Corporate business owners have great flexibility in making decisions about their remuneration from the company. It’s important that decisions about remuneration be made before year end, as well as considered during the business’s financial statement and tax return finalization processes. Changing federal and provincial personal and corporate tax rates have made remuneration planning more important …
The Underused Housing Tax (UHT) imposes a 1% annual tax on the value of residential real estate considered to be vacant or underused that is owned on December 31 of each year. While the government indicated that the tax would target property owned by non-Canadians, the scope of filing requirements extends to many Canadian corporations …
Underused Housing Tax (UHT) – What it means for you? Read More »
Are you an information technology (IT) contractor or a consultant working as an employee or on a contract basis? If so, here is a summary of a few tips that professionals could benefit from and be mindful of the traps from the changes in recent years in the Canadian Tax system. With a recent influx …
IT Professionals – Canadian Tax Tips and Traps in 2023 Read More »
Wondering if a TFSA, RRSP or FHSA may be right for you? Discover how each of these accounts can help you reach your goals—and remember, you don’t have to pick just one! We provide a summary overview help you understand the basics of each of these three available savings plans. It is important to assess …
FHSA vs RRSP vs TFSA – How to best optimize your savings! Read More »
To incorporate or not? That is the question many self-employed workers and entrepreneurs starting a new business ask themselves. The short answer is that it depends on many factors, including: How much revenue the business earns What your goals are for your business What your personal tax situation looks like What type of business it is What the potential …
Y2022 has been an incredibly challenging year for most if not all Canadians throughout the country amid rising inflation and high cost of living. The federal and provincial (Ontario) governments have come up with relief programs to provide benefits and aid to combat inflation to individuals and families resident in Canada. Of the several relief …
2022 New Personal Tax Benefits and Credits you could claim Read More »
Tax rules announced in Budget 2018 will require more trusts to file returns and all trusts to report more information. The new regime will require most trusts to file a T3 Trust Income Tax and Information Return annually for tax years ending on or after December 31, 2022, including trusts that have never filed before. …
Key changes to the new Trust reporting rules for 2022 Read More »
For a business entrepreneur and owner, there are many aspects of starting, growing and maintaining the operations of the business. It includes (but not limited to) quality of product development or service offering, marketing and promotion, compliance with legal requirements and human resources. But didn’t we miss something? Yes we did! We missed Finances! Yes, …
Financial Organization – Key to running your business Read More »
On July 21, 2022 CRA sent out a communication in respect of a personal services business (PSB) project that has just commenced, running from June 2022 to December 2022. The communication notes that CRA officers will be reaching out to businesses from a sample of different industries that hire PSB or incorporated individuals operating as …
Personal Services Business – CRA Education Project Read More »
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