Business Income versus Property Income
When a taxpayer purchases and holds property to explicitly earn income, the income is reported as either income or loss from a business or property. Alternatively, when a taxpayer disposes of such property, the proceeds minus the cost will either be a capital…
Registered Pension Plans
There are two different types of Registered Pension Plans (RPP). First, the defined benefit plan guarantees a specific and predetermined amount of retirement income for the employee, which is calculated based on a flat amount per year of service or a percentage of the employee's earnings over a defined period. Generally speaking, the maximum defined benefit…
Automobile Benefits, Car Allowances, and Car Expenses
As an employee, the taxpayer is eligible to deduct expenses related to their work responsibilities, given that they do not…
