business? Should you incorporate? When you start a business, you might initially have losses. These business losses can be used to offset other income you have. So imagine you have a job that pays $100k. You start a business that initially requires $5k of costs

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@TheTaxHeroes

Canadian Tax Guy

5 months

If you were laid off and claimed EI in 2023, but you made over $77k, you may owe tax on your tax return. Why? Once you earn over $77k, you need to start repaying your EI back. You need to repay 30 cents for every $1 you paid above $77k until your EI is fully repaid.

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@TheTaxHeroes

Canadian Tax Guy

2 months

Not all tax preparers are the same. Most people think that there is no value in preparing tax returns. But tax compliance can make a huge difference. We recently got a client who had 2 corporations. One corporation owned a commercial property and was renting it his other

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@TheTaxHeroes

Canadian Tax Guy

1 year

CRA is asking for records from Shopify for all Canadian Shopify stores. Can the CRA do this? Yes, they can. And they have several times.

@tobi

tobi lutke

1 year

I don't particularly want a fight with the CRA (Canada's tax authority)- but we got asked to backchannel them 6 years of records for all Canadian Shopify stores. This feels like low-key overreach to me. We will fight this.

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@TheTaxHeroes

Canadian Tax Guy

5 months

New capital gain inclusion rate applies to capital gains after June 25, 2024. If you have assets with fairly large appreciation (stocks, real estate, etc), it is a very good time to seek out tax planning.

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@TheTaxHeroes

Canadian Tax Guy

29 days

Does the average Canadian family really pay 43% in tax? I see a lot of references to a study that says they do. The same study says Canadians pay more in tax than in essential items. They post it each year. I fell for it last year. But there are some BIG flaws with the study:

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@TheTaxHeroes

Canadian Tax Guy

10 months

I’ve been doing tax my entire career. But often I’m still searching up answers to questions I’m asked. It’s nearly impossible to memorize the exceptions to the exceptions of every rule.

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@TheTaxHeroes

Canadian Tax Guy

8 months

My client earned a million dollars. Him and his wife maxed out their TFSA/RRSP. So he put the proceeds into his wife’s investment account. He thought she would get taxed on the income and since she’s in a lower tax bracket, it would save them taxes. Unfortunately it’s not that

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@TheTaxHeroes

Canadian Tax Guy

1 year

All my years in tax and this is the first time I’ve ever seen this request. CRA is asking this to determine if their rental loss should be denied. Can the CRA deny your rental/business loss? Let’s take a look at a famous case: Stewart vs the Queen.

@BethODonoghue

Beth O'Donoghue

1 year

Claimed a loss on a rental for 1 year CRA sent this. *not me*

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@TheTaxHeroes

Canadian Tax Guy

5 months

Can you write off your home office for your business? I see a lot of errors being made here. Just because you do some work at home, it does not necessarily mean you can write off your home workspace. Thread below:

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@TheTaxHeroes

Canadian Tax Guy

1 year

“What’s the point of not paying tax now when I eventually have to pay it in the future” Welcome to the world of a ‘tax deferral’. Not to be confused with ‘tax savings’. Tax deferral - Not paying tax today but paying it in the future. Tax savings - Paying less tax that you

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@TheTaxHeroes

Canadian Tax Guy

4 months

Happy (personal) tax filing deadline day for those who celebrate!!!

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@TheTaxHeroes

Canadian Tax Guy

9 months

I see a lot of complaints about CPP increasing. Fun fact, if you made $75.000 as an employee in both 2023 and 2024, you would pay less tax/EI/CPP overall in 2024 (in Ontario) than 2023. In addition, you would be entitled to more CPP when you reach the eligible age.

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@TheTaxHeroes

Canadian Tax Guy

19 days

The issue with people who prepare their own taxes is they don’t know what they’re doing wrong. Came across someone that prepared their own personal tax return. He made a mistake. He bought a second home and converted his original home to a rental property. There are tax

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@TheTaxHeroes

Canadian Tax Guy

8 months

When reading about personal finance, you will hear the term ‘registered’ and ‘non-registered’ often. Registered account means: TFSA RRSP RESP FHSA RDSP (for people with disabilities) Non-registered account means an account that is not one of the above. These accounts are not

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@TheTaxHeroes

Canadian Tax Guy

6 months

Someone messaged me and said when he included his tuition fees on his tax return, it was actually reducing his tax refund. But tuition fees are supposed to save you tax? This must mean there’s a mistake in the software, right? Likely not. I assumed that the reason his refund

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@TheTaxHeroes

Canadian Tax Guy

3 months

What likely happened here is what the CRA does sometimes if you don’t file your tax return on time. It’s called an arbitrary assessment or a notional assessment. It happens if they’ve sent a demand to file and the taxpayer still doesn’t file.

@JimChuong

The Lazy Canadian Investor 🇨🇦🇺🇸

3 months

Canadian 🇨🇦 small business owner accuses CRA of sending him a completely made up $500,000+ tax bill, and the CRA can’t tell him who did it. 😱😬

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@TheTaxHeroes

Canadian Tax Guy

6 months

CRA’s interest is at 10%. Here’s a situation I see commonly. Sarah has $10k in cash. She needs $10k for her business operations. She also needs $10k to pay her taxes from last year. She uses the $10k in cash to pay for her business operations. Then pays the CRA interest

@sjperryCA

Sharon Perry, CPA, CA

6 months

CRAs interest rate is at 10%. Yikes!!! This applies to unpaid instalments and balances owing. ***PAY on time! ***FILE on time! #AskaCPA #CRA #Taxes #FileOnTime #SmallBusiness #FinancialPlanning #CashFlow

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@TheTaxHeroes

Canadian Tax Guy

1 year

Canada has 10% of the population of the US but but the CRA has 50% of the employees that the IRS has. What does that mean? The CRA is very well funded to investigate. CRA notices have gone up significantly in the past 5 years. So what should you do?

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@TheTaxHeroes

Canadian Tax Guy

16 days

Be careful what you read online

@MarkMcGrathCFP

Mark McGrath

@MarkMcGrathCFP

16 days

Excuse me @Wealthsimple ? You are not taxed twice on RRSP withdrawals.

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@TheTaxHeroes

Canadian Tax Guy

4 months

Rental real estate is unique for tax. If you sell it for a $100 gain, it’s a capital gain and you’re only taxed on 50%/67% of that gain (depending on the budget). That means you pay approximately 27% to 36% tax on that gain. If you sell it for a $100 loss, it’s a terminal loss

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@TheTaxHeroes

Canadian Tax Guy

8 months

An employee can potentially pay a 101% tax on a stock option plan! I identified it for one of my clients (an employer who was offering the plan). Here it is simplified:

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@TheTaxHeroes

Canadian Tax Guy

3 months

Some takeaways from my initial reading of the draft legislation of the capital gain tax changes. 1) There is no new election where you will be able to trigger a capital gain before June 25 without disposing of your property. You will need to dispose something/use other tax

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@TheTaxHeroes

Canadian Tax Guy

6 months

If you do payroll yourself, what that tells me is the cost savings of doing payroll yourself is higher than the value you can generate from working on your business. And if that’s the case, then really you would make more money if you scrap your entire business and start a

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@TheTaxHeroes

Canadian Tax Guy

12 days

After 1 year, I have now listened to all 319 episodes to Rational Reminder! What a great amount of knowledge in this podcast! Highly recommend to anyone interested in investing! This last episode was especially interesting for me!

@RationalRemind

Rational Reminder Podcast

@RationalRemind

17 days

Episode 319 - The Ultimate RRSP vs. TFSA Showdown" @benjaminwfelix @MarkMcGrathCFP @CameronPassmore

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@TheTaxHeroes

Canadian Tax Guy

7 months

I’ve noticed lots of people don’t like CPP but still want to gain RRSP room. Here’s how to never pay CPP while still getting RRSP room. You don’t have to pay CPP on your first $3,500 of earnings for CPP. 1. Take the amount of salary you wish to pay yourself. 2. Divide

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@TheTaxHeroes

Canadian Tax Guy

1 year

If you have a capital loss this year, but you’ve had capital gains in the previous 3 years, you can ‘carry back’ this year’s capital loss to offset the capital gains in any of the previous 3 years. That means you get a refund of some of the tax you paid in the past 3 years.

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@TheTaxHeroes

Canadian Tax Guy

7 months

As of yesterday, personal tax returns are now available for filing. If you have all your documents, you can file now. However, I would hold off until at least early March. Tax slips (like a T4) are generally not issued until the end of February (T3s/T5013s at the end of

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@TheTaxHeroes

Canadian Tax Guy

6 months

Generally, I wouldn’t advise this because you have to pay your corporation market rate rent and if instead you own the home personally, you could potentially sell it tax-free. But I had one client that did this. Why? - Rent was a lot cheaper than owning a home. This results

@SteveSaretsky

Steve Saretsky

6 months

When a decent house in Vancouver starts at $3M at what point does it make sense to buy your primary residence in a corp and just pay capital gains down the road? Serious question for my tax planners and advisors.

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@TheTaxHeroes

Canadian Tax Guy

1 year

Me doing my own taxes: “Hm can I deduct this printer?” Rich people: “I’m deducting my private jet, my yacht, the road I walk on, and my personal chef” *Not an excuse to not follow the rules

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@TheTaxHeroes

Canadian Tax Guy

10 months

The single most important thing you can do to lower your taxes is to think of tax proactively rather than reactively. If you think about how to save tax at the time your tax return is due, you’ve missed a wide window to reduce your taxes. The best tax savings are made several

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@TheTaxHeroes

Canadian Tax Guy

1 year

Lots of times I’ve heard that people who sold their businesses did not claim the Lifetime Capital Gains Exemption (LCGE). LCGE lets the first $1 million gain on the sale of your business be tax-free. Why did they not claim it? Because they were not incorporated for 2 years

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@TheTaxHeroes

Canadian Tax Guy

9 months

Many people stay at a job (sometimes toxic) because they assume they would not qualify for Enployment Insurance (EI) if they quit. However, EI has provisions where you could still qualify if the only reasonable alternative was for you to quit your job. Note that you are

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@TheTaxHeroes

Canadian Tax Guy

1 year

Seems like you can open a FHSA even if you own a rental property. As long as you haven’t bought a home that you lived in for the past 4 years.

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@TheTaxHeroes

Canadian Tax Guy

11 months

If you’re a startup, one of your biggest priorities should be SRED. SRED is basically a program that lets gives you a credit for your R&D expenses, CRA will issue you a cheque for it! You could get back as much as 65% (most likely, it will be much less) of your expenses,

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@TheTaxHeroes

Canadian Tax Guy

1 year

46% of the average Canadian family’s income goes to taxes. What have you done about that?

@FraserInstitute

The Fraser Institute

@FraserInstitute

1 year

Canadians need to decide for themselves whether they are getting their money’s worth when it comes to how governments are spending their tax dollars. Learn more: #canada #cdnpoli #taxfree #taxfreedomday

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@TheTaxHeroes

Canadian Tax Guy

1 year

This keeps me up at night

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@TheTaxHeroes

Canadian Tax Guy

1 year

Canada’s Budget was announced yesterday. Long story short, not any major changes (no increase in the tax rate, or capital gain taxes), but there still were some relatively big changes. Here’s a recap:

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@TheTaxHeroes

Canadian Tax Guy

1 year

I get asked this every week, so let me just tweet it. If you have a business and you buy a zero emissions vehicle (Tesla, or any full electric car), you can deduct the full amount of the car (up to a maximum of $61k) on your tax return. What does that mean?

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@TheTaxHeroes

Canadian Tax Guy

5 months

A relatively significant change that I missed yesterday is for stock option. There was a 50% deduction when you exercised (and in some cases sold) stock options where you meet certain requirements. The first $250,000 of stock option benefit will be shared with capital gain

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@TheTaxHeroes

Canadian Tax Guy

7 months

I can’t even imagine the amount of tax people have overpaid or other benefits that people missed out on because people did not file tax returns. This includes students, people with no income, etc. Please file your tax returns if you’re 18+, even if you have no income! There

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@TheTaxHeroes

Canadian Tax Guy

1 year

One common tax fact you’ll hear is that meals and entertainment (M&E) are only 50% deductible. What does that mean? You spend $150 on business related M&E (not personal), you can only deduct $75. Lesser known is that there’s an exception to this rule.

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@TheTaxHeroes

Canadian Tax Guy

1 year

If your company has an RRSP matching program, you need to take advantage of that ASAP. It’s literally free money. And most likely, you should be contributing to your RRSP regardless.

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@TheTaxHeroes

Canadian Tax Guy

1 year

GENERAL RULE FOR BUSINESS EXPENSES YOU CAN DEDUCT They must be: 1) Incurred to earn business income 2) Reasonable This means it cannot be personal/hobby related. Ppl have different interpretations so we look at court rulings to see how the courts interpret this. See example:

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@TheTaxHeroes

Canadian Tax Guy

5 months

6) Automatic enrolment in an RESP for children born after 2024 and eligible Canada Learning Bond payments would be automatically deposited (Starts in 2028). Can also request this for children born before 2024. BIG NEWS.

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@TheTaxHeroes

Canadian Tax Guy

11 months

Using your time to save an extra $20 in expenses when you could have spent that time making an additional $100 in income is a terrible decision.

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@TheTaxHeroes

Canadian Tax Guy

1 year

HOLY SMOKES I actually hate ChatGPT tweets, but this is actually insane!

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@TheTaxHeroes

Canadian Tax Guy

1 year

I have worked with a bunch of rich people. I have never seen any of them leverage their assets to take out loans for personal spending. Who created this myth?

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@TheTaxHeroes

Canadian Tax Guy

2 months

Something I hear about from people with disabilities is that their doctor will not sign off on their tax form to claim the disability tax credit. I don’t blame doctors for this. We serve many doctors and I’ve asked them about this. They’ve highlighted that they do certify a lot

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@TheTaxHeroes

Canadian Tax Guy

1 year

LOL! As an FYI, you cannot use your TFSA for day trading.

@MarkMcGrathCFP

Mark McGrath

@MarkMcGrathCFP

1 year

Who wants to tell them?

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@TheTaxHeroes

Canadian Tax Guy

7 months

We work with a well known Canadian startup. From a few simple questions, requesting their financials, and doing some analysis, we were able to save them $1 million worth tax credits! And not just this year, it will be recurring each year! As much as I want to believe we’re

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@TheTaxHeroes

Canadian Tax Guy

3 months

This case really shows how crazy tax planning can be! It shows you the possibilities, risks, and complexity. Let me explain:

@PerceptiveGroup

Perceptive Group

@PerceptiveGroup

4 months

Tax Court of Canada finds no abuse in avoiding CCPC status by continuing to BVI

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@TheTaxHeroes

Canadian Tax Guy

1 year

YOU CAN SELL REAL ESTATE TAX-FREE IN CANADA! Yes, if you sell commercial real estate, you could sell it for a gain and not even pay $1 of income tax! Not a lot of people know about this. How is that possible?

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@TheTaxHeroes

Canadian Tax Guy

9 months

Don’t ignore foreign exchange. You buy a stock for $100 usd and sell its years later for $100 usd. You think you don’t owe any exchange. But you bought it at a 1:1 ($100 cad) exchange rate and now it’s a 1.3:1 exchange ($130 cad) rate. You made a profit of $30 and need to

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@TheTaxHeroes

Canadian Tax Guy

9 months

Reminder that if you have a corporation, you have until Dec 31st, 2023 to buy a vehicle and have it fully written off (up to the maximum) Keep in mind that if you use your corporate car for personal purposes, you will be taxed to the extent it is used personally.

@TheTaxHeroes

Canadian Tax Guy

1 year

I get asked this every week, so let me just tweet it. If you have a business and you buy a zero emissions vehicle (Tesla, or any full electric car), you can deduct the full amount of the car (up to a maximum of $61k) on your tax return. What does that mean?

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@TheTaxHeroes

Canadian Tax Guy

1 year

Heart breaking. When I worked at the big 4, the opportunity came to help ‘train’ the Kolkata, India office and I took it because I saw it as a free trip in business class Emirates. I was brought there to figure out why the quality of tax work was subpar. The people there were

@going_concern

Going Concern

1 year

What the fuck

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@TheTaxHeroes

Canadian Tax Guy

10 months

Are you worried how the charities you donate to are spending their money? You can see how all charities in Canada spend their money! It’s public information. Here’s how to check: 1) Go to this link: 2) Search up the charity. 3) Click on the charity

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@TheTaxHeroes

Canadian Tax Guy

1 year

Tax rules are weird. In some cases, it is better to buy a $36,001 car for your business, than it is to buy a $36,000 car for your business. Why is that? You can depreciate your car over time. So let’s say you use it for 4 years, and let’s say you’ve claimed $26k of

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@TheTaxHeroes

Canadian Tax Guy

1 year

Typically real estate investors will do something similar in Canada. However, most of Canada’s wealthy will do the following: 1. Set up a family trust 2. Set up corporations to conduct their business 3. Use low taxed corporate profits to invest in new businesses/investments.

@FluentInFinance

Andrew Lokenauth | TheFinanceNewsletter.com

@FluentInFinance

1 year

The rich avoid taxes with a strategy “Buy, Borrow, Die”: 1) Buy assets & hold (to avoid capital gains tax) 2) Use assets as collateral to borrow money (while assets appreciate) 3) Interest paid on loans is a tax deduction 4) Die & pass on assets tax-free Let's discuss this:

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@TheTaxHeroes

Canadian Tax Guy

4 months

Key reminders: - The increase in the capital gains tax is not official. The legislation needs to be drafted, voted on, and receive royal assent. - The new AMT is also not official. It also needs to be voted on and receive royal assent. - Both these things could happen after

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