Starting a business is an exciting endeavor, but one of the most crucial decisions you'll need to make is the legal structure of your company. Incorporating your business in Ontario can provide numerous benefits, such as separating your personal and business finances and protecting your personal assets from liability. However, the process of incorporation can […]
In the complex world of taxes, mistakes can happen. Whether it's a simple oversight or a deliberate omission, the consequences of inaccurate tax filings can be daunting. However, the Canada Revenue Agency (CRA) offers a solution through its Voluntary Disclosure Program. This program allows taxpayers to correct their past tax errors without facing criminal prosecution […]
What is a minute book? As a business owner, you may have heard of a minute book, but do you know what it is and why it's important for your business? In this article, we will dive into the details of what a minute book is, its purpose, and why every corporation should have one. […]
In recent years, there has been a significant increase in the number of Canadians working from home. With the rise of remote work and self-employment, many Canadians are utilizing their homes as their primary place of business. This shift in the work landscape has led to an increased interest in the tax implications of having […]
The Canada Revenue Agency (CRA) is responsible for ensuring that individuals and businesses in Canada comply with tax laws. While most taxpayers strive to file accurate and honest tax returns, there are certain triggers that may increase the likelihood of being selected for a CRA audit. A tax audit can be a time-consuming and stressful […]
Investing in rental properties can be a lucrative venture, providing a steady stream of income and potential long-term wealth. A common question that often arises with clients is how best to structure their real estate investments. Though there are a few different structures available to hold your real estate investment, but for the purposes of […]
Are you unsure whether you should classify someone as an employee or a contractor? The Canada Revenue Agency (CRA) has specific guidelines that determine the distinction between the two. Understanding these guidelines is crucial for businesses to ensure compliance and avoid potential penalties. In this article, we will delve into the differences between an employee […]
As the sharing economy continues to thrive, many Canadians are turning to platforms like Airbnb to earn extra income by renting out their properties. However, with this additional income comes the responsibility of understanding and complying with the tax obligations as an Airbnb host. In this comprehensive guide, we will explore the ins and outs […]
Capital gains tax is a crucial aspect of the Canadian tax system that every individual and business owner needs to understand. In Canada, the capital gains tax is levied on the realized gain or profit you make from selling your investments. The tax rate varies depending on your income level and the type of investment […]
While it is important to take care of tax planning throughout the year, a strategic approach at the end of the year can help you make sure that you’re making the most of your tax situation and taking advantage of any year-end tax planning opportunities available before the December 31st deadline. As we enter the […]
If you are looking for ways to lower your family’s income tax bill, you may want to consider setting up a prescribed rate loan. Prescribed rate loans are loans made at a rate of interest that is set every quarter by the Canada Revenue Agency (“CRA”). Generally, the prescribed rates are lower than those rates […]
As a non-resident of Canada, you are subject to different tax rules than residents. Generally, Canadian tax residents pay tax on worldwide sources of income. By contrast, if you are a non-resident of Canada, you are only liable to pay tax on income or gains from Canadian sources. The amount of tax you owe will […]
How to take money out of your business in a tax-efficient manner? This is a common question that we get asked from a lot of our clients. 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 […]
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 Canadian […]
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: Federal Budget 2022 - Corporate […]
Should I incorporate my business? 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 […]
Shareholder loans are a standard 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. In this article, we […]