Short-Term Rentals: Tax Implications for Airbnb Properties
Zeifmans » Family Business Library
by Lola O'Reilly
3w ago
Rental income has generated a great deal of income over the years and has opened a variety of rental locations across the globe. Rentals can also be a great investment for owners when managed properly. Selecting properties and efficiently overseeing them can reliably generate a steady return on investment without the unpredictability of the stock market. However, the success of the investment hinges on both your management abilities and the condition of the rental market annually. Ready to jump into something new but want to understand your income tax reporting obligations as a host or co-host ..read more
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Navigating Canada’s Latest Trust Reporting Legislation Changes
Zeifmans » Family Business Library
by Lola O'Reilly
2M ago
The government’s new federal trust reporting rules will increase disclosure requirements, affecting a wide range of Canadian trusts. Originally, the federal government introduced significant changes to trust legislation in 2018 to encourage reporting transparency. These rules were amended on Dec. 15, 2022, to help the Canada Revenue Agency (CRA) better assess tax liabilities for both trustees and beneficiaries. These rules will affect trusts in taxation years ending on and after Dec. 30, 2023. Here’s what you need to know about the new trust reporting rules. What’s changed? Understanding legis ..read more
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Tax Insights: 2023 Fall Economic Statement (FES 2023)
Zeifmans » Family Business Library
by Monika Lal
4M ago
On November 21, 2023, Deputy Prime Minister and Minister of Finance Chrystia Freeland introduced the 2023 Fall Economic Statement (FES 2023) on behalf of the federal government. These measures aim to modify the Underused Housing Tax (UHT) to exclude specific individuals, reduce the profitability of short-term rental properties, and enhance the affordability of certain healthcare services. FES 2023 is expected to steer clear of a recession but anticipates a significant deceleration in economic growth. The federal government declared that Canada is committing billions to the construction of new ..read more
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Ontario’s Fall Economic Outlook Promises Additional Tax Credits During Financial Uncertainty
Zeifmans » Family Business Library
by Monika Lal
5M ago
The Ontario Fall Economic Statement 2023 forecasts a substantial increase in the deficit for the 2023-24 fiscal year of $5.6 billion. This marks a significant departure from the province’s 2023 budget, which had projected a deficit of $1.3 billion. Ontario attributes the expanded deficit to recent interest rate hikes, elevated inflation rates, and lower-than-anticipated revenue from personal tax returns in 2022. Additionally, Ontario mentions the allocation of $2.5 billion from reserves to address economic uncertainty. Ontario now anticipates achieving a balanced budget by the 2025-26 fiscal y ..read more
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Mastering Taxes: 5 Essential Tips for Small Businesses in Canada
Zeifmans » Family Business Library
by Lola O'Reilly
6M ago
Small businesses are the lifeblood of the Canadian economy, employing nearly 8.5 million Canadians annually. These entrepreneurs are the driving force behind innovation and economic growth in the country. However, when it comes to tax season, many small business owners face the daunting task of filing their taxes accurately to reduce expenses and maximize profits. In this blog post, we’ll discuss five crucial tax tips to help your small business navigate the Canadian tax landscape successfully. Understanding Eligible Expenses: One of the first steps to effective tax planning for your small bus ..read more
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How the Next Generation Can Ensure a Smooth Leadership Transition
Zeifmans » Family Business Library
by Lola O'Reilly
6M ago
Succession planning is an essential part of a business’s lifespan – one that’s often overlooked. A study by the Family Business Institute found that only around 30% of family businesses survive to the second generation, and even less make it to the third (12%) and fourth (3%). This is often due to lack of planning and a breakdown in communication. As a future successor waiting for your chance to lead, it’s essential to get involved in succession planning early, review the plan often and work with a trusted advisor. We explore how future successors can mitigate any issues and ensure a smooth bu ..read more
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Strategic Use of Multiple Wills in Canadian Estate Planning: Navigating Probate Fees
Zeifmans » Family Business Library
by Monika Lal
6M ago
Creating multiple wills is a practice that has been associated with estate planning in Canada, particularly in provinces like Ontario for the last 20+ years.  The primary reason people create multiple wills is to minimize the amount of probate fees that their estate would be subject to upon their passing and an element of privacy to the family and the estate as it allows for the will not to be probated. In several Canadian provinces, like Ontario, the strategy of employing multiple wills is utilized for estate planning purposes with the aim of effectively handling and reducing probate exp ..read more
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2023 Budget Tightens Tax rules while Investing in Clean Tech
Zeifmans » Family Business Library
by admin_zeifmans
6M ago
The 2023 Federal Budget, presented by Finance Minister Chrystia Freeland on March 28, forecasts a $43 billion dollar deficit, with both spending cuts and tax increases. High income individuals may be impacted by changes to the Alternative Minimum Tax rules while small business owners may be interested in changes to rules allowing for intergenerational transfers of a business that were originally introduced last year with Bill C-208. The government also invested heavily into the clean energy sector, offering several new clean energy tax credits in an effort to combat climate change. How changes ..read more
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Maximizing growth: Tax considerations and key questions for business expansion or acquisition
Zeifmans » Family Business Library
by Monika Lal
10M ago
Growing a business during a turbulent economy comes with many complicated decisions. Whether you’re expanding an existing company or buying a new one, there are a variety of tax considerations to keep in mind. It’s important to work with a trusted financial advisor throughout this process. Your advisor will help you create a solid purchase and sale agreement and guide you through a myriad of issues including any future environmental complications, important legal and compliance considerations, and Capital Cost Allowance deductions. What to ask when growing your business Entrepreneurs are ..read more
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Zeifmans at LandPro 2023 – Enter to Win!
Zeifmans » Family Business Library
by Monika Lal
1y ago
Zeifmans would like to invite you for the chance to win 1 of 2 tickets to the LandPro 2023 Conference this year! March 1, 2023 | Woodbridge, ON Looking to come together with over a thousand top land professionals for a day of deep learning and pivotal insights, strategies and issues that are transforming the industry. Be a lucky winner and hear how the fundamentals of land and real property are evolving from 15 thought leaders and industry experts, who are the authorities in condo law, municipal planning, transit systems, condo development, project costing, finance, planning, and technolo ..read more
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