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Tax Implications of Earing Rents from Property and Specified Investment Business

1. Individuals Individuals who own rental property need to calculate the income or loss from the property for each calendar year. This is then adjusted with the other personal income for the year. If the property is co-owned, then each co-owner must individually report their rental income according to the portion owned. Keep in mind…

10 Red Flags that could Cause the CRA to Audit You

The Canada Revenue Agency (CRA) sends around 30,000 letters every year letting people know that they’re being audited. While this is just a fraction of the 27 million people who file their taxes, you shouldn’t assume that getting an audit notice is completely random. Your chances of getting audited decrease if you keep an eye…

What is a Health Spending Account (HSA) and How can it Help you Save Money

A Health Spending Account (HSA) is a self-insured health plan which can be arranged by employers for their employees. Small business owners spend a considerable amount of money every year on medical expenses for themselves and their employees. An HSA offers an affordable way for owner-managers to reduce these expenses. Reasons for Choosing an HSA…

Syed A. Raza Professional Corp.

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Tax Implications of Earing Rents from Property and Specified Investment Business

10 Red Flags that could Cause the CRA to Audit You

What is a Health Spending Account (HSA) and How can it Help you Save Money

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