Introduction: The First Home Savings Account (FHSA) was introduced as a tax-advantaged savings plan to help Canadians purchase their first home. However, not everyone who opens an FHSA ends up buying a home. What happens to your FHSA if you change your plans or decide not to purchase a property? Here’s everything you need to […]
Category Archives: Blog
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Introduction to TFSAs Introduced in 2009, the Tax-Free Savings Account (TFSA) has become one of the most powerful savings tools for Canadians. It is versatile, allowing individuals to save for short-term goals like purchasing a car or a vacation, as well as long-term objectives like buying a home or securing a comfortable retirement. As the […]
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Experienced Tax Consultants At Tax Partners, we pride ourselves on being trusted advisors for individuals and businesses seeking professional tax consulting across Canada & USA. Our experienced consultants specialize in providing tailored tax solutions, helping clients navigate Canada’s complex tax system efficiently and effectively. From structuring startups to comprehensive income tax planning, our services aim […]
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Introduction – What is OnlyFans? OnlyFans, launched in 2016, is a subscription-based platform allowing content creators and social media influencers to monetize their content, including photos and videos. Often associated with provocative or adult content, it also provides creators an opportunity to diversify their earnings by charging monthly fees or receiving “one-off” tips from subscribers. […]
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Introduction Starting a business is an exciting endeavor, but it comes with significant legal and tax considerations. Entrepreneurs often need guidance to select the best business structure, understand tax obligations, and optimize their operations for long-term success. This guide provides an overview of tax planning strategies for business startups, from choosing the right structure to […]
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Introduction: Navigating Tax Complexities in Family Law While family law predominantly focuses on the division of assets and financial obligations between spouses, the nuances of income tax law often play a critical role in shaping financial outcomes. Tax implications in family disputes, especially those involving spousal and child support, are often misunderstood by both family […]
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Introduction: Reducing the Tax Burden Through Planning Taxation on death often motivates individuals and families to engage in succession and estate planning. With proper strategies, it’s possible to manage tax liabilities effectively, ensuring the smooth transfer of assets and the preservation of family wealth. This article explores the key taxation rules and estate planning methods […]
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Introduction: Benefits of CCPC Status A Canadian Controlled Private Corporation (CCPC) enjoys several tax benefits, including the small business deduction, refundable investment tax credits for scientific research and experimental development (SR&ED), the lifetime capital gains exemption, and favorable tax treatment for employee stock options. These benefits make CCPC status highly advantageous for Canadian businesses. To […]
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Introduction – What is a Real Estate Assignment? In the Canadian real estate market, assignments are a popular form of transaction. An assignment refers to the sale of a contractual right to purchase a property before legal ownership of the property is transferred. For example, in the case of pre-construction condominiums, the buyer (the “assignor”) […]
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Introduction – What is the Home Buyer’s Plan? The Home Buyer’s Plan (HBP) is an initiative by the Canadian government aimed at helping first-time homebuyers access funds for a down payment on their first home. Under the HBP, eligible participants can withdraw up to $35,000 from their Registered Retirement Savings Plan (RRSP) on a tax-free […]