Are you falling behind when it comes to saving for your child's education? Don't worry, you're not alone. Many parents find themselves playing "RESP catch up" as they realize the importance of funding their child's future education. In this article, we will explore strategies and tips to help you get back on track and maximize […]
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 […]
As the tax season rolls around each year, Canadians find themselves immersed in the complexities of the Canadian taxation system. Properly reporting income is crucial to avoid penalties and the accumulation of outstanding balances with the Canada Revenue Agency (CRA). While taxable income forms the bulk of one's earnings, there are certain sources of income […]
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 […]
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 […]
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 […]