Stay updated with the latest news, tips, and guidance on tax law from our editorial team.
Canada’s tax laws can be confusing, leading Canadian dentists to question how GST and HST apply within their practices. In order to calculate taxes properly, it is necessary to first determine whether the province charges GST, HST, or PST, and at what rate. Business owners also need to be aware
In Canada, individuals or businesses that meet the definition of a listed financial institution must file GST/HST or QST annual information returns. Filing the appropriate tax forms is essential to ensuring compliance with Canadian law, yet determining whether a person is a listed financial institution can be complex and may
Manitoba has a Provincial Sales Tax (PST) that applies to the sale of most goods sold or purchased in Manitoba. The PST also applies to some services within Manitoba. Manitoba PST is sometimes known as RST or Retail Sales Tax. Manitoba’s RST is a flat seven percent tax that is
Many people may benefit from a tax treaty and not even realize it. These treaties often establish a relationship of reciprocity between the participating nations. Typically, this means that for whatever benefits you might receive in one country, a citizen of that country would receive equivalent benefits in your country
In Singh v. Canada, Susie Singh placed money from the sale of her home in her tax-free savings account (TFSA) in 2015. In 2018, Singh learned that she owed taxes due to overcontributions to her account and applied for relief from those taxes in 2019 twice. She was denied both
Provincial Sales Tax (PST) is a sales tax that applies to all taxable goods and services in Saskatchewan. PST applies to both sales that occur within Saskatchewan and goods and services imported and consumed or used in Saskatchewan. This sales tax applies to both new and used goods; it even
GST is short for “Goods and Services Tax.” This tax applies to most goods and services sold or provided throughout Canada. The GST has also been combined with the provincial sales tax in a few areas, including Ontario, Nova Scotia, Labrador, New Brunswick, Newfoundland, and Prince Edward Island. This combined
While the federal tax system is highly complex, all taxpayers have the fundamental responsibility to fulfill their tax obligations every year. Taxpayers who knowingly violate tax laws may face serious legal consequences. Fortunately, by voluntarily reporting prior tax violations to the Canada Revenue Agency, it is possible to avoid prosecution
Income tax treaties are implemented to prevent double taxation of citizens who are living abroad. The United States has income tax treaties with 58 countries, including Canada. While each tax treaty has the same general purpose, the specific provisions of each treaty vary. Canadians earning U.S. income and Americans working
Taxation on gambling winnings in Canada can be a tricky business. While professional gamblers are subject to taxes appropriate to their line of business, Canadian citizens who gamble as amateurs benefit from an exemption on income earned through gambling. Even amateur gamblers, however, are required to keep track of their
One of the ways the Canadian federal government controls the consumption of alcohol in this country is through the tax and duties imposed on alcohol purchases. The taxes levied on the purchase of alcoholic beverages make alcohol less affordable for mass consumption. Tourists to Canada may think that they can
Furthering your education is an admirable endeavor. Higher education can open up an array of new possibilities for students, from increased job prospects to finding new interests. However, tuition can be very expensive, even if students obtain scholarships and other tuition aid. In addition, students must also pay taxes on
Businesses have many assets for various reasons. They may use an asset to provide a good or service to clients. They may sell or lease an asset. How the asset is used is one of the biggest factors in determining whether the asset is capital or inventory for tax purposes.
In Canada, it is not uncommon for teenagers to get a summer job, after-school job, or other employment position while they are underage. These jobs can teach responsibility and provide a sense of autonomy. An experienced tax lawyer at Jeremy Scott Law can review the circumstances and explain whether your
Each year, there are changes to Canadian tax laws that may affect the credits and deductions which apply to individual taxpayers. Understanding these changes is essential to ensure that you file your taxes correctly and take advantage of all the tax benefits you are eligible for under the law. If
On January 1, 2022, the Underused Housing Tax took effect. Commonly referred to as the “Empty Homes Tax,” this 1% applies to vacant or underused housing throughout Canada. The Government of Canada states that most of the time, this tax only applies to non-resident, non-Canadian property owners. However, that is
