RRSP vs TFSA vs FHSA: Which Account Should You Fill First?
The Fill Order for Three Common Situations You do not have to choose one account. You have to choose an order. Here is the order that works for most people, before we get into why: Your situation Fill order Saving for a first home Employer match → FHSA → TFSA → RRSP High income, already […]
Departure Tax: What Happens to Your Taxes When You Leave Canada
You Are Treated as Having Sold Almost Everything on the Day You Leave When you stop being a tax resident of Canada, CRA treats you as if you sold almost everything you own at fair market value on your departure date, and then bought it all back at the same price. You pay tax on […]
Starting a Licensed Daycare in BC: Tax, Payroll and Bookkeeping Setup
The Five Financial Systems Every BC Daycare Needs From Day One If you are opening a licensed child care program in BC, here is the financial setup you need in place before your first child walks in, not after your first busy season: A business structure and a business number. Sole proprietor to start for […]
BC Property Transfer Tax and the First Time Home Buyer Exemption (2026)
What You Will Pay on a $1M Purchase If you buy a $1,000,000 home in BC, your property transfer tax is $18,000, and you pay it at closing, on top of your down payment. It is not part of your mortgage and it is not negotiable with the seller. Here is the short version of […]
Can’t Pay Your CRA Tax Bill? Your Options, Ranked
If you owe CRA money you do not have, the single most useful thing to know is that filing and paying are two separate obligations with two separate penalties. Not paying costs you interest, currently 7% compounded daily. Not filing costs you 5% of the balance immediately plus another 1% every month, on top of […]
TOSI Rules in Canada | Can You Pay Your Spouse or Children?
Before 2018, income splitting with family through a corporation was straightforward. Issue shares to your spouse, declare dividends, cut the household tax bill. Then TOSI arrived, and a lot of structures that had worked for decades stopped working overnight. Here is what still works, what does not, and how to tell which side of the […]
Vacancy Tax in BC | SVT & Empty Homes Tax Explained
Every winter the same thing happens. A letter arrives, or does not arrive, and people assume that because they live in their own home the whole thing does not apply to them. Then a bill shows up for a tax they never owed, on a property they never left empty. Quick Answer: If You […]
Should You Buy a Car Through Your Corporation? The Real Math
Almost every incorporated business owner asks this at some point, usually right before signing something at a dealership. The pitch sounds obvious: the company pays, the company deducts, you drive. Free car, basically. It is not free, and the reason has a name. Our other service: Business Incorporation Services Shareholder Agreement Services Quick Answer: […]
Selling Canadian Property as a Non Resident: Section 116 Clearance Certificates Explained
If you live outside Canada and you are selling a Canadian property, there is one number you need to understand before anything else happens: 25%. Quick Answer: Without a Certificate, 25% of the Gross Price Is Withheld Not 25% of your profit. Twenty five percent of the entire sale price. Sell a $1.2 million […]
Financial Due Diligence Before Buying a Small Business in BC
Someone has shown you a business, a price, and a set of numbers that look pretty good. Now you have to work out whether those numbers are real, whether the profit will survive your ownership, and what liabilities come along for the ride. That is due diligence. Here is how to do the financial half […]