Tax Tips & Insights

Expert Accounting & Tax insights Tailored for You

Explore our blog for professional insights and practical financial advice designed to guide your personal and business decisions. Whether you're navigating tax strategies, understanding compliance requirements, or seeking financial clarity, our expert articles are here to help.

Home → Resources → Tax Tips & Blog

Subscribe to Our Newsletter

Stay informed with the latest updates from Ralph & Levinson. Sign up today and receive valuable tax tips, industry news, and financial guidance directly to your inbox.

Featured Insights

In-Depth Articles to Strengthen Your Knowledge

Below, you’ll find our latest articles carefully crafted to provide clarity and actionable guidance on important accounting, tax, and financial management topics. Each post is designed to help you make informed decisions and stay compliant with evolving regulations.

  • November 15, 2020

    Reading Time 1.3 Min

    Contributions Of Goods Or Services To An Nonprofit Organization (NPO): Tax Implications

    Where the supplier is providing goods or services to an NPO in exchange for advertising and/or promotional services, a barter transaction may have occurred. As such, the typical rules for barter transactions would apply.

  • November 5, 2020

    Reading Time 2 Min

    Real Estate Sales: Taxable or not?

    In general, gains are fully taxable where the taxpayer buys a property with the intention to sell for a profit (sold on “account of income"). In other cases, half the gain is taxable (sold on “account of capital”). When a sale on “account of capital” involves the sale of a principal residence, the tax may be reduced or eliminated by using the principal residence exemption.

  • October 26, 2020

    Reading Time 1.9 Min

    Tips: Reporting Issues

    Tips received by servers and other individuals in the service industry are taxable. However, since tips do not show up on T4 slips, some taxpayers are under the false understanding that they are either not taxable, or only partially taxable.

  • October 16, 2020

    Reading Time 2.1 Min

    Working From Home During COVID-19: Home Office Expenses

    In order for home office expenses to be deductible against employment income, the employee must be required by contract to incur such expenses, and one of the following has to be met...

  • October 8, 2020

    Reading Time 2.7 Min

    Home Accessibility Renovation Credit: Increase in Home Value?

    When applying for the home accessibility tax credit (HATC), valued at 15% of up to $10,000 in expenditures per year, does it matter if the renovation increases the value of my home? Yes, and No.

  • September 23, 2020

    Reading Time 2.2 Min

    Starting A Business And Not Getting Paid: Can I collect EI?

    A taxpayer can operate a business while collecting EI benefits where his business activity is to such a minor extent that a person would not normally rely on that business activity as a principal means of livelihood.

  • September 11, 2020

    Reading Time 1.6 Min

    Business Use Of The Home: Eligible Expenses (Part 1)

    A November 27, 2019 French Tax Court of Canada case reviewed various deductions claimed against the taxpayer’s business income derived from engineering and arbitration services related to the business use of his home. The taxpayer and CRA had agreed that 35.83% of the home, mainly the basement which was used as a business office, was used for business purposes.

  • April 12, 2020

    Reading Time 4.1 Min

    Covid-19 Financial Relief for Canadians April 8, 2020 Update #2

    This is our second update regarding Covid-19 financial relief for Canadians. In addition to the federal relief programs, we want to provide insight into provincial programs.

  • March 20, 2020

    Reading Time 3 Min

    Covid-19 Update

    This week places us all in a time of uncertainty. In light of Covid-19, we are reaching out to keep you informed of updates to our office policies and procedures, and to provide a summary of key points from Canada’s economic response plan released this week.

  • July 24, 2019

    Reading Time 2.6 Min

    BUSINESS FAILURE

    There are special laws which hold a director personally liable for certain amounts that their corporation fails to deduct, withhold, remit, or pay.