Personal Tax Guide in Canada
In this article, you’ll learn how your money is taxed, and the types of income and deductions that allow you to reduce that tax. Personal Taxes guide in Canada How Personal Taxes Work in Canada In this article, you’ll learn how your money is taxed, and the types of income and deductions that allow you to reduce […]
Shareholder Loan: Understand it and Avoid Trouble with the CRA
This article will dive into the following topics: What is a Shareholder Loan? In general, your shareholder loan represents the balance of funds that you have contributed to the corporation. Or on the flip side, it also represents the funds that you have withdrawn from the company. You can loan money to your company by […]
Tax For Online Business Canada By CPA Accountant in Mississauga, Oakville, Toronto
Many companies today have a presence online or they are conducting business completely online. While that’s great for increasing sales and profits, it does pose many tax issues. This article discusses current issues related to tax for online businesses in Canada. Country of Tax for Online Business Canada – Accountant Mississauga Oakville Toronto The first […]
A Lesson In Record Keeping for Taxes in Canada
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
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?
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 […]