A Lesson In Record Keeping for Taxes in Canada
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The Income Tax Act requires you to keep all documents supporting your business activity; in an audit, the CRA will demand them. Record Keeping for Taxes in Canada Keep Everything According to the Income Tax Act, taxpayers must keep “records and books of account … together with every account and voucher necessary to verify the information contained therein” for a period […]
Converting A Sole Proprietorship To A Corporation in Canada
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If you’re a small business owner that’s unincorporated and you’re planning on forming a corporation soon it’s really important that you go through this article. Here, you’ll find out everything you need to know from a tax perspective. This article is broken down into five small parts. Sole Proprietorship To A Corporation in Canada Advantages […]
How Is Rental Income Taxed By A Canadian Corporation?
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What is a CCPC? Let’s take the example of Rick, the real estate king of Ontario. Rick incorporated a company in Ontario to purchase a rental property. The rental property generates an annual profit (after expenditures) of $10,000. Given that Rick is a Canadian resident, his company is classified as a Canadian Controlled Private Corporation […]
Benefits Of Using An Accountant To Incorporate Your Business
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If you are planning on incorporating your business, hiring an experienced accountant is one of the best investments you can make! An accountant will give you 1 on 1 tax planning advice and give you a proper corporation structure based on your and your family’s tax situation. Once your accountant knows of your tax situation, […]
TOSI (Tax on Split Income) : Abdullah, CPA
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TOSI is an incredibly complex new piece of legislation. The objective of this blog post is to offer a high-level overview of the new rules. There are many nuances that are not covered here. Please be sure to consult a tax professional about your specific situation. On December 13, 2017, the government released new proposals […]
List of Small Business Tax Deductions in Canada: Abdullah, CPA
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As a small business owner, you’re constantly thinking of ways to either save money or make money, all while tackling the never ending to-do list that comes with running a business, day-in and day-out. Small Business Tax Deductions in Canada Although taxes are usually the last thing on your mind, they are an essential part […]