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Accountant Near Me – Ghumans & Associates

Accountant Near Me – Ghumans & Associates

by Ghuman & Associates | Aug 18, 2023 | Canadian Tax

Welcome to Ghumans and Associates Inc, your trusted local experts in accounting and financial services. Located in the heart of our community, we are dedicated to providing personalized and comprehensive accounting solutions tailored to meet the unique needs of...
Introduction to Family Trusts: A Comprehensive Guide to Maximizing Tax Efficiency and Estate Planning

Introduction to Family Trusts: A Comprehensive Guide to Maximizing Tax Efficiency and Estate Planning

by Ghuman & Associates | Jun 9, 2023 | Canadian Tax

Introduction to Family Trusts A Family Trust is a separate entity managed by a trustee, which holds assets and generates income. While it offers tax benefits, there are also drawbacks such as filing obligations, setup costs and 21-Year rule. The complexity of the...
Are Incorporated Truck Drivers Considered Small Businesses in Canada?

Are Incorporated Truck Drivers Considered Small Businesses in Canada?

by Ghuman & Associates | May 30, 2023 | Canadian Tax

Introduction In Canada, there is a growing concern among incorporated truck drivers who file taxes as small businesses. The Canadian Revenue Agency (CRA) has taken a stance that may classify these drivers as Personal Services Businesses (PSBs). This article explores...
Beware of the RESP Tax Trap: How to Minimize Your Child’s Tax Liability

Beware of the RESP Tax Trap: How to Minimize Your Child’s Tax Liability

by Ghuman & Associates | Apr 8, 2023 | Canadian Tax

If you’re a parent in Canada, you’re probably familiar with the RESP (Registered Education Savings Plan). It’s a popular investment vehicle that allows you to save for your child’s post-secondary education while taking advantage of tax-deferred...
First Home Savings Account (FHSA) and how it can help you save for a future down payment for a home

First Home Savings Account (FHSA) and how it can help you save for a future down payment for a home

by Ghuman & Associates | Apr 6, 2023 | Canadian Tax

How can the First Home Savings Account (FHSA) assist you in funding your home purchase? The FHSA offers a unique combination of benefits from both a Registered Retirement Savings Plan (RRSP) and a Tax-Free Savings Account (TFSA) to help you save for a down payment on...
Understanding the Underused Housing Tax in Canada: A Guide to the Tax on Vacant Properties in Urban Areas

Understanding the Underused Housing Tax in Canada: A Guide to the Tax on Vacant Properties in Urban Areas

by Ghuman & Associates | Mar 6, 2023 | Canadian Tax

To prevent foreign buyers from purchasing Canadian residential properties and holding them vacant, the Canadian Federal government announced in the 2018 budget that they would implement the new Underused Housing Tax Act (UHT). And this new act is finally effective...
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