Navigating New Home Ownership Incentives in Canada Putting home ownership back within reach and supporting Canadian homeowners In a recent press release from the Department of Finance Canada, significant enhancements to the Home Buyers’ Plan and the Canadian Mortgage Charter…
Streamlining Access to CRA Services: A Look at the New Document Verification Option The CRA is making it easier to access its digital services The Canada Revenue Agency's New Identity Verification Process On April 11, 2024, the CRA announced a…
In the realm of family-owned enterprises in Canada, recent developments surrounding the Canada Revenue Agency's (CRA) administration of the Department of Finance’s reporting rules for bare trusts have stirred significant concern and frustration among taxpayers and tax professionals alike. As…
The unveiling of the Canadian Housing Plan today, ahead of the Federal Budget, introduces substantial changes that will impact many sectors, including family-owned enterprises. A preliminary review indicates enhancements to the accelerated Capital Cost Allowance (CCA) for apartments, modifications to…
As a taxpayer domiciled within the jurisdiction of Canada, it is incumbent upon you to recognize that your statutory entitlements transcend merely the obligation to remit taxes. Instituted in the year 2007, the Taxpayer Bill of Rights serves to augment…
The movement of dividends from a subsidiary corporation to its parent within the Canadian corporate structure often carries the assumption of being tax-free. This presumption, while grounded in the provisions of subsections 112(1) and 84(3) of the Income Tax Act…
Navigating the intricacies of taxation for sole proprietors in Canada requires more than just a basic understanding of the tax system; it demands a strategic approach to both business operations and personal financial planning. In the world of family-owned enterprises,…
Tax planning for sole proprietors encompasses a wide array of considerations, from the judicious handling of start-up losses to strategic asset acquisition and income splitting. Each decision plays a pivotal role in the overarching goal of legal tax minimization, ensuring…
In the dynamic world of business, the structure under which your enterprise operates can significantly impact its growth, flexibility, and tax efficiency. For family-owned enterprises in Canada, the decision to transition from a corporation to a sole proprietorship—and potentially back…
The transition from a sole proprietorship to a corporation marks a pivotal moment in a business’s evolution. While sole proprietorships offer simplicity and direct control, their limitations become apparent as a business expands. Incorporating can provide numerous advantages, including limited…