Surround yourself with assets, not liabilites

Blog

Blogs

Blog

What’s New In Tax? Part 2

Brian Quinlan is a contributing editor for the Canadian MoneySaver. Learn more on “What’s New In Tax?” in the article he wrote for the January 2024 edition. Businesses Employee ownership trusts (EOTs) / business succession.  Beginning in 2024, current owners of a Canadian controlled private corporation can sell a controlling interest to a trust where the employees are the trust […]

Learn More
Blog

What’s New In Tax? Part 1

Brian Quinlan is a contributing editor for the Canadian MoneySaver. Learn more on “What’s New In Tax?” in the article he wrote for the January 2024 edition. Individuals Tax brackets and tax rates.  The 2023 tax brackets increased by 6.3% to account for inflation.  There are no changes to tax rates for 2023.  For 2024, the alternative minimum tax (AMT) […]

Learn More
Blog Jessica Sin, CPA, CA, Manager at Allay LLP

Exciting News: Welcoming Jessica Sin as Partner at Allay LLP!

Allay LLP is thrilled to announce a significant addition to our leadership team—Jessica Sin has joined us as the newest partner. With over a decade of experience in accounting and auditing, Jessica brings a wealth of expertise and an unwavering passion for assisting small startups, as well as servicing medium and large entities in reaching their next level of success. […]

Learn More
Blog

Canada Emergency Business Account (CEBA) loan repayment

The Canada Emergency Business Account (CEBA) loan repayment deadline was extended from December 31, 2023 to January 18, 2024.  If the balance of the loan is repaid on or before January 18, 2024, this will result in 25% (up to $10,000) of the $40,000 loan being forgiven, and 50% (up to $10,000) of the $20,000 loan expansion being forgiven.   The […]

Learn More
Blog

Tax-Free First Home Savings Account (FHSA)

Effective January 1, 2023, a resident of Canada who is age 18 or older and did not live in a home in Canada which qualifies as a principal residence in the preceding four years is eligible to open up a tax-free First Home Savings Account (FHSA).  The lifetime contributions to an FHSA is $40,000 with an annual contribution limit of […]

Learn More
Blog

New Tax Reporting Requirements for 2023

Effective for taxation years ending December 31, 2023 and thereafter, the federal government has introduced legislation requiring a T3 Trust Income Tax and Information Return to be filed for any “bare trust” ownership structures.  A “bare trust” is a relationship whereby the legal ownership of property is held by a trustee (or trustees), but the beneficial interest in the property […]

Learn More
Blog

Talking tax with Brian Quinlan – Common tax questions

Brian Quinlan of Allay LLP was featured on BNN Bloomberg in their latest “Talking Tax”. Brian Quinlan answers BNN viewers’ tax questions on BNN Bloomberg’s Talking Tax. He gives advice on the FHSA and TFSA, reverse mortgages, allowable business investment loss (ABIL), when to convert RRSPs to a RRIF, and tax treatment of loans to relatives. Source: https://www.bnnbloomberg.ca/video/talking-tax-with-brian-quinlan-partner-at-allay-llp-chartered-professional-accountants~2645270

Learn More
Blog

Talking tax with Brian Quinlan – New tax rules on house-flipping

Brian Quinlan of Allay LLP was featured on BNN Bloomberg in their latest “Talking Tax”. In this video, Brian Quinlan discusses the recently implemented tax rules related to housing, including the Underused Housing Tax (UHT) and measures for anti-flipping. Source: https://www.bnnbloomberg.ca/video/new-tax-rules-on-house-flipping-talking-tax-with-allay-s-brian-quinlan~2645264

Learn More
Blog

Talking tax with Brian Quinlan – Overlooked tax credits

Brian Quinlan of Allay LLP was featured on BNN Bloomberg in their latest “Talking Tax”. In this video, Brian Quinlan reminds taxpayers of the often missed or overlooked tax credits that can be used to offset your taxable income. These include expenses for medical, adoption, caregiver, disability, home renovations and digital news subscriptions. Source: https://www.bnnbloomberg.ca/video/talking-tax-with-brian-quinlan-partner-at-allay-llp-chartered-professional-accountants~2645270

Learn More