Are you considering renting out a portion of your home? There may be some tax implications to consider – both for now and in the future. Principal residence exemption Often, when you sell your “principal residence” there is no resulting tax implication. This is because of the principal residence exemption, which allows an adjustment to the…

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Most small business owners eventually face the question of whether or not to incorporate their business by creating a limited liability company or “corporation”. Owners of small business corporations enjoy preferential tax treatment in Canada in the form of lower corporate tax rates, tax-free status on sale of small business shares and access to certain…

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