A strategy for investing may include using pre-tax dollars to purchase an investment. Investing in real estate in your corporation is cost effective and allows you to purchase a larger property when considering the after-tax investable dollars. Generally, $100,000 earned…
Please note the following important dates are estimates only. Please confirm your deadlines directly with your professional advisor. June 15, 2021 – May payroll remittances due June 15, 2021 – Personal income tax returns including a Sole Proprietorship due June…
Cash flow statement is a financial statement that records how cash flows in and out of a business during a specified period. This statement gives a well-rounded picture of a business’s financial health by determining where a business is earning…
On April 19, 2021, as part of the annual budget, the Government of Canada announced that the government has extended the following subsidies from June 5, 2021 to September 25, 2021: - Canada Emergency Wage Subsidy (“CEWS”) - Canada Emergency…
Any Canadian Controlled Private Corporation (“CCPC”) in Canada which earns investment income (also referred to as passive income e.g., capital gains, dividends etc.) is subject to certain tax regulations that will be discussed below: Refundable portion of Part I tax:…
Canada revenue agency provides certain small businesses with an option to use Quick Method to calculate GST/HST remittances (instead of regular GST/HST reporting method). This method requires a reduced amount of documentation and allows an easier calculation of the GST…
In addition to all the benefits spoken about in our blog post “Benefits of Incorporating”, We would like to focus on certain other factors that should be considered when one is deciding to incorporate. Advantages of Incorporation: Limited Liability: Liability…
The CRA has reminded individuals to file their 2020 personal taxes even if it is past the April 30, 2021 deadline. They highlighted some good reasons for doing so, including the following: • You may be eligible for a refund…
As a taxpayer in Canada, you have rights that extend the right to pay tax. The Taxpayer Bill of Rights was introduced in 2007 to increase accountability and transparency by the CRA. The document outlines sixteen rights and provides a…