But with this added income comes a tax responsibility. How the Canada Revenue Agency (CRA) classifies that income can have major implications for deductions, benefits, and compliance. Income earned from short-term rentals can be considered rental income or business income,…
A growing number of taxpayers are being caught out for incorrectly claiming an exemption, leaving them with unexpected tax bills and interest charges. The Medicare Levy Surcharge applies to higher-income earners who do not hold the appropriate level of private…
The government has confirmed a series of legislative reforms that will pave the way for all light vehicles to pay for road use based on distance and weight, rather than fuel type. At present, motorists driving petrol-powered vehicles contribute to…
The measure is being discussed as a way to support households facing ongoing cost-of-living pressures. While the idea has generated excitement, it is important to understand what has been confirmed, who may be eligible, and what steps to take. The…
These reforms are set to simplify tax reporting for individuals and provide modest savings, particularly for lower-income earners. Beginning 1 July 2026, Australians can claim a standard $1,000 deduction for work-related expenses. This initiative is designed to streamline the tax…
The Taxation (Annual Rates for 2025–, Compliance Simplification, and Remedial Measures) Bill, tackles everything from overseas investments to selling extra solar power back to the grid. For everyday investors, one of the most practical updates is around foreign investment fund…
Many people contribute too much to their TFSA and it isn’t always something you do on purpose. It can happen if you’ve set up automatic deposits and forget to adjust them, or if you’ve got TFSAs at more than one…
The exemption allows homeowners to sell their primary residence without paying tax on any capital gains. However, the Canada Revenue Agency (CRA) has become increasingly vigilant about enforcing reporting rules, as highlighted in a recent Tax Court decision. Since 2016,…
According to BNZ chief economist Mike Jones, the average mortgage rate in June fell to 5.66 per cent, down from the cycle’s peak of 6.39 per cent. This shift has translated into real savings for borrowers, with a typical new…
These reforms are set to simplify tax reporting for individuals and provide modest savings, particularly for lower-income earners. Beginning 1 July 2026, Australians can claim a standard $1,000 deduction for work-related expenses. This initiative is designed to streamline the tax…