How Is Rental Income Taxed By A Canadian Corporation?
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
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
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
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 […]
Tax Planning for Small Business – Abdullah CPA
There are a few things for Tax Planning for Small Business Canada that every business owner ought to be doing. Tasks that will ensure that they can file accurate taxes, which is the best way to avoid penalties and audits. Here are the main ones: You should also take a look at and be sure […]
Moving Expenses Tax Credit in Canada
The CRA, in filing your income taxes, allows for a deduction for moving expenses tax credit canada in some cases. You can claim a deduction eligible moving expenses on line 219 of your tax return forms. Not all moving expenses are deductible. To avoid a negative audit outcome, make sure you know what you can […]