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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.
Beware of getting money, gifts or transfers of property from a family member, including your spouse, if that person owes (or might possibly owe) any money to the Canada Revenue Agency (CRA), for either income tax or GST/HST.
If you report no employment income (including income from being a director of a corporation), but you have a corporation that pays you either dividends or as an independent contractor*, here is a small planning tip.
A “bare trust” is an interesting concept that can be useful for tax purposes.
As an individual, any interest you earn is normally taxed in the year you receive it.
Suppose you are (or your corporation is) ready to file your income tax return, or GST/HST return, by the filing deadline (which might be, say, April 30 or June 15).
Beware of having a non-resident landlord!
In 3792391 Canada Inc. v. The King, 2023 TCC 37, a tenant had been renting a Montreal condo, and living there, since 1996.