Newman & Sversky LLP

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.The side-hustle could involve earning money...

In April, as part of the Federal Budget, the Finance Minister announced a change to the capital gains inclusion rate from 50% to 66.67%, effective from June 25, 2024.No matter your level of wealth, this change likely WILL affect you at some point. So, what has...

There are several kinds of income or benefit that are not subject to tax under the Income Tax Act. To the extent you can get any of these, you won’t need to pay tax on the income, or in many cases even report it.Here are some of the kinds of income that are not taxed,...

The Liberal government’s Budget of April 16, 2024 (budget.canada.ca) has committed billions of dollars to support building new housing, recognizing that the shortage of housing in Canada has become a serious crisis, and hoping to get almost 4 million new homes built...

What happens for tax purposes if you leave your job — voluntarily or by being terminated — and your employer pays you money?Typically, you might receive one or both of the following kinds of payments:(1) An extension of your salary during a period while you are still...

Being asked to be the Executor of someone’s estate is a significant responsibility, often coming at a very sad time if that person is a family member. The responsibility is not something which should be taken on lightly. The estate administration process can sometimes...

We have written before about the new trust reporting rules that were enacted by Parliament in December 2022, and which first apply for the 2023 tax year.The first reporting under these rules is required by April 2, 2024. (The deadline is 90 days after year-end....

Estate planning is an important consideration for all individuals, irrespective of their level of wealth. Poor planning, or no planning, can result in an excessive proportion of your estate being lost when you die, in the form of either probate fees or taxes, or...

The Lifetime Capital Gains Exemption (LCGE) is an incredibly valuable tax exemption. Every individual is entitled to this exemption and it currently (for 2023) can exempt a gain of up to $971,190 (the amount is indexed to inflation each year).In Ontario for example,...

Income tax is a big-ticket item for most retired Canadians. Especially for those who are no longer paying a mortgage, the annual tax bill may be the single biggest expenditure they are required to make each year. Fortunately, the Canadian tax system provides a number...