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🏠 Bought, built, or substantially renovated a home? You may be able to recover part of the GST/HST you paid.

The New Housing GST/HST Rebate may apply when a qualifying home is purchased from a builder, constructed by you, or substantially renovated for use as your primary place of residence.

💰 You may be able to recover up to $6,300 of the federal GST portion.

The provincial portion may also have a rebate available, depending on which province you live in and the applicable provincial program.

One important point for substantially renovated homes: CRA generally requires 90% or more of the interior of the existing home to be removed or replaced to meet the substantial-renovation test.

📌 Keep your purchase documents, invoices, and other supporting records.

Save this post and share it with someone who recently bought or built a new home.

For general informational purposes only. Eligibility and rebate amounts depend on the specific circumstances and applicable CRA/provincial rules.

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🚨 Business owners — keep an eye on that $30,000 GST threshold!

GST registration isn’t simply about looking at your total sales at the end of the year. The timing of when you exceed the threshold matters.

There are also circumstances where a business may choose to register voluntarily before reaching the threshold.

📌 Save this post as a reminder and share it with a business owner who may find it useful.

For general informational purposes only. GST/HST registration requirements depend on your business and the type of supplies you make.

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🏢 SOLE PROPRIETORSHIP vs. CORPORATION — WHICH IS RIGHT FOR YOU?

Thinking about starting a business or incorporating an existing one?

Choosing between a sole proprietorship and a corporation is more than just comparing tax rates. Your income, business risk, cash flow, family involvement, administrative requirements, and long-term goals can all affect which structure makes sense.

Sole Proprietorship
✅ Simple and generally less expensive to set up
✅ Fewer compliance requirements
✅ Business income is reported on your personal tax return
⚠️ Generally no separation between you and the business for liability purposes

Corporation
✅ Separate legal entity
✅ Potential for tax deferral when income is retained in the corporation
✅ More flexibility in how you take money out, such as salary or dividends
✅ Can be useful for businesses planning to grow or retain earnings
⚠️ More accounting, legal and filing requirements

💡 There is no one-size-fits-all answer. Incorporation is not automatically better just because the corporate tax rate may be lower.

📌 Save this post for future reference.
📤 Share it with someone starting or growing a business.

For general informational purposes only. The best structure depends on your individual circumstances and tax situation.

TaxPlanning CorporateTax EntrepreneurCanada SmallBusinessTips CanadaTaxes

🏢 SOLE PROPRIETORSHIP vs. CORPORATION — WHICH IS RIGHT FOR YOU?

Thinking about starting a business or incorporating an existing one?

Choosing between a sole proprietorship and a corporation is more than just comparing tax rates. Your income, business risk, cash flow, family involvement, administrative requirements, and long-term goals can all affect which structure makes sense.

Sole Proprietorship
✅ Simple and generally less expensive to set up
✅ Fewer compliance requirements
✅ Business income is reported on your personal tax return
⚠️ Generally no separation between you and the business for liability purposes

Corporation
✅ Separate legal entity
✅ Potential for tax deferral when income is retained in the corporation
✅ More flexibility in how you take money out, such as salary or dividends
✅ Can be useful for businesses planning to grow or retain earnings
⚠️ More accounting, legal and filing requirements

💡 There is no one-size-fits-all answer. Incorporation is not automatically better just because the corporate tax rate may be lower.

📌 Save this post for future reference.
📤 Share it with someone starting or growing a business.

For general informational purposes only. The best structure depends on your individual circumstances and tax situation.

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🏠 WORKING FROM HOME? YOU MAY BE ABLE TO CLAIM HOME OFFICE EXPENSES

Working from home does not automatically mean you can claim home-office expenses. CRA has specific eligibility requirements, and the rules differ for employees and self-employed individuals.

For employees who qualify, the detailed method is used for 2023 and later tax years. The temporary simplified/flat-rate method is no longer available.

Depending on your situation, eligible expenses may include:

✅ Utilities — electricity, heat and water
✅ Home internet
✅ Rent
✅ Maintenance and minor repairs
✅ Office supplies
✅ Home insurance and property taxes for eligible commission employees

For self-employed individuals, eligible business-use-of-home expenses may also include a portion of other qualifying household expenses, subject to CRA rules.

📌 Keep your receipts and supporting documents.
📌 Calculate the work/business-use portion carefully.
📌 Check your eligibility before claiming.

👉 Swipe through the post to learn more.

💾 Save this post for tax time!
📤 Share it with someone who works from home.

For general informational purposes only. Eligibility and deductible expenses depend on your circumstances and CRA rules.

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🏡 Renting Out Your Property or Basement? Here’s What You Should Know About Rental Income & Taxes

Whether you rent out an entire property or a portion of your home, such as a basement suite, the rental income generally needs to be reported on your tax return.

You may also be able to deduct eligible expenses related to earning that rental income, such as:

✅ Mortgage interest
✅ Property taxes
✅ Insurance
✅ Utilities
✅ Repairs & maintenance
✅ Advertising
✅ Property management fees
✅ Legal & professional fees

💡 Important: If you rent only part of your home, you generally cannot claim 100% of the expenses. The deductible portion is usually based on the area used for rental purposes and other relevant factors.

🏠 Renting part of your home can also have tax implications when you eventually sell the property, so it’s important to understand the rules before making changes to your home.

📌 Swipe through the post for the details.
💾 Save this post for future reference.
📤 Share it with someone who rents out a property or basement.

This post is for general informational purposes only. Tax treatment depends on your individual circumstances and CRA rules.

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🚗 Can I Claim My Car on My Taxes?

It depends on how you use your vehicle and whether you’re an employee or self-employed/business owner.

You may be able to claim the business or employment-use portion of eligible vehicle expenses, but CRA rules and documentation requirements apply.

Swipe 👉 to learn:
✅ What expenses may qualify
✅ How business-use percentage works
✅ Why keeping a logbook matters
✅ What records you should keep

📌 Save this post for tax time!
📤 Share it with a business owner or someone who uses their vehicle for work.

For general informational purposes only. Eligibility and claim limits depend on your individual circumstances and CRA rules.

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🇨🇦 10 Tax Deductions & Credits Canadians Often Miss

Are you claiming everything you’re entitled to?

Swipe 👉 to see some commonly overlooked tax deductions and credits, including medical expenses, child care, RRSPs, FHSA contributions, charitable donations, the Disability Tax Credit and more.

📌 Save this post for tax time!
📤 Share it with someone who might find it useful.

For general informational purposes only. Eligibility, limits and documentation requirements depend on your individual circumstances and CRA rules.

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