DynamicHealthNews

Did you make major renovations to a rental property in 2021?  Be aware that it is important for tax purposes to clearly distinguish current expenses from capital expenses.  Briefly, current expenses are fully deductible from rental income in the year they are incurred, while capital expenses are added to the cost of the building and can be amortized over several years thanks to the capital cost allowance ( DPA). Since the  Income Tax Act  is silent on this subject, the Canada Revenue Agenda (CRA) has given some criteria to follow to determine if it is a capital expenditure or a current expense. Lasting benefit Where the expenditure provides a lasting benefit, it will normally be considered a capital expenditure.  Conversely, it will be a current expense if it is recurring and has a short useful life.  For example, replacing the wood siding on a building with brick siding would be a capital expense, while the cost to have the wood siding repainted would be a...

The police had reinforced their presence on Friday around the National Assembly in anticipation of a possible influx of demonstrators against health measures.  However, there were still few of them in the morning in front of the Hôtel du Parlement, to face the cold and the biting wind. On the other hand, more police stood guard at certain intersections.  Outside near the entrances to the buildings, officers asked people who wanted to enter to present their access cards.  Like Thursday, access to the street and the esplanade in front of the parliament is prohibited for vehicles, as is the Grande-Allée.  It was nevertheless still possible to circulate freely on the street behind the parliament building as well as on René-Lévesque Boulevard, to the north, along with the Executive Council building, where the Prime Minister's office is located.  A few trucks of demonstrators were also parked nearby.   The cries and horns of the protesters will however find ...