In general, any income you earn is taxable in Canada. There are, however, a few types of income that are exempt from tax. This article will explore the few income sources that the Canada Revenue Agency (CRA) and Income Tax Act (“ITA”) have defined as non-taxable income in Canada. Amounts paid by the government Certain […]
If you’re running a business, there may come a time when you need to withdraw funds from your business. Many business owners put their salaries, dividends, or other compensation on hold during the early phases of their business in order to reinvest the gains in the company to help it expand. At some point though, […]
If you plan on starting a Canadian business, you can choose from many different kinds of corporation structures. For tax purposes, the corporation type determines whether or not the corporation is entitled to certain rates and deductions at the end of the tax year. One of the most popular and tax efficient corporations is the […]
The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, delivered the 2022 Federal Budget on April 7, 2022: A Plan to Grow Our Economy and Make Life More Affordable. The measures announced focus on economic growth, affordable housing, climate change, and public healthcare. Below are some of the highlights: Corporate Tax Measures Small Business […]
Should I incorporate? This is a question that is often asked by many of our clients. As a business owner, at some point in your business life cycle, you will have questions about whether you have the right structure in place to support your business and its expansion. Most small businesses start out as a […]
Shareholder loans are a common business practice that gives shareholders the flexibility to borrow from their corporation when they need cash. While these types of transactions are not uncommon, shareholders need to be aware of the potential tax consequences that result when the shareholder has a balance owing to the corporation. Under the Canadian Income […]
It’s tax time and usually at this time, everyone has questions on how best they can maximize their tax refunds or minimize their tax liabilities. Before we get to the tax credits and benefits available to Canadians for 2021, we want to remind everyone that the deadline for most Canadians to file their 2021 income […]