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This letter summarizes recent tax developments and tax planning opportunities; however, we recommend that you consult with an expert before embarking on any of the suggestions contained in this letter, which are appropriate to your own specific requirements.
Nowadays, a lot of people are using a side business or additional source of income to augment their primary income. The tax implications of these extra sources of income are frequently misunderstood or overlooked entirely.
Provinces and territories all over the nation have been tightening regulations for short-term rentals (for example, Airbnb rentals) due to the rising demand for housing, especially in cities like Montreal, Toronto, and Vancouver.
In June 2024, changes to the general anti-avoidance rule (GAAR) took effect. These changes strengthened the teeth of this tax anti-avoidance rule, expanding its scope and introducing a penalty for transactions that are found to breach the rule.
It is not unusual for a shareholder of a corporation to use company funds to cover personal expenses, particularly in the case of small, owner-managed businesses.