As a business operating as a sole proprietor finds success – the benefits of a sole proprietorship may be outlived and a conversion to a corporation should be considered. However, the tax impact of this transfer must be planned for.…
Sole proprietors do have planning opportunities to minimize their taxes. This includes using start-up losses against other personal income as well as considerations of timing of acquiring business assets and income spitting opportunities. Tax planning is an ongoing process that…
The type of business structure you choose has a significant effect on the way you report your income. From a legal standpoint, a sole proprietor is indistinguishable from its owner. It is an unincorporated business owned by one person and…
With the varying forms a business entity can take – incorporating has significant benefits under tax legislation. It is imperative to consider that a corporation is a legal entity recognized as its own person under the law. This provides some…
If you have several businesses and are considering consolidating them into one, an amalgamation should be considered. The combination of businesses into one entity may be done to simplify a structure, consolidate losses of a group, reorganize the share structure,…
The Canada Workers Benefit is refundable tax credit that assists low-income workers as a work incentive. Who Receive the Benefit? To be eligible for the CWB, you must meet all of the following conditions; You were a resident of Canada…
The Canada Child Benefit is a sizeable amount for those who qualify. The benefit is a tax-free amount paid to families with children under the age of 18. If you have two young children and qualify based on your income…
Confirm a Representative Using My Account or My Business Account This tax season, there's a new way to confirm authorized representatives using My Account or My Business Account. Whether you're an individual or a business, this easy, two-step digital process will help you…
Please note the following important dates are estimates only. Please confirm your deadlines directly with your professional advisor. March 15, 2022 - February payroll remittances due March 30, 2022 - Trust filings due March 31, 2022 - Fiscal year…
CRA has a Voluntary Disclosures Program (VDP) that grants relief on a case-by-case basis to taxpayers and registrants who voluntarily come forward to fix errors or omissions in their tax filings before CRA knows or contacts them about it. A…