Running a family-owned business in Canada comes with many rewards, but also unique responsibilities—one of the most important being payroll management. Whether you’re paying family members, full-time employees, or part-time staff, proper payroll registration is essential to ensure your business…
Running a family-owned business in Canada comes with many rewards, but it also involves navigating essential tax responsibilities, including the Goods and Services Tax (GST) and Harmonized Sales Tax (HST). Understanding and managing GST/HST is critical for staying compliant and…
The Canada Border Services Agency (CBSA) is introducing the CBSA Assessment and Revenue Management (CARM) program, a significant regulatory change affecting all businesses involved in importing goods into Canada. CARM will fully launch in October 2024, making it mandatory for…
When it comes to managing a business, understanding how to account for long-term assets is crucial. From office buildings to machinery, vehicles to equipment, these assets fall under what accountants call Property, Plant, and Equipment (PP&E). They’re the backbone of…
When it comes to preparing your corporate tax return, understanding the transition from your financial statements to your tax obligations is key to minimizing tax and ensuring compliance. While your financial statements, such as those reported on Schedule 125, show…
For family-owned enterprises in Canada, the complexity of tax compliance can be overwhelming. Two essential tools in the tax filing process are the NAICS Code and the GIFI Code, both of which play crucial roles in reporting and comparing financial…
Dealing with the tax obligations of a loved one who has passed away can feel overwhelming, but it’s a crucial step in settling their affairs. Filing the final tax return for a deceased person ensures that their financial obligations are…
Adding an adult child to the title of a parent’s home is often done for estate planning purposes, such as avoiding probate fees. However, this step brings important tax implications, particularly regarding the Principal Residence Exemption (PRE), potential capital gains…
The upcoming inter-generational wealth transfer, often called "The Great Wealth Transfer," is set to be one of the most transformative financial events in Canadian history. Imagine trillions of dollars changing hands, reshaping the futures of countless families and impacting the…
Trusts are incredibly powerful tools for managing, protecting, and distributing assets. They offer unmatched flexibility in financial planning and are particularly beneficial for families with complex wealth or long-term financial objectives. Whether you’re looking to safeguard your assets, provide for…