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The Real Cost of Buying an Expensive Car in BC: PST, Luxury Tax and GST

by Ghuman & Associates | Aug 12, 2026 | Uncategorized

In British Columbia the sticker price on an expensive car is not the price. Three separate taxes stack on top of it, in an order that is not obvious, and the total climbs faster than the price does. A $130,000 vehicle costs $163,275 to drive away. The short answerBC...

Are Lottery Winnings Taxable in Canada? No, and Here Is What Is

by Ghuman & Associates | Aug 12, 2026 | Uncategorized

Lottery winnings are not taxable in Canada. Any amount, no report on your return, no tax on the win. The tax question starts the day after, when the money is sitting somewhere earning something. The short answerLottery winnings of any amount are not taxable.You do not...

Spousal RRSPs and the Three-Year Rule Most People Find Out About Too Late

by Ghuman & Associates | Aug 12, 2026 | Uncategorized

A spousal RRSP is one you contribute to and your spouse owns. You take the deduction, they own the money, and in retirement the income is taxed in their hands instead of yours. Withdraw too soon after a contribution and that last part reverses. The short answerYou...

Tax on RRSP Withdrawals: The Withholding Rates, and Why They Are Not the Whole Bill

by Ghuman & Associates | Aug 12, 2026 | Uncategorized

Take money out of an RRSP and your institution withholds 10%, 20% or 30% depending on how much you take. That is a deposit against your tax bill, not the bill itself, and the gap between the two is where the unpleasant surprise lives. The short answerWithholding is...

Is There an Inheritance Tax in Canada? What Actually Gets Taxed

by Ghuman & Associates | Aug 12, 2026 | Uncategorized

Canada has no inheritance tax and no estate tax. If you inherit money or property, you do not report it as income and you pay no tax on receiving it. What confuses almost everyone is that tax is still often paid, just by somebody else and for a different reason. The...
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Recent Posts

  • The Real Cost of Buying an Expensive Car in BC: PST, Luxury Tax and GST
  • Are Lottery Winnings Taxable in Canada? No, and Here Is What Is
  • Spousal RRSPs and the Three-Year Rule Most People Find Out About Too Late
  • Tax on RRSP Withdrawals: The Withholding Rates, and Why They Are Not the Whole Bill
  • Is There an Inheritance Tax in Canada? What Actually Gets Taxed

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