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…
What is a QuickBooks ProAdvisor? A QuickBooks ProAdvisor is a person, typically a CPA or an accounting technician, who completed the course, took the test and became certified in QuickBooks. There are different types of certifications one can apply for,…
The Kruco case is a pivotal case in the determination of safe income available for a tax free intercorporate dividend from a subsidiary to its parent company. The CRA’s inconsistent position on this has been interesting. The following is taken…
This is an excerpt from a paper written for York University Faculty of Law. Dividends from a subsidiary corporation to its parent corporation are often though to be tax-free – however this is not a safe assumption. The simple movement…
One intent behind the preparation of a will should be to ease the administration of your estate. Your solicitor should have a clear understanding of your obligations because in addition to creditors for debts of the deceased and the estate,…
The formalities of creating a valid trust and a valid will should not be underestimated. Oftentimes the statute of frauds or wills legislation applies where the formalities are not met. Courts of Equity generally look to a person’s intentions rather…