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FEBRUARY 2023 ISSUE

Hello!

First of all, thank you for the feedback and encouragement some of you provided on our first newsletter…means a lot to us! We will continue to strive to make this newsletter a better experience for you.

FROM THINK TEAM

💵 2022 Personal Taxes

• We shared our 2022 Personal Tax Checklist during the mid-month mailout.

• Reminder to reach out to your contact on the Think Team and submit your documents to us by mid-March (do not reply to this newsletter email).

• If any of the key details changed for you in 2022 (such as Address, Marital Status, SIN, Kids, etc.), please notify us when submitting your documents.

📋Shareholder Loans Rules 

In this blog post on Shareholder Loans Rules, we discuss:

• The rules around shareholder loans in the income tax act;

• What interest rate should be charged;

• The “one year rule”

• How to clear shareholder loans instead of repaying them back

• … and more

🏡Underused Housing Tax (UHT): Demystified in 10 FAQs

We (try to) demystify UHT through answering 10 FAQs in this blog post:

• Who has to file?

• Who is Exempted from Paying UHT?

• How To Calculate UHT?

• Is UHT a separate tax return?

• Do I have to file a separate UHT return for each property?

• What is the penalty for late filing of UHT Return?

• How far back can CRA go to assess UHT tax liabilities?

• What is the deadline to file UHT Return in 2023?

• How do I file UHT return?

You’re not the only one overwhelmed by UHT rules. We are a bit too! But we’re digging deep into these new and complex rules.

If you think you may be subject to UHT, reach out to your contact here at Think!

FROM THE WEB

🌎Top 5 picks from around the web:

• There are still chances of a strike looming at CRA, with the strike votes happening between Jan 31st and April 7th. More so the reason to file early!

• RRSP deadline is tomorrow (Mar 1st) - and although it may be one of the best ways to save for retirement, it does not make sense for everyone.

• Home sales in Jan 2023 fell 37.1%, worst start since 2009.

• This podcast episode between Tim Ferriss and James Clear (author of the mega-seller book “The Atomic Habits”) is an absolute gem.

• Dr. Alan Thompson has been training this human-like AI with whom he has full-on webcam conversations, and her name is Leta.

BOOK RECOMMENDATION

• Too many times, we ask ourselves the wrong question - “How do I do this”?

• This is especially true with those who consider themselves to be of above average intelligence. We pride ourselves in the “grind” and “getting it done.”

• Instead, the book suggests that the question to ask is, “Who can help me accomplish this?”

• “Who” focuses on the outcome. “How” focuses on the “process”.

• “Who” focuses on collaboration. “How” focuses on individualism.

• “Who” speeds up your achievements and lets you elevate yourself to do what you are best at.

• While you use the help of your “Who”s, you can also be the “Who” for other people.

QUOTE OF THE MONTH

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