Tag: tax

Purchasing

Warranties and Representations

The process of purchasing or selling a business is comparable to the process of making other significant purchases or sales in one’s lifetime. Sellers want to be transparent with possible purchasers about the business they are selling, and buyers want to have a complete understanding of the business they are buying. A QUESTION OF PURCHASE Due diligence and the acceptance…

What’s the Difference between the B.C. Speculation Tax and the City of Vancouver Empty Homes Tax?

Do you know what the difference is between the B.C. Speculation Tax and the City of Vancouver Empty Homes Tax? With the recent introduction of the B.C. Speculation Tax soon after the City of Vancouver Empty Homes Tax, many are left wondering: what’s the difference? It’s not uncommon to be misinformed or left confused about the nature of each type…

5 Considerations When Creating Your Will

The “accumulation years”, the time you spend on working and acquiring assets for both your personal and financial future use. During this period, you pursue your interests and donate to charities, own businesses, invest in stocks, and purchase property. Regardless of the type of assets you possess, you will most likely want them protected and deliberately distributed amongst your beneficiaries…

Taxable and Non-Taxable Income

As per Income Tax Act (“Act”), the tax base is a Canadian resident’s “taxable income” for each taxation year, plus additions and minus permitted deductions. The Act, specifically, states that any income from office, employment, business and property is taxable. However, this list is, in no way, exhaustive, which makes the discourse around taxable and non-taxable income a complicated one.…