This Corona Virus pandemic has devastated the world economy and has caused enormous hardship on many fronts — for individuals and businesses. Throughout the pandemic, many governments around the world are providing support to their citizens and businesses to weather the storm caused by this virus. The Government of Canada is playing it’s role and…
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5 Reasons Why Most People Don’t Use Insurance As A Tool For Wealth Planning
“You don’t buy life insurance because you are going to die, but because those you love are going to live.” — Unknown author Of the four tax-free options that the Canadian tax law permits, the use of tax-exempt life insurance is one of the least known tax strategies. You’re likely familiar with the other three…
CRA Challenges A Photographer’s Source Of Income
In a February 19, 2020 Tax Court of Canada case (Hurwitz vs. H.M.Q., 2018-406(IT)I), at issue was whether the taxpayer (H) had a source of income in respect of his abstract photography endeavor. For the two years in question (2013 and 2014), H earned gross income of $5,000 and $10,000 but had net losses of…
